Bicycle Rentals: Changing the way to commute
Post 2020, there is a 360-degree shift in the customer behaviour and pattern while choosing public transport. The rental business has been proven to be one of the emerging mobility business ideas that have shaped the market in a better way.
Before we move forward, let us understand a typical bike rental business and how it works. It will help in understanding why the bike rental business is getting a high surge in the market.
Let’s walk through the contents of the blog:
Bicycle Rental Business: A brief overview
A bicycle rental or a bike hiring business works on the business model that helps to rent out a bike for a shorter period of time. The customer can rent a bike for the desired set of times and can go ahead to avail of the services.
The bike rental business holder can make the business model asset-light or can choose to go with the variants of the bike. As per the market’s demand and demographic requirements, the business model can be scaled at any hour of the day.
After a successful era of the on-demand ride-hailing industry, the bicycle rental industry is hitting the success ratio for all good reasons.
Stats to consider:
- Market will reach to 10.1 billion by 2027
- A CAGR growth of 18.9% is expected by 2027
- Docked and Dockless Bikes have gained equal popularity
- There is a less competitive landscape as compared to other modes of mobility business
Reasons why the Bicycle Rental Business is growing in popularity over other modes of transportation.
- As compared to other modes of transportation, bicycle rental business is preferred by customers due to its inherent freedom. A customer can rent a bike and is free to travel anywhere for the time; he has booked the vehicle.
- An individual can explore the area all by himself if he chooses to go for a bicycle rental service. There is no need to hire a driver/ chauffeur while availing the services.
- The bicycle rental services are comparatively cheaper modes of transport. The no-fuel consumption makes it a favourable option.
- The easy-to-use transport mode (bicycle rental services) helps to get a happy vote from the customers of all the age groups.
Isn’t it interesting that the bicycle rental business is getting in the news for all the right reasons now?
Why choose Bike Rental Business as your new venture?
If you are in the process of finalising which business idea to fit while launching your name in the mobility vertical, you might have many reasons to question and think. Here in this section, we are going to discuss the revolving “USPs” of the bike rental business and how significant it is to go ahead with a bicycle rental business idea instead of any other in the market.
In the starting paragraph, we talk about the bike rental business model. Before we go ahead, let us check what other modes of transportation could be used as a business model in today’s time.
- Car sharing Business model
- Shuttle Services
- On-demand ride hailing services
- Shared travel business model
These are a few of the existing business ideas that are also available to explore in the mobility industry.
Which one to pick?
Bicycle Rental Business Model vs other Business Models
| Bicycle Rental Business Model | Other Mobility Business Models |
|---|---|
| Less competitive | Tough Competition |
| Uncaptured Market | Market is exhausted |
| Less Supervision is required | 24*7 supervision can be required |
| Asset-light business model | Might require huge asset collection |
| Can be started with minimal investment | Heavy capital is required to get started |
As many entrepreneurs might get confused about why they prefer bicycle rental business models over other existing modes of transportation or mobility business ideas, here is a quick sneak peek over the advantages.
- Bicycle Rental Business is less competitive and has very few competition in the market over other mobility business plans.
- Bicycle Rental Business gets all the hands up as there is a lot of uncaptured market and untapped potential that can be explored and utilised.
- Bicycle Rental Business can be started in no time and is an asset-light business model where a minimal investment could turn up the ROI figures asap.
And many more. Book a convenient slot to know more about it in depth.
Uncovering the other aspect of bike rental software, let us know how a typical bicycle rental software works!
How does a Bicycle Rental Business Model Works?
With a list of bare essentials in setting up and running a bike rental business, one needs to have a station to store/ repair bikes and conduct the operational processes, assets(bike) and a bike rental software that makes the processes keep going.
Here is how bicycle rental software works and helps in automating the process.
- Accepting the booking request
Any walk-in customer can initiate the request to book the services and hire the bike for a desired amount of time.
- Making a booking/ starting and ending a trip
A rental software helps in starting and ending a trip and tracking the vehicle throughout the journey.
- Accepting the payments
Once the ride is completed, the automated process helps in digitally collecting the money for the specific ride.
What are the various types of bikes that can be offered on rent?
Considerably, there are three major types of bikes that can be offered on rent. These are:
- Pedal Bikes
- Electric Bikes: High in demand
- Gasoline Bikes
Based on your demographic suitability, you can either pick one among those or can keep a diversified collection.
Just to refresh your memory, go through the list of top giant players that exist in the bicycle rental industry and get the motivation.
Top players in the industry- Bicycle Rental Business
You could be the next on the list. Keep on reading this article to get better insights.
Book a bike rental software demo to get started!
The customisable, white-labelled, and easy to integrate hardware are a few of the distinctive features in Jugnoo’s bike rental software that makes it a perfect choice for the upcoming unicorn in the bike rental industry.
The complete tech-suite comes with an end to end solution for launching and expanding your bike rental business with no or low tech involvement.
The classified features and never-ending benefits make Jugnoo over the top when it comes to thinking about one of the finest providers for bike rental software in the market. You can launch and scope out the best of the possibilities with your bike rental business with us.
Feel free to connect with our bike rental experts to get a better idea.
SmartBike- Mapping the market opportunities with perfection
SmartBike: One of the largest bike-sharing companies in India is known to be one of the biggest players on the list. The exclusive features and adaptive pattern makes it easy for the people to connect with them to avail their services for regular and leisure services.
Check out here about how they have integrated mobility and have helped public transportation to get access to the innovation. For the unversed, Jugnoo has helped Smart Bike to scale up its operations in the market without much effort through its tech support.
The revolution in the bike rental industry has started. It’s time to be a part of the revolution and create a history.
You could be the next smart bike, download the free ebook below to know-how.
Something in mind?
Feel free to jump on a call with our experts to get a detailed overview of how and why your bike rental business needs Jugnoo as their bike rental software.
