A growing demand for eco-friendlier transport options has seen a global increase in the popularity of bike rental services, offering a fun and easy way to travel. Although hospitality has been hard hit by the hurdles we have faced in 2020, this upward trend has continued, and bike rental businesses are now bouncing back stronger than ever before.
But what does all this mean for bike rental managers, and how can yoyo help you prepare for the future?
A Growing Industry
The Global Bike & Scooter Rental Market has grown in leaps and bounds over the recent years, and according to Research and Markets, the industry is expected to reach over USD 4.9 billion by 2025. This is more than double its value in 2019 (USD 2.17 billion), with a compound annual growth rate of 14.71%.
Although this continued growth may have looked doubtful back in March, pent-up demand means yoyo users are making an incredible come-back. As the lockdown restrictions have eased, customers are more eager than ever to get out and about. This has led to a 10-fold increase in August compared to July, and a further 14% increase projected for September.
How will this impact bike rental managers?
Where demand in the northern hemisphere usually starts to slow down in September, this continued increase suggests that demand for bike rentals could continue well into the winter months. Given the events of 2020, this is unsurprising, as both families and sports enthusiasts look to make the most of what the rest of the year has left to offer.
As for our clients working in the southern hemisphere, the warmer months are now just around the corner, and summer 2020 is set to be a busy one. This is usually the peak season anyway, but people will be looking for outdoor activities where they can still maintain social distancing, and bike rentals offer the perfect solution.
This projected demand in both hemispheres is great news for our bike rental managers, but the restrictions in place during lockdown still led to whole fleets sitting largely unused from April to June. With this in mind, managers will now need to make the key decision of whether to invest in more bikes for next year, or continue to maintain their current fleet.
How can yoyo help?
A sudden spike in demand can be overwhelming for small businesses. However, our online booking system will make sure there are no double-bookings or missed opportunities, helping manage the demand while delivering excellent customer service.
Our fleet management software can also help you make any purchasing decisions. By keeping track of each bike’s maintenance and repair history, you can clearly see which ones have been the most profitable. This information can then help you decide whether it’s time to expand your fleet, or simply continue maintaining the bikes you already have.
2020 may have started off a little bumpy, but the future is looking brighter with each passing day. yoyo is here to help get your business back on track, making sure you take hold of any opportunities that come your way.