India Bike and Scooty Rental Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 7.00 %|
*Disclaimer: Major Players sorted in no particular order
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India Bike and Scooty Rental Market Analysis
The Indian two-wheeler rental market was valued at USD 38.76 million in 2021 and is expected to reach USD 63.82 million, growing at a CAGR of more than 7% during the forecast period (2022 - 2027).
The booming tourism, rapid urbanization, increasing interest of people in adventure tourism, rapid digitalization, international and national migration, micro-mobility, traffic congestion, and the cost associated with owning and maintenance of two-wheelers have been some of the factors that are expected to fuel the demand for two-wheeler rental market during the forecast period.
Two-wheeler rental provides an easy and convenient way to own a motorcycle without paying any maintenance costs for it. Two-wheeler rental companies offer the motorcycles/scooters as per the requirement of the customer based on the hourly, daily, weekly, and monthly renting duration, along with additional facilities like panniers, helmets, riding gears, and many more.
Two-wheeler rentals company verifies the renter by validating the driving license and other national certificates. Renting a bike has become easy and convenient after digitalization. Most of the players in this industry have mobile applications by which they provide seamless service at the user's fingertips. The rapid rise of migration among the students and the young workforce has unlocked a new market segment in the form of two-wheeler rental.
India's two-wheeler rental market has witnessed a thump in demand during the outbreak of covid-19 due to the lockdown and restriction norms. This results in flattening the demand curve and brutally hinders the revenue bar of companies. However, the restrictions have been waved off, and the market is gradually picking momentum, which is expected to remain in the growth trajectory over the study period.
There are generally two kinds of rental firms according to their bike renting duration. In urban areas, the new app-based startups are strengthening their presence by providing app-based dockless scooter rental/sharing services as the urban located player caters to the working professionals and students for their commuting needs.
Scooters are preferred when it comes to short-term rental for micro-mobility within restricted areas within the city. When it comes to a tourist location, the local rental players cater to the tourists to explore that destination on their own, where they provide long-duration rental services, or either they organize a motorcycle tour/expedition on the popular routes in that destination.
India Bike and Scooty Rental Market Trends
This section covers the major market trends shaping the India Two-wheelers Rental Market according to our research experts:
Short Term Rentals Capturing Significant Demand
Cities across the country are facing an epidemic of traffic congestion and pollution caused by rapid urbanization that is putting severe pressure on public transportation systems. Two-wheeler rental market is providing a sound solution and a massive boost to local tourism at the same time, as the young generation prefers to explore on two wheels on their own, as it is cheap and convenient. Various startups such as VOGO and Bounce provide QR-based dockless rental scooters. This system allows users to unlock and use scooters with the help of smartphone applications. The conventional motorcycle rental local players are providing monthly and weekly rental services to the daily commuters.
Electric scooters have started entering the marketplace slowly in the country. For instance, few Indian startups, such as Zipp and eBikeGo, are providing electric scooter rental services in the selected cities. The penetration of the electric fleet is likely to increase in the rental market during the forecast period.
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Increasing Preference of Renting Motorcycles in Tourist Spots
As more than 50% of the population in India is below the age of 25, and more than 65% is below 35. India's young population and emerging entrepreneurial culture have been significantly supporting shared mobility solutions. Also, India is one of the most preferred countries for bike touring, as the country has rich cultural diversity, and relaxed government regulations make it easy for the riders to travel across the country easily.
The country has some beautiful tropical forests with abundant wildlife and greenery. Its forest tourism industry is well developed. When it comes to mountains, India has some great hill stations along with the presence of the great Himalayans. These mountains and forests are bikers' paradise for local citizens and foreigners. Motorcycle rental companies organize tours where they provide a bike for a week or more than a week to the participants for touring, along with support vehicles all through the ride. However, on a riding tour, one can participate with their vehicle too.
India Bike and Scooty Rental Industry Overview
The Indian two-wheeler rental market is highly fragmented, with a countless number of local players active in the market, owing to less requirement of technology, high tourist flow, and cheap and readily available workforce. Although new startups continue to come up in the market to capture the increasing demand in the country, these companies are expanding their presence by increasing their fleet and tapping into new and unexplored potential cities.
India Bike and Scooty Rental Market Leaders
ONN Bikes Rental
*Disclaimer: Major Players sorted in no particular order
India Bike and Scooty Rental Market News
In February 2022, Yamaha Motors subsidiary company Moto Business Service India (MBSI) invested in bike rental company Royal Brothers. This acquisition is based on a revenue-sharing basis. MBSI also has further plans to partner with other emerging players in the market.
India Bike and Scooty Rental Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Two-wheeler Type
5.2 By Rental Duration Type
5.2.1 Short term
5.2.2 Long Term
5.3 By Application Type
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Fae Bikes
6.2.5 Wickedride Adventure Services
6.2.6 ONN Bikes Rental
6.2.9 Moto Business Service India
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Bike and Scooty Rental Market Research FAQs
What is the current India Two-wheelers Rental Market size?
The India Two-wheelers Rental Market is projected to register a CAGR of greater than 7% during the forecast period (2023-2028).
Who are the key players in India Two-wheelers Rental Market?
VOGO, Bounce, Wheelstreet, ONN Bikes Rental and Drivezy are the major companies operating in the India Two-wheelers Rental Market.
Bike and Scooty Rental in India Industry Report
Statistics for the 2023 Bike and Scooty Rental in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bike and Scooty Rental in India analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.