Bike and Scooter Rental Market: An Overview
Bike and scooter rental is a new concept of riding introduced by the vehicle rental companies. Under this, people easily borrow a bike from their nearest dock and return it to the another dock near their destination point. This is an innovative and cheaper concept of traveling.
To make this even more convenient, bike sharing companies are over app with a functionality to locate nearest dock station in their area.
Transparency Market Research found bike and scooter rental market as one of the fastest growing markets. This is the reason they announced to add a new report on bike and scooter rental market in their fast growing repository. The report will cover a detailed analysis of key market aspect such as prominent trends, winning strategies, important segments and geographical.
Bike and Scooter Rental Market: Notable Developments and Competitive Landscape
The players in the global bike and scooter rental market is experiencing a cut throat competition. The market is flooded with several local and international players. Some of the prominent players operating in the bike and scooter rental market are Lime, Bird, Jump, Grow Mobility, Cityscoot, and COUP.
These companies are focusing on globally expanding their distribution networks to remain competitive. Besides these, the focus is also on developing new products and collaborations.
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In January 2019, Cityscoot announced that it will expanded its operation in Milan with introduction of 500 self-service electric scooter in the region. With its new service of electric scooters presented in bike sharing. Previously the company expanded its operation in Paris and Nice.
In the same month, Lyft another competitor in the bike and scooter rental market introduced ‘Bay Wheels.’ They are new hybrid e-bikes especially designed for the Bay Area with several features like pedal-assist and advanced locking system.
Bike and Scooter Rental Market: Key Trends
The bike and scooter rental market is at present at nascent stage. Players are increasingly investing on advanced technologies to address demands for micro mobility.
The rising awareness among people towards environment and cheaper transportation mode is expected to drive the bike and scooter market in the coming few years.
Players are offering several discounts and offers to attract consumers. Though consumer retention is one of the major challenge faced by players in the bike and scooter rental market.
Established players are at present spending more money in the marketing and promotion of their brand than the profit they are gaining. Owing to this, small players are facing difficult to survive in the bike and scooter rental market.
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Bike and Scooter Rental Market: Regional Outlook
Geographically, North America is expected to hold maximum share in the bike and scooter rental market. This is mainly due to the presence of several predominant players in the region.
Apart from them, TMR also expects Asia Pacific to emerge as the fastest growing region in the global bike and scooter rental market. This is mainly due to the growing concerns over pollution and rising vehicle volume on the roads of China and India. Further, the fact that bike and scooter are cheaper as compared to other mode transport. In addition, the demand for clean, safe, and smart mobility in Asia Pacific will drive the global bike and scooter rental market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.