Motorcycle Rental Market size is set to grow by USD 354.4 million from 2024-2028, Increase in road-trip tourism boost the market, Technavio

NEW YORK, June 14, 2024 /PRNewswire/ -- The global motorcycle rental market size is estimated to grow by USD 354.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 15.42% during the forecast period. Increase in road-trip tourism is driving market growth, with a trend towards rise in popularity of renting motorcycles through e-commerce. However, rise in on-demand taxi operators poses a challenge. Key market players include Aloha MotorSports, AutoEurope LLC, BikesBooking, Edelweiss Bike Travel, Harley Davidson Inc., Hertz Global Holdings Inc., IMTBIKE TOURS SL, J.C. Bromac Corp., Kizuki Co. Ltd., Krabi Moto Rentals, MotoDreamer, MotoQuest, MOTOROADS Sole Trade Ltd., Orange and Black, Polaris Inc., Rentrip Services Pvt Ltd., Riders Share Inc., Royalbison Autorentals India Pvt. Ltd, SMTOURS d.o.o., and West Coast Motorcycle Hire.

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Market Driver

The Motorcycle Rental Market in Tier-1 cities of emerging countries is experiencing significant growth. With approximately two-thirds of the global population still offline in 2023, the number of internet users is increasing, particularly in low-income countries where internet penetration reached 25% in 2022. This digital shift is driving the demand for motorcycle rentals as an economical and convenient alternative to car ownership. The rise in e-commerce and growing per capita income further fuel this trend. Online rental services are gaining popularity, making it a lucrative business opportunity in the forecast period. 

The motorcycle rental market is experiencing significant growth, with an increasing number of tourists and commuters opting for two-wheelers for travel. Motorcycles offer convenience, flexibility, and cost-effectiveness, making them a popular choice. In recent years, electric motorcycles have gained traction due to their eco-friendliness and low operating costs.

Commuting motorcycles are in high demand, especially in urban areas. Rental companies offer various models, from sports bikes to touring motorcycles, catering to diverse customer preferences. The market is competitive, with several players vying for market share. Companies focus on providing excellent customer service, flexible rental plans, and a wide range of motorcycles to attract customers. The market is expected to continue growing, driven by increasing consumer awareness and the convenience and cost-effectiveness of motorcycle rentals. 

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Market Challenges

• The motorcycle rental market in South Asia faces competition from the growing popularity of on-demand taxi services. Government regulations limiting car ownership and parking space issues favor the taxi operators' business model. On-demand taxi companies like Ola and Uber invest heavily in advertising to increase market share, offering lower fares and even introducing bike taxis.
• This trend may impact the growth of the motorcycle rental market during the forecast period.
• The motorcycle rental market faces several challenges. Demand for motorcycles varies greatly depending on weather conditions and time of year. Location is also a key factor, as urban areas typically have higher demand than rural regions. Costs, including procurement, maintenance, and insurance, can be significant.
• Competition is fierce, with many players vying for market share. Technology plays a role, as companies strive to offer convenient online booking and contactless pick-up and drop-off. Regulations and safety concerns are ongoing issues. Effective marketing and customer service are essential to attract and retain customers. Overall, the motorcycle rental industry requires careful planning and adaptability to thrive.

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Segment Overview 

1. Product 
• 1.1 Commuter motorcycles
• 1.2 Luxury motorcycles
2. Application 
• 2.1 Motorcycle tourism
• 2.2 Commutes
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Commuter motorcycles- In the motorcycle rental market, businesses offer short-term bike rentals to customers. These companies acquire, maintain, and rent out motorcycles to individuals for various purposes, such as commuting, touring, or leisure activities. Effective marketing strategies, competitive pricing, and excellent customer service are essential for success in this industry. Additionally, ensuring a wide selection of motorcycle models and sizes caters to diverse customer needs. Compliance with local regulations and insurance coverage completes the rental process.

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Research Analysis

The motorcycle rental market is experiencing significant growth, with tourists and travelers increasingly opting for two-wheelers for motorcycle tours. This trend is driven by the increasing demand for energy-efficient e-bikes and luxury bikes, as well as the convenience of commute applications and booking channels. Urbanization and infrastructural development have also played a role in the market's expansion.

Vehicle OEMs are responding to this demand by producing high-quality motorcycles, incorporating advanced technologies such as artificial intelligence, machine learning, and robotic efficiency for improved accuracy, consistency, and active safety systems. The economic revival in developing nations is further fueling the market's growth, with motorcycle racing events and road trip tourism adding to the excitement. The market for motorcycles, whether luxury bikes or two-wheelers, is poised for continued expansion.

Market Research Overview

The motorcycle rental market is a growing industry that caters to the needs of individuals seeking short-term mobility solutions. With the increasing popularity of motorcycles as a mode of transportation, particularly in urban areas, the demand for motorcycle rentals has surged. Motorcycles offer several advantages over cars, including easier parking, lower fuel consumption, and a more thrilling riding experience. Motorcycle rental companies provide a range of options, from economy to high-performance models, to cater to various customer preferences.

The rental process is typically straightforward, with online booking and delivery or pick-up options available. Maintenance and insurance are often included in the rental fee, providing added convenience for customers. Motorcycle rentals can be an affordable and flexible alternative to car ownership, making them an attractive option for both short-term and long-term use.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Commuter Motorcycles
• Luxury Motorcycles
• Application
• Motorcycle Tourism
• Commutes
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Website: www.technavio.com/

SOURCE Technavio