The global bike rental market revenue was around US$ 2.4 billion in 2022 and is estimated to reach US$ 11 billion by 2031, growing at a compound annual growth rate (CAGR) of 18.5% during the forecast period from 2023 to 2031.
A bike rental is a transportation provider that charges a fee or provides free short-term rental of an individual's conventional or electric bike. Utilizing rented bikes is an effortless and suitable way to own a bike without paying maintenance prices.
Market Driving Factors
The substantial increase in the preference for bike pool and carpool services among regular office commuters is the main factor boosting the market growth. Additionally, the surge in the services provided by the leading key players, including Ola and Uber, and the option to choose suitable pick-up and drop-off places encourage customers to opt for ride-hailing and ride-sharing services. Moreover, the substantial surge in the number of numerous ride-hailing and ride-sharing services such as auto-sharing and bike-sharing services, even for short-distance travel benefits the market. For instance, in February 2022, Lime partnered with Revolut, a British financial services company, to provide up to 70% cashback on rides of Lime electric vehicles when customers pay with Revolut. This facilitated the residents in the Australian region to create the shift towards sustainable mobility solutions provided by Lime.
Technological advance in bike rental systems is predicted to boost the market growth. Service providers are making large investments in technological creations such as the Internet of Things (IoT) and artificial intelligence (AI) to provide reliable performance to commuters. Additionally, the integration of GPS technology, customer-ready mobile payments, and decreasing the investment price of tracking & locking systems for bikes have led to the introduction of a dockless bike rental system. Furthermore, the integration of cutting-edge technologies such as GPS and IoT trackers on bikes assists service providers in finding them in any region, eradicating the possibility of theft incidents.
High initial investment prices and an increase in bike theft and vandalism are the elements that are predicted to restrict the market growth.
Regional Analysis
Europe dominated the market in terms of the growth rate and is expected to maintain its dominance. This can be attributed to the various nations in the region that have embraced cycling as a main mode of transportation. Cities like Copenhagen and Amsterdam are known for their vast cycling networks and bike-friendly infrastructure, which is driving the demand for bike rental, which, in turn, drives the market growth.
Asia Pacific is predicted to dominate the market in terms of the highest rate. This is primarily due to elements such as awareness of the advantages of renting a vehicle and increasing pollution in traffic congestion owing to the surging number of vehicles. Moreover, nations such as India and China are adopting the services immediately which is the main reason for the market growth in the region.
Segmentation Insights
Propulsion Insight
The pedal segment dominates the market in terms of the shares. This is owing to that it is famous and is mostly preferred for shorter distances. Furthermore, the demand in this segment is as high as the frequency of renting a pedal vehicle. Thus, this factor generates the revenue of the segment.
Operational Model Insight
The station-based segment dominated the market in terms of the rate. This can be majorly attributed to the elements such as parking, availability, and vehicle security that attract the customer and the service provider.
Prominent Companies
Segmentation Outline
The global bike rental market segmentation focuses on Service Type, Propulsion, Operational Model, Distance Travelled, and Region.
By Service Type
By Propulsion
By Operational Model
By Distance Travelled
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL BIKE RENTAL MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: BIKE RENTAL MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL BIKE RENTAL MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL BIKE RENTAL MARKET, BY SERVICE TYPE
5.1 OVERVIEW
5.2 PAY AS YOU GO
5.3 SUBSCRIPTION BASED
6 GLOBAL BIKE RENTAL MARKET, BY PROPULSION
6.1 OVERVIEW
6.2 PEDAL
6.3 ELECTRIC
7 GLOBAL BIKE RENTAL MARKET, BY OPERATIONAL MODEL
7.1 OVERVIEW
7.2 DOCKLESS
7.3 STATION-BASED
8 GLOBAL BIKE RENTAL MARKET, BY DISTANCE TRAVELLED
8.1 OVERVIEW
8.2 SHORT TRIP (LESS THAN 5 KM)
8.3 MEDIUM TRIP (5 KM TO 15 KM)
8.4 LONG TRIP (MORE THAN 15 KM)
9 GLOBAL BIKE RENTAL MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL BIKE RENTAL MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 BOLT
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 ONN BIKES
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 DRIVEAZY INC.
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 SG BIKE PTE LTD
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 VOI TECHNOLOGY
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 BIRD GLOBAL INC
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 CITYSCOOT
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 SPIN
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 NEXTBIKE GMBH
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 LIME
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 YULU BIKES PVT LTD
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 VOGO AUTOMOTIVE PVT LTD
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 UBER TECHNOLOGIES INC
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 BOUNCE
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 TEMBICI
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 COOLTRA
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 LYFT INC.
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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