The bike rental industry is growing surely and significantly in all its shapes and forms. Whether it is for daily commute rental or for a long drive, from point A to A or from point A to B commute, the rise in business volume is noteworthy and very promising. Surely, this industry has a very bright future and has got enough potential to eat up the market share of those domineering cab rental companies like Uber and Lyft.
All over the world where bike rental business prevails, it is notably scaling up at an unbelievable pace. It is bringing with it an outstanding pool of chances and openings both for the bike enthusiasts as well as the bike rental companies. The daily commuters find bike rental New York is the most convenient and affordable mode of transportation that:
- Saves them money
- Lots of time and
- Hassles from the traffic snarls.
It also contributes to their health this is a good exercise as well. Therefore, whether it is for commuting to their office every day or for any outstation trip, biking seems to be the most cost-effective and high yielding option for the adventure enthusiasts as well as the daily commuters.
About the market
There is no doubt that the bike rental industry has a lot of prospects. In addition to that, the interesting startups, as well as the unique offerings they make, are helping further to build up the bike rental market successfully.
- The renting processes, the catalog of services to provide as well as the renting experience to the renters are all perfectly streamlined. This is, in fact, strengthening their position in this sector.
- There is an abundance of opportunities offered by this industry right from the preference of bikes to the needs of the commuters along with the desired time frames for renting.
The concept of bike rental is nothing new. You may already have seen lots of bikes in tourist destinations especially that are offered at an affordable rate to tourists for their leisure.
All these imply that the bike rental industry will grow significantly over the years. In fact, the bike rental market report indicates that the market size of bike rental industry is predicted to grow at a CAGR of 7% considering the scale of 2017 to 2021.
The reasons for such an incredible rise
The most significant reason for such an incredible rise in the bike rental industry market is the increase in the road trip for tourism. In addition to that, there are several other reasons such as:
- Easy availability of the bikes
- The safety issues have been taken care of
- The traffic jams
- The congested locations especially in the metro cities
- The rise in the fare of cab hires
- Availability of taxi or any other mode of private transportation and others.
All these factors play a significant role in the rise in demand and popularity of bike rental. In addition to that, one of the significant drivers of the rise in this industry is the preference of the individuals to opt for a safe, convenient and as affordable transpiration for their commute within the city.
In addition to the road trip tourism factor, it is also the issues with the intracity routes along with the heavy traffic jams that have increased the travel times of the daily commuters in any other forms of public or private transportation, bus or a cab. The biking industry seems to have provided the most dynamic solution to this issue that has helped the individuals to address this issue.
Meeting the challenge
All this has in fact resulted in the scaling up of the bike renting industry not to mention its customized mix of services that are being offered to the riders by the bike renting startups. It is their approach and planning that has enabled them to meet with and even overcome the different challenges that the transportation industry provides.
Undoubtedly, the concept of bike rental is booming in the country and the startups along with the established bike rental companies are continually on the lookout to make their service even better with newer and improved service.
- They are now more focused on making their service quicker
- Make their process hassle free
- Several startups and vendors are also working on making their business models more unique and
- They have also started to introduce easy and more affordable rentals on different packages such as hourly, daily, weekly and monthly basis.
All these have enabled them to overcome significant challenges such as availability and affordability of bike to the common people to meet their daily or any other types of computing needs.
In addition to that, there is a common challenge that most of the bike rental companies face which is finding a reliable and reputable bike renting company. They have also been successful in addressing this challenge in the majority of cases. Since a reference in this industry does not work as it does in other businesses it becomes extremely difficult for a prospective customer to:
- Compare the bike models to hire
- The prices on offer and
- The reputation and reliability of the vendor as well.
This is why most of the riders go through a situation where they are cheated as well.
The future of the industry
However, in spite of all these challenges, the bike aggregators and the rental companies are constantly on the lookout for easy, effective and most dynamic solutions so that they can combat any challenge that may come up down the road.
They are also putting in their best of efforts to create a more transparent yet competitive marketplace that will feature only reliable and reputed bike renting vendors based on the distinct parameters for inclusion such as:
- They must have different bike models to offer for rent
- Ensure easy and all time availability
- Offer convenience and best experience to the riders and
- Has the best pricing policy for the renters.
All these efforts imply that the future of the bike rental industry is very bright.
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