December 13, 2021 05:39 ET | Source: Vantage Market Research Vantage Market Research
Washington, December 13, 2021 (Global News Agency)-By 2028, the global bicycle and scooter rental market is expected to reach 11.04 billion U.S. dollars, with a compound annual growth rate of 20.01% during the forecast period. This is due to the rise of micro-transportation as a budget-friendly mode of transportation and a sustainable and technologically advanced mode of transportation. In addition, Vantage Market Research pointed out in a report titled “Analysis of Bicycle and Scooter Rental Market Size, Share, and Impact of COVID-19, Classified by Service Type” that the increasing adoption of electric vehicles may result in increased use of electric vehicles for bicycles and bicycles. The scooter rental market creates huge opportunities (pay-as-you-go, subscription-based), propulsion (pedal, electric and gasoline), operation mode (dock-free and station-based), vehicle type (bicycle, scooter, etc.) and by region (Northern The United States, Europe, Asia Pacific, Latin America and the Middle East and Africa)-global industry assessments (2016-2021) and forecasts (2022-2028). "The market size in 2020 is 2.894 billion U.S. dollars.
The rise of tourism stimulates the bicycle and scooter rental market
According to data from the World Tourism Organization, nearly 1.5 billion international tourists visited the world in 2019. In the past few years, the tourism industry has been growing and expanding, becoming one of the fastest growing profit and economic sectors in the world. The current tourism industry is development-related and contains more and more different new destinations. These changing aspects have transformed the tourism industry into a key driver of economic progress and are expected to promote the growth of the bicycle and scooter rental market in the coming years. In addition, due to the increase in consumer disposable income and economic liberalization, tourism spending has increased substantially. In addition, due to the continuous increase in the government's zero-carbon emission initiatives, the adoption rate of electric vehicles has risen, which is expected to further support the market growth in the next few years. The use of electric vehicles can help improve overall air quality. Most electric cars manufactured today are expected to produce zero carbon emissions while driving. Economies such as the United States, Germany, France, and China have already implemented government regulations on vehicle emissions, requiring automakers to adopt advanced technologies to reduce the high level of vehicle emissions.
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The rise of micro-transportation to support market growth
Microtransportation is widely adopted worldwide because of its potential to reduce urban traffic emissions. In Europe, there are approximately 20 million users of electric scooters, and it is estimated that by 2030, the value of the micro-mobile market may exceed 100 billion euros. In addition, micro-mobility solutions are also affordable and provide car-free transportation preferences to communities that can create jobs, education, healthcare, and other benefits. Micro-vehicles are also considered an economical mode of transportation, because riding an electric bicycle or electric scooter only costs a few dollars. Compared with taxis and other traditional modes of transportation, these costs are much lower. In addition, riding a bicycle is convenient and easy, because navigating even on congested roads is much faster. Therefore, due to the increasing benefits of micro-transportation, it is expected that the demand for bicycle and scooter rental will increase in the near future.
The COVID-19 outbreak has affected various industries around the world. Governments around the world have implemented strict blockade measures and social distancing regulations to limit the rapid spread of the pandemic. During the initial stages of the pandemic, manufacturing facilities around the world were closed. Small and medium-sized enterprises are the backbone of technology providers, and revenues have fallen sharply since the emergence of the 2020 pandemic. Therefore, market participants are faced with numerous challenges as the supply chain is observed to be disrupted. However, as more supplies come online, the situation will improve in the second half of 2022. The impact of COVID-19 on market demand is considered when estimating the current and forecast market size and market growth trends of all regions and countries based on the following data points:
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Highlights of the bicycle and scooter rental market report:
Asia Pacific may dominate the global bicycle and scooter rental market
The Asia-Pacific region is expected to dominate the global bicycle and scooter rental market with a total market share of 36.25% in 2020, and the same trend may continue during the forecast period. This is due to increasing demand from emerging economies such as India and China in the region. In addition, due to the increase in the proportion of vehicles, people's increasing attention to pollution and traffic congestion is also expected to support the regional growth of the market. In addition, compared with other modes of travel, shared bicycles are more affordable, which further creates opportunities for the growth of the regional market.
In addition, during the forecast period, North America may also witness substantial growth in the bicycle and scooter rental market. This has been recognized by the major manufacturers in the region. Due to the development of the automotive industry and the adoption of environmentally friendly solutions in the region, considerable growth is also expected in Europe.
List of outstanding players in the bicycle and scooter rental market:
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Industry News:
1. September 2021: Bird announced the launch of a revolutionary integration between its shared scooter platform and local bike-sharing service providers. Oslo, Austin, Los Angeles, San Antonio and Milwaukee will be the first cities to launch local bike-sharing projects. The plan is part of their smart bike sharing plan announced in June.
2. May 2020: Bounce partnered with electric scooter startup Ather Energy to enable its users to purchase and list Ather 450 on its platform.
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