The Future of Bike and Scooter Rental Market Economy Size Expected a Growth of $ 11,040 Million by 2028, According to Vantage Market Research (VMR)

WASHINGTON, Dec. 13, 2021 (GLOBE NEWSWIRE) -- The Global Bike and Scooter Rental Market size is expected to reach USD 11,040 million by 2028, exhibiting a CAGR of 20.01% during the forecast period. This is attributable to the rise of micro mobility as a budget-friendly mode of transportation and sustainable and technologically advanced mobility. Moreover, increasing adoption of electrically powered vehicles is likely to create immense opportunities for bike and scooter rental market, states Vantage Market Research, in a report, titled “Bike and Scooter Rental Market Size, Share & COVID-19 Impact Analysis, by Service Type (Pay as you go, and Subscription-based), Propulsion (Pedal, Electric, and Gasoline), Operational Model (Dock less, and Station-Based), and Vehicle Type (Bike, Scooter, and Others) and by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).” The market size stood at USD 2,894 million in 2020.

Market Overview:

Rise in Tourism to Stimulate Bike and Scooter Rental Market

According to the World Tourism Organization, almost 1.5 billion international tourist arrivals were recorded in 2019, across the world. Tourism industry has been continuously experiencing growth and expanding to become one of the fastest growing profitable and economic segments across the globe over the past few years. ‎The current tourism is associated with the development and incorporates rising number ‎of different new destinations. These changing aspects have turned tourism into a key driver for ‎economic progress and are in turn anticipated to augment the growth of the bike and scooter rental market in the years to come. Furthermore, the increase in tourism spending has grown substantially owing to the rise in disposable income of the consumers and economic liberalization. Additionally, the rise in adoption of electrically powered vehicles owing to the increasing government initiatives on zero carbon emission is further expected to support the growth of the market in the years to come. The use of electric vehicles contributes towards improving the overall air quality. Most of the electric vehicles manufactured today are expected to produce zero carbon emissions when driving. Economies like the U.S., Germany, France, and China have implemented government regulations for vehicle emission, and made it mandatory for the automobile manufacturers to use advanced technologies to reduce the high-emission levels in vehicles.

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Rise of Micro-mobility to Support the Growth of the Market

The micro-mobility is adopted highly across the globe since it has the potential to reduce urban transport emissions. In Europe, there are around 20 million users of e-scooters and it is estimated that the micro-mobility market could be valued at over €100 billion by 2030. Furthermore, micro-mobility solutions are also affordable and offer car-free transportation preferences to communities that can lead to creation of jobs, education, healthcare access and other benefits. Micro-mobility is also considered as the economic mode of transportation as it takes only a few dollars to ride e-bikes or e-scooters. These charges are much lesser compared to the cabs and other traditional modes of transportation. Additionally, riding bikes is convenient and easier as the navigation is much faster even on congested road. Thus, owing to the increasing benefits of micro-mobility, the demand for bike and scooter rental is also expected to increase in the near future.

COVID-19 Impact:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

Important questions answered in this report:

• What is the estimated market size and growth rate of the Bike and Scooter Rental Market?
• Which segments are included in the Bike and Scooter Rental Market?
• Which top companies are active in the Bike and Scooter Rental Market?
• What are the major driving factors for the growth of the Bike and Scooter Rental Market?
• How can I get free sample reports or study of Bike and Scooter Rental Market?
  

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The report on Bike and Scooter Rental Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

Asia Pacific is Likely to Dominate the Global Bike and Scooter Rental Market

Asia Pacific is projected to dominate the global bike and scooter rental market with 36.25% of the share of the total market in 2020 and is likely to continue the same trend during the forecast period. This is attributable to the increasing demand from emerging economies such as India and China in the region. Furthermore, the increasing concerns of pollution and rising traffic congestion problems due to the rise in percentage of vehicles is also expected to support the regional growth of the market. Additionally, bike sharing is way more affordable compared to other travelling options which are further creating opportunities for the growth of the market in the region.

Moreover, North America is also likely to witness substantial growth for the Bike and Scooter Rental Market during the forecast period. This is accredited to the presence of major manufacturers in the region. Europe is also expected to show considerable growth owing to the increasing automotive industry and adoption of eco-friendly solutions in the region.

List Of Prominent Players in the Bike and Scooter Rental Market:

Advantages of this Research:

• Evaluate market share for commercial Bike and Scooter Rental market opportunities, track market size, competitive drug sales, synthesis insights for commercial development and licensing.
• Develop tactics and strategies to take advantage of opportunities in the Bike and Scooter Rental market.
• Latest Trends and Market Events and analyze essential events in Bike and Scooter Rental market.   
• Develop an in-depth knowledge of competition and analyze sales data to update your brand planning trackers.
• Answer vital business questions; supports decision making in R&D to long term marketing strategies
• Develop economic models, forecast models, and healthcare frameworks.

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Recent Developments in the Industry:

1. September 2021: Bird announced the launch of revolutionary integration between their shared scooter platform and local bikeshare service providers. Oslo, Austin, Los Angeles, San Antonio and Milwaukee will be among the first cities to feature their local bikeshare programs. The initiative is part of their Smart Bikeshare Program announced in June.

2. May, 2020: Bounce partnered with electric scooter startup Ather Energy to enable its users to buy and list Ather 450 on its platform.

This market titled “Bike and Scooter Rental Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:

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