Global Motorcycle Rental Market 2017-2021
About Motorcycle Rental
Motorcycle rental services operate through a network of pickup or drop-off points and offer a range of two-wheelers that customers can pay, and ride whenever required. Motorcycle rental is a substitute for motorcycle ownership. In this system, motorcycles are owned by a firm that rents them to users on a daily basis, monthly basis, or annually. Over the years, motorcycle rental has evolved from a basic service provided by popular organizations to a widely recognized component of the modern urban transport industry. The automotive rental industry is quickly developing into a globalized industry that can provide many transportation benefits, environmental benefits, and social benefits. The demand for motorcycle rental services has increased significantly over the years because of the cost advantages it offers to users. Motorcycle rentals allow consumers to use vehicles without being burdened by ownership and maintenance costs. Megacities have high environmental pollution and traffic congestions. Thus, there is an increase in the demand for motorcycles rentals.
Technavio’s analysts forecast the global motorcycle rental market to grow at a CAGR of 7.74% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global motorcycle rental market for 2017-2021. To calculate the market size, the report considers the sales revenue of the motorcycle rental industry across different regions.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Motorcycle Rental Market 2017-2021
Technavio recognizes the following companies as the key players in the global motorcycle rental market: Adriatic Moto Tours, EagleRider, Hertz Ride, Motoroads, and Wheelstreet
Other Prominent Vendors in the market are: Dubbelju Motorcycle Rentals, Harley-Davidson, Kizuki Rental Service (Rental 819), MotoQuest, and WICKEDRIDE ADVENTURE SERVICES.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is General trend of renting utilitarian items through e-commerce. In 2016, more than 45% of the global population was estimated to have access to the internet. With the current growth rate, more than half of the global population would have the internet connection by 2018, with maximum penetration in the developing economies of regions like APAC, the Middle East, Africa, Central and Eastern Europe, and Central and South America. Internet connectivity has been a strong driver for the growth of the global e-commerce industry. The e-commerce industry in APAC will reach a growth of about 18% of retail sales by 2018 from 8.2% retail sales in 2015.”
According to the report, one of the major drivers for this market is Increase in road-trip tourism. Increase in road trip tourism in countries like India and the US and the rise in the levels of traffic congestion have led to the growth in the number of motorcycle tours by tourists. In India, adventure tourism comprised about 35% of the domestic Indian tourism industry and wildlife tourism comprised about 40% of the same in 2015. These are expected to drive the market for motorcycle rentals as most of the locations are situated in places with limited transportation facilities. Tourists generally require their own vehicles to reach these locations or rent a vehicle for the same.
Further, the report states that one of the major factors hindering the growth of this market is Rise in on-demand taxi operators. Increasing penetration of smartphone and use of apps has enabled easier reach of on-demand taxi operators to customers in the US, which consisted of about 67% of the total US adult population in 2015. On-demand taxi operators had an increase of about 15% in the number of rides availed in the US for 2015.
Adriatic Moto Tours, EagleRider, Hertz Ride, Motoroads, Wheelstreet, Dubbelju Motorcycle Rentals, Harley-Davidson, Kizuki Rental Service (Rental 819), MotoQuest, and WICKEDRIDE ADVENTURE SERVICES.
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