Press release
Bike Rental Market 2027 Product Development Strategies by Prominent Players: VOGO, Bounce, Wheelstreet, ONN bikes rental, Drivezy, Bird Rides, COUP Mobility
The rising industrialization and globalization have accelerated the automotive sector is past few years. Moreover, renting a bike has become more attractive option than buying a bike since last decade. A bike rental agency rents bikes for short period of time, generally ranging from a few hours to a few weeks. Moreover, the bike rental serves the people who require a temporary vehicle, for instance for those who don’t own a bike, travelers who are out of town, owners of under-maintenance vehicles, or daily commuters to office. The bike rental service is often organized with number of local branches which allow a consumer to return the vehicle to different location.
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COVID-19 scenario analysis:
• The outbreak of Novel Coronavirus is spreading at a rapid rate in the world and affecting all aspects of the society.
• The world health organization has declared COVID-19 as a global pandemic and has advised the affected countries to follow a complete lockdown.
• Social distancing will be a part of daily routine for longer time and this will include picking modes of transportation that involve no contact with others. This will positively impact bike rental services which offer better sanitization.
• Besides, the convenience and affordability offered by bike is anticipated to fuel the market.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
The rapid rise of migration of students and young workforce is driving the growth of bike rental market. Moreover, agencies offering the user to return a vehicle to a different location is increasing the adoption of bike rental. Additionally, increasing concern and awareness of lowering emission level amidst consumer and changing lifestyles is fueling the market growth. Besides, development of online platforms for bike rental booking is proliferating market growth. However, timely availability of bikes is restraining the market growth. Furthermore, economical traveling option offered by bike rental services is proliferating the market growth.
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The bike rental market trends are as follows:
Digitization to surge the market
The rise of digitalization has accelerated the growth of automotive sector. The integration of internet and smartphones have opened new doors for innovation in automobile industry. Moreover, the supportive government developments for adoption of digitization and rising speed of internet are propelling the bike rental market growth. Additionally, growing number of startups operating in the field of bike rentals have proliferated the market growth. For instance, in 2019, EBikeGo launched electric bike rental service in Delhi.
Partnerships to drive the growth
The bike rental services have increased across the world due to its growing popularity. Moreover, the bikes offer hassle-free and quicker ride option for daily commuters. Additionally, the growth of public transportation like trams and metros is supporting the growth of bike rental services. The growth of bike rental services is supported by rising number of partnerships. For instance, in 2019, Flyy partnered with Chennai metro rail Ltd. to launch electric bike rental services to solve the traffic problems. The company charges INR 1 per minute for the ride.
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Key benefits of the report:
• This study presents the analytical depiction of the bike rental industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current bike rental market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Bike Rentalmarket analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the bike rental market research report:
• Which are the leading market players active in the bike rentalmarket?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?
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