Data Bridge Market Research analyses that the bike and scooter rental market would exhibit a CAGR of 18.0% for the forecast period of 2022-2029 and is likely to reach the USD 11.55 billion by 2029.
Bike and scooter rental refers to the renting or hiring of a bike, cycle, or scooter for a specific period of time. The user can rent a mobility vehicle on an hourly basis, pay in advance just before using the car, or pay on a subscription basis. Users may locate the nearest parking lot where they can pick up a vehicle and return it to the parking lot closest to their location. The mobile application allows the user to use these rental services.
The bike and scooter rental industry is flourishing, because to people’s growing acceptance of micro-mobility services as a convenient and cost-effective way of transportation. Another key element driving the market’s growth is the necessity for the development of sustainable modes of transportation. In addition, the government’s focus on reducing traffic congestion is another element contributing to the market’s growth prospects. Several technological advancements and the widespread trend of automation will accelerate the market growth.
Moreover, growing traffic congestion on roads and upsurge in the adoption rate of electrically powered vehicles will carve the beneficial opportunities for the growth of bike and scooter rental market.
However, the lack of a micro-mobility station will hamper the market’s growth rate. The market would be further challenged by the rising occurrences of theft and vandalism.
This bike and scooter rental market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on bike and scooter rental market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Bike and Scooter Rental Market Scope and Market Size The bike and scooter rental market is segmented on the basis of operational model, propulsion, service, vehicle type, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
Report From Sopan Gedam
Photo Credit: Efrem Efre and Magda Ehlers