Increasing Use of Technology: Rental two wheeler players in India are continuously investing on new technologies and data science to transform urban mobility solution. Companies such as Bounce have started providing keyless tech which allows users to access bike with just an OTP. This helps their bikes to work on a dockless model, which means customer can pick up and drop off the vehicle anywhere, anytime. Other players are also focusing on security mechanisms and have introduced geo fencing, GPS tagging, etc. to monitor the fleet remotely. Apart from this, IoT ensures consistency in various parameters of the bike such as re-fuelling, battery swaps and timely maintenance.
Challenges in India Rental Two Wheeler Market: Two wheeler rental spaces in India were highly unorganized
with presence of around 15,000 players owing to ambiguity on the government
guidelines. Recently, the union ministry of road transport has asked all states
to implement the Rent a Motorcycle Scheme, 1997. However, a number of
checklists need to be ticked under the scheme to obtain a license. Rental 2W
scooters currently fall under the 28% GST slab much higher than AC buses, cab
aggregators, and other mobility service providers. Lack of proper
infrastructure like vehicle pick-up and drop-off points, charging stations for
EV vehicles, parking spaces, etc. is also a bottleneck to rental solutions. In
addition, theft and vandalism of two wheelers is a major challenge faced by the
rental providers in India.
Impact of COVID-19 on India Rental 2W Market: COVID-19 has adversely impacted the
growth of rental two wheeler market in India. Urban mobility startups are
downsizing their fleet by selling off vehicles to the second-hand market as
many of them are forced to cut down on both capital and operational costs. At
least half the demand for rental commute solutions has been wiped out from the
market. Some of the smaller players were even at the verge of a shutdown
incurring heavy losses due to the pandemic. On a positive note, companies are
expecting a quick turnaround in the sector as the post pandemic will force a
lot of people to adapt to private vehicle transport and the lightest-on-pocket
way for them will be to use rented or shared vehicles. Many players have
started offering long term rentals along with entering into a tie-up with a B2B
company to sustain their operations. Sanitization services and doorstep
delivery of two wheelers have been started by the major players during the
pandemic.
Analysts at Ken Research in their latest
publication “India
Rental Two Wheeler Market Outlook to 2025 - Driven by Introduction of Electric
Vehicles and Adoption of Dockless System in Vehicles” observed that the rental two market has a great potential to
grow supported by the booming tourism, rapid digitalization and high
inter-state migration. The advanced technology and additional features
implemented by players such as dockless model, flexible ownership model,
keyless tech, etc. is expected to boost growth of rental two wheeler markets in
the years to come. Introduction of EV fleets in the micro mobility segment to
cater to first and last mile travel solutions is also expected to drive the
industry in the future. The India Rental Two Wheeler Market is expected to grow
at a CAGR of 11.6% on the basis of GTV over the forecast period 2020-2025.
By Market Structure (in Terms of Fleets and
GTV)
Organized Market
Unorganized Market
By Type of Organized
Market Fleets
Owned Fleets
Leased Fleets
By Major Cities (in terms of Fleets)
Bangalore
Goa
Mumbai
Pune
Jaipur
Delhi NCR
Hyderabad
By Type of Two
Wheelers (in terms of Fleets)
Scooters
Motorcycles
E-Bikes
By Type of Bikes
Commuter
Sports
High End Bike
By Purpose (in
terms of B2C Bookings)
Commuting
Leisure
By Booking Package
(in terms of B2C Bookings)
Hourly
Daily
Weekly
Monthly
By Booking Channel
(in terms of B2C Bookings)
Online App/Website
Physical Store
Booking via Call
By Usage (in terms
of B2C Bookings)
Intracity Bookings
Intercity Bookings
Companies Covered:-
Bounce
VOGO Rentals
Drivezy
Yulu Bikes
ONN Bikes
RenTrip
Royal Brothers
ZopRent
Boongg
ZipHop
Wheelify
eBikeGo
RidoBiko
Bykemania
Mobycy
GoBikes
Faebikes
Key Target Audience:-
Rental
Two Wheeler Players
Two
Wheeler OEMs
Consultancy
Companies
Industry
Associations
Regulatory
Bodies
Time Period
Captured in the Report:-
Historical Period – 2017-2020
Forecast Period – 2020-2025
For More Information on
the research report, refer to below link:
India
Rental Two Wheeler Market
Related Reports:-
No comments:
Post a Comment