The global bike rental market is expected to reach USD 4 billion by 2025 (£3.1 billion). Affordable prices, easy access, increasing penetration, improvements in technology, the consumer’s desire to reduce their carbon footprint and the support of local authorities are some of the key factors that are driving the growth of the bike rental market.
Dockless bikes or bike-sharing schemes have in recent years been prominent players, they are now significant in cities all around the globe. Companies like Mobike, ofo, and Lime are expected to continue their growth and popularity.
Improvement in navigation technology is expected to be a focus area for rental businesses in the next few years with operators installing GPS systems for tracking bikes in order to protect them from theft or loss.
Companies operating in the market are focusing on expanding their geographic reach through mergers & acquisitions as well as increasing their venture capital investments to finance their operations, such as increasing their fleet of bikes or new promotional campaigns.
With the growing adoption of rental services expected to be powered by digital platforms and the ability to book bikes online, Booking Yoyo is the best software to help any bike rental business make the most of this trend, and the significant growth of the industry.