The bike and scooter rental market is projected to reach USD 10.1 billion by 2027 from USD 2.5 billion in 2019, at a CAGR of 18.9%. The growth of the market is influenced by government initiatives to reduce carbon emissions, high traffic congestion, and pollution in urban cities. Introduction of electric scooters and bikes in the ride sharing market is going to drive the demand rapidly.
The bike and scooter rental providers include Lime (US), Bird (US), ofo (China), Mobike (China), Spin (US), Scoot (US), eCooltra (Spain), Lyft (US), nextbike (Germany) and many others. These companies have developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth market.
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Lime is the leading player in the market. The company has hit 26 million rides as of 2018 and is growing its spread with the implementation of new developments. For instance, In January 2019, Lime unveiled the Gen 3 Scooter, which is heavier and built for small distance commuting. Designed in-house by engineers in both California and China and built by four different manufacturers, this vehicle signals a new phase for the USD 1.1 billion startup, and the broader scooter world.
In October 2019, Lime partnered with NativeEnergy, a non-profit organization dedicated to providing sustainability solutions. Lime will fund carbon-reduction projects through NativeEnergy to offset the emissions from its management vehicles; it also plans to purchase renewable energy credits. Lime’s bikes and scooters are already electric-powered, but the company is making extra efforts to ensure that electricity gets generated from renewable sources.
In May 2019, Bird announced Bird One-the newest vehicle in its fleet that riders can purchase or enjoy on the global shared network. Designed and engineered in the US by Bird’s team, Bird One is the culmination of tens of millions of rides, cutting edge product design and engineering, safety certifications, and rigorous road tests. Bird One will also be available for people to ride as part of Bird’s shared fleet of e-scooters
In March 2019, nextbike offered e-Cargobikes for the first time. In Norderstadt, nextbike customers could borrow e-Cargobikes. Under the name "e-TINK," the existing system "TINK," which comprises 24 unmotorized cargo bikes, was supplemented with 15 electric transport bikes. e-TINK is the first e-Cargobike system operated by nextbike and supported by the Federal Ministry of the Environment.
Bike and Scooter Rental Market by Service (Pay as you go and Subscription-based), Propulsion (Pedal, Electric, and Gasoline), Operational Model (Dockless and Station-based), Vehicle (Bike, Scooter), and Region - Global Forecast to 2027
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