The global 2 wheeler and 4 wheeler rental market was valued at USD 83.37 billion in 2018 and is expected to reach USD 180.93 billion in 2026, growing at a CAGR of 10.2% during the forecast period.
Growth in the tourism sector and international travel are providing essential support for the demand of the 2 wheeler and 4 wheeler rental market. Moreover, economical and easy availability of 2 wheelers and 4 wheelers supported by a number of small-sized start-ups also helps in sustaining the market. Major players involved in 2 wheeler and 4 wheeler rental services are leveraging on online systems including desktop and mobile apps to increase consumer numbers for their service without much complexity. However, establishing the market in low penetration and the undeveloped region is the main challenge for the market players. The increasing internet use to customize travel trips, reservations, and bookings is expected to create growth opportunities in the future.
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Most companies are looking for strategies such as mergers and acquisitions, alliances, contracts, contracts, new product launches, innovative ways of providing services, etc. in order to gain a competitive edge over other companies. For example, On November 29, 2018, Lyft Corporation finished its acquisition of Motivate, the largest bike-share operators in North America, invested USD 100 million into the expansion of Citi Bike in New York City.
Globally, North America market is expected to experience hiccups because of the consumer's proven presence of four wheeler rental market and overall lack of interest in two wheelers. European market is poised for steady growth due to the renewed tourism industry leading to increased acceptance by tourists of two wheelers as the main mode of transportation.