Yahoo Finance Bike Rental Market to Reach $11.3 Billion by 2031: Allied Market Research
Surge in venture capital and strategic investments, increase in inclusion e-bikes in the rental fleet, rise in demand for short-term rental services, and increase in environmental concerns regarding carbon footprint drive the growth of the global bike rental market. Limited business operation, prevalence of social distancing restrictions, and decreased demand for transport during the pandemic had a negative impact on the growth of the global market.
Portland, OR, Sept. 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bike rental market generated $2.1 billion in 2021, and is projected to reach $11.3 billion by 2031, growing at a CAGR of 18.5% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Bike Rental Industry Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $2.1 billion |
Market Size in 2031 | $11.3 billion |
CAGR | 18.5% |
No. of Pages in Report | 275 |
Segments Covered | Service type, propulsion, operational mode, distance travelled, and region. |
Drivers | Surge in venture capital and strategic investments |
Increase in inclusion e-bikes in the rental fleet | |
Opportunities | Increase in environmental concerns regarding carbon footprint |
Rise in demand for short-term rental services | |
Restrains | Extortionate initial investment |
Rise in theft and vandalism |
COVID-19 Scenario:
The outbreak of COVID-19 had had a negative impact on the growth of the global bike rental market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the implementation of strict social distancing restriction, which in turn decreased the demand for all kinds of rental services.
In addition, limited business operation, reduction in the number riders, and slowdown of ridesharing services further aggravated the impact on the market.
These restrictions were imposed by the government to curb the spread of the virus during the pandemic.
However, the market is expected to recoup soon with reduced restrictions.
The report offers detailed segmentation of the global bike rental market based on service type, propulsion, operational mode, distance travelled, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on service type, the pay as you go segment held the largest market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The subscription-based segment, on the other hand, is expected to cite the fastest CAGR of 21.2% during the forecast period.
Based on propulsion, the pedal segment held the largest market share in 2021, holding three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The electric segment, on the other hand, is expected to cite the fastest CAGR of 23.6% during the forecast period.
Based on operational mode, the station-based segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The dockless segment, on the other hand, is expected to cite the fastest CAGR of 19.3% during the forecast period.
Based on distance travelled, the Short Trip (Less Than 5 km) segment held the largest market share in 2021, holding more than half of the global market share, and is expected to maintain its leadership status during the forecast period. The Medium Trip (5 km to 15 km) segment, on the other hand, is expected to cite the fastest CAGR of 19.7% during the forecast period.
Based on region, the market across the Asia-Pacific region held the largest market share in 2021, holding nearly half of the global market share, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 25.3% during the forecast period.
The key players analyzed in the global bike rental market report include Bird Rides, Inc., Bolt Technology OÜ, Bounce, Cityscoot, Cooltra, Drivezy, Inc., Lime, Lyft, Inc., Nextbike GmbH, ONN Bikes, SG Bike Pte Ltd, Spin, Tembici, Uber Technologies Inc., Vogo Automotive Pvt. Ltd., VOI Technology, and Yulu Bikes Pvt Ltd.
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The report analyzes these key players in the global bike rental market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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