Navigating your daily travel through congested traffic is frustrating for everyone, be it daily travel or exploration. This is where two-wheeler rentals in India come to the rescue as it is a simple, affordable, and flexible way to get around. What makes it perfect for both travellers and locals alike? Let’s find out.

Current Flow of the Market

·       The concept of rental two-wheelers has changed how Indians look at day-to-day travelling owing to easy access and doorstep picking services.  In 2023, the fleet size of India bike rental apps alone reached 15,000, excluding the offline services.

·       As a result, in 2023, the two-wheeler rental market in India was valued at USD 44.73 billion, propelling at an impressive CAGR of 10.6% between 2018-2023.

App-Based Rentals and Their Efficiency

·        App-based rentals owned nearly 80% of the market share in 2022 as customers no longer had to deal with paperwork or waste their time searching.

·       On top of this, companies like Rapido, Bounce, and Vogo make it an extremely easy process by just booking the bike and taking the ride. This convenient way of booking has totally transformed two-wheelers rentals market in India.

Rising Fame of Short-Term Rentals

·       Short-Term rentals hold approximately 75% of the market showcasing the preference given to two-wheelers compared to autos and cars by user. This clarifies that two-wheeler rentals make travel affordable for people who do not want to spend a fortune on travel.

·       Comparatively, long-term rentals make up only 25% of the market and are primarily focused on tourists.

Motorcycles v/s Scooters

·       Motorcycles are dominating the landscape of two-wheelers in India covering a commanding market share of 65%, followed by scooters holding 30%, and mopeds at 5%, there’s always something for everyone.

·       Motorcycles are versatile and robust which are perfect for diverse roads, while scooters are ideal for tourists, offering efficiency and affordability for any travel.

How Innovation is Becoming the Cornerstone of the Market

·       EV sales in India grew by 305% in 2021 and expanded its fleet size to over 600,000 electric two-wheelers in 2022.

·       The electric revolution isn’t just limited to cars, with two-wheeler rentals hopping onto the world of EVs, companies are introducing eco-friendly bikes that are cheaper and sustainable.

Government Fueling the Expansion

·       To promote the expansion of EVs, the Government of India aims to replace 30% of all vehicles with EVs by the year 2030. This will undoubtedly create enormous opportunities for rental companies to cater to their environmentally conscious customers.

The Ride to the Future Has Two Wheels

By 2029, the two-wheeler rental market is expected to hit USD 73.60 billion, by offering affordable mobility and reducing pollution. It is also a quicker option when compared to other types of rentals such as cars, which can be costly. As technology underlines this growth, the ride to a propelling sustainable future is not far ahead for India’s two-wheeler rental market.