The bike rental market is anticipated to showcase an exponential growth rate during the forecast period. Increasing domestic and international tourism, rising migration of the people in different cities are driving the growth of the market. Moreover, the rise in technological advancement and increasing internet penetration is one of the key factors for the growth of the bike rental market. The unorganized bike rental services by small players were operational all across the globe for decades. However, with the technological advancement such as live location tracking of the vehicle, remote locking of the vehicle has increased the feasibility of the bike rental services. Moreover, by the use of modern technology, dockless bike rental has become much easier than earlier.
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Besides, the success of ride hailing market all across the globe is also providing confidence to investors toward the bike rental industry. Due to this, startups are securing significant funding with a strong business model. For instance, India based electric bike rental company; Bounce secured a funding of $105 million in January 2020 led by Accel and B Capital Group. However, low awareness, low pricing, and initial cost, charging infrastructure for electric bikes are some of the major challenges for the bike rental industry. In March 2018, ofo Inc., a Chinese based bicycle rental start-up secured a funding of $866 million led by Alibaba Group with overall funding of $2.2 billion, however, the startup is under massive debt and is on the verge of bankruptcy.
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Global Bike Rental Market Segmentation
By Vehicle Type
• Motor Bike
By Propulsion Technology
By Operation Mode
• North America
• United States
• Rest of North America
• Rest of Europe
• Rest of Asia-Pacific
• Rest of the World
• ANI Technologies Pvt. Ltd.
• Beijing Mobike Technology Co., Ltd.
• Bird Rides, Inc.
• Bolt Bikes
• Bycyshare Technologies Pvt. Ltd. (I)
• CITYSCOOT Co. (E)
• Cooltra Motosharing, S.L.U (E)
• CycleHop LLC (NA)
• Didi Chuxing Technology Co.
• JCDecaux Group (E)
• Lyft, Inc.
• Neutron Holdings, Inc. (NA)
• Nextbike GmbH
• Rentrip Services Pvt. Ltd. (I)
• Scoot Rides, Inc. (NA)
• Shanghai Junzheng Network Technology Co., Ltd. (Hellobike)
• Skinny Labs Inc. (NA)
• Skip Transport Inc. (NA)
• Uber Technologies, Inc.
• Wickedride Adventure Services Pvt. Ltd. (Bounce)
• Yulu Bikes Pvt. Ltd. (I)
• Vogo Automotive Pvt. Ltd. (I)
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