Market Size of India Two-wheelers Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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 Industry Segmentation
The Indian two-wheeler rental market covers the latest trends and technological developments as well as provides an analysis of the complete ecosystem of the market services and market share of major two-wheeler rental providers in India.
The scope of the report covers the latest trends and technologies followed by COVID-19 impact on the market. The India two-wheeler rental market report covers segmentation based on Two-wheeler Type (Motorcycle, Scooter), Rental Duration Type (Short Term, Long Term), and Application (Touring, Commuting).
| By Two-wheeler Type | |
| Motorcycle | |
| Scooter |
| By Rental Duration Type | |
| Short term | |
| Long Term |
| By Application Type | |
| Touring | |
| Commuting |
India Two-wheelers Rental Market Size Summary
The Indian two-wheeler rental market is experiencing significant growth, driven by factors such as booming tourism, rapid urbanization, and increasing interest in adventure tourism. The market offers a convenient alternative to owning a motorcycle, eliminating maintenance costs and providing flexible rental durations. Digitalization has further streamlined the process, with many companies offering mobile applications for seamless service. The market has seen a surge in demand post-COVID-19, as restrictions eased, and is expected to continue its growth trajectory. Urban areas are witnessing the rise of app-based startups providing dockless scooter rental services, catering to commuters, while local players focus on long-duration rentals for tourists.
The market is characterized by a fragmented landscape with numerous local players, supported by India's young population and entrepreneurial culture. Electric scooters are gradually entering the market, with startups like Zipp and eBikeGo leading the charge in select cities. The country's rich cultural diversity and scenic landscapes make it a popular destination for bike touring, further boosting the rental market. Companies are expanding their fleets and exploring new cities to capture the growing demand. Notable players include VOGO, Bounce, and Royal Brothers, with strategic investments and partnerships enhancing their market presence.
India Two-wheelers Rental Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Two-wheeler Type
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2.1.1 Motorcycle
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2.1.2 Scooter
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2.2 By Rental Duration Type
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2.2.1 Short term
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2.2.2 Long Term
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2.3 By Application Type
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2.3.1 Touring
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2.3.2 Commuting
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India Two-wheelers Rental Market Size 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 (2024-2029)
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.
