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Bike and Scooter Rental Industry Worth $10.1 Billion by 2027 - Exclusive Report by MarketsandMarkets™
The increasing efforts to control pollution levels in developing countries have driven the demand for electric-powered vehicles. The decreasing price of batteries and the reliability of electric drivelines have encouraged more people to adopt electric two-wheelers. Countries like China and Norway have invested plenty of resources in providing a wide network of battery charging stations. Government subsidies have also played a major role in the adoption of EVs. In case of electric micro mobility sharing services, companies like Cityscoot, Muving, Bird, Yulu, Skip, and COUP are offering 100% green initiatives toward small distance commuting, thereby making the electric segment dominate the Bike and Scooter Rental Market vy 2027.
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The scooter segment is expected to be the fastest market during the forecasted period. Scooters as micro mobility vehicle have evolved after bikes, and now e-scooters have taken over other sharing rentals. The advantages like light weight and compact design, have made scooters replace other modes of public transit, especially for small distance trips. According to the National Association of City Transportation Officials, e-scooters have overtaken bike sharing as it was reported in 2018 that out of 84 million micro mobility trips, 45.8% were of scooters. Most companies like Lime, Bird, VOI Technology, Spin, Skip, nextbike, eCooltra, Mobike, ofo, Yulu, Vogo, and JUMP are operating through bikes and scooters. Investments, acquisitions, and joint ventures made by these companies indicate the alarming concerns over safeguarding non-renewable resources.
The Asia Pacific market is the largest because of the growth in India , China , Japan , and South Korea . Governments from different countries in the region have taken various initiatives to promote renewable sources of energy to reduce carbon emissions. Electric vehicles are perfectly suited for micro mobility as they are eco-friendly, easy to maintain, and have a lower cost of operation. The major reason for the growth of Bike and Scooter Rental Market in China and India is the growing concerns over pollution and increasing traffic congestion due to the number of vehicles. China has embraced bike and scooter rental services as a necessary measure to reduce carbon emissions and traffic congestion. The increased use of application-based services and internet penetration has led to ride sharing.
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The global is dominated by major players such as Lime (US), Jump (US), Bird (US), ofo ( China ), Grow Mobility ( China ), nextbike ( Germany ), Cityscoot ( France ), and COUP ( Germany ), among others. These companies have strong distribution networks at a global level. Besides, these companies offer an extensive service range in the market.
by Vehicle Type (E-Scooter/Moped and E-Motorcycle), Battery Type (Sealed Lead Acid & Li-Ion), Distance Covered, Voltage (36V, 48V, 60V & 72V), Technology (Plug-in & Battery) Region - Global Forecast to 2027
by Type (E-hailing, Station-Based, Car Sharing & Rental), Car Sharing (P2P, Corporate), Service (Navigation, Payment, Information), Micro-Mobility (Bicycle, Scooter), Vehicle Type, and Region - Global Forecast to 2025
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