The report of Bike and Scooter Rental Market By Propulsion (Pedal, Electric, Gasoline, Other Propulsion), By Service Type (Pay as you go, Subscription-based), By Vehicle Type (Bike, Scooter, Other Vehicle Type), By Operational Model (Dockless, Station-Based) and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ XX Mn by 2027, at a CAGR of 18% during a forecast period.
Bike and Scooter Rental Market growth is defined by the massive demand of ridesharing activities globally in forecasted period. The constructive Economic growth of shared small vehicles has estimated for low brake even point for Global Bike and Scooter Rental Market. The rental industry is expanding further prompt expansion of the market in estimated period. Shared Bike and Scooter market is defined as shared micro mobility. The US, Europe and China region automotive sector is anticipated to grow at a faster rate.
By Service Type, the Global Bike and Scooter Rental Market is segmented into pay as you go and Subscription-based. The Global Bike and Scooter Rental Market is majorly driven by Pay as you go market is expected to grow due to convenience it offers to customers. Pay as you go market is growing with a CAGR of XX%. The Subscription-based Global Bike and Scooter Rental Market are growing as the rental service is providing discount coupons offers to the monthly customers. These will create customer base in future market.
Ofo, China-based bike sharing company included ecommerce features on their app in February 2020. Cash back and discount offered by company using their ecommerce features and deposit free Bike and Scooter Rental service. Grab Holdings Inc, Singapore, February 2020, Grab Holding ridesharing company announced acquisition of Bento. This acquisition is formed to expand Grab services and increase wealth management and increase investment by merchant partners and driver partner.
Increasing pollution concern is growing necessity for convenient and easy solution such as rental bike and scooter market. The electric vehicle is the major segment growing in rental scooter market due to its low maintenance and operational cost driving the Global Bike and Scooter Rental Market. Pay as you go type service provide convenience to customer to get service as they need, and frequent user can save major cost by this service. The Bike and Scooter Rental service provider gives discount coupons to the regular customers to get customer base intact and gather new customer by this offering. The major threat to the small Bike and Scooter Rental service provider is from major vehicle manufacturers as they are also expected to get into this market and offer their services in some region.
The Asia Pacific market is the largest market for the rental bike and scooter service, owing to growth in China, India, South Korea, and Japan. Governments are taking initiatives and promoting renewable energy use in order to reduce pollution which is driving the electric vehicle segment in Bike and Scooter Rental Market in this region. Lower cost of operation and low maintenance offered by electric vehicle is best choice for micro mobility increasing market growth rate.
Key players operating in the Bike and Scooter Rental Market are Bird, Jump, Grow Mobility, Lime, Ofo, Nextbike, COUP, Cityscoot, Lyft Inc, Uber, Lyft, Gett, Grab, Olacabs, YANDEX.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Bike and Scooter Rental Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Bike and Scooter Rental Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Bike and Scooter Rental Market positioning of competitors.
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