Motorcycle Rental Market by Product, Application and Geography - Forecast and Analysis 2023-2027

Motorcycle Rental Market Analysis Report 2023-2027:

The motorcycle rental market size is estimated to grow at a CAGR of 11.52% between 2022 and 2027 and the size of the market is forecast to increase by USD 220.68 million. The growth of the market depends on several factors, such as an increase in road-trip tourism, a rise in motorcycle tourer communities and events, and an increase in congestion and overcrowding in cities

This report extensively covers market segmentation by product (commuter motorcycles and luxury motorcycles), application (motorcycle tourism and commutes), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Motorcycle Rental Market During the Forecast Period?

To learn more about this report, View Report Sample

Motorcycle Rental Market:Dynamic

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Driver-An increase in road-trip tourism is the key driver for the growth of the motorcycle rental market.

 The number of tourists taking motorcycle tours has increased as a result of an increase in road trip tourism and traffic congestion in countries like India and the United States. In India, adventure tourism is expanding at a rate of 5% to 7% annually on average. Additionally, domestic adventure tourism is expanding by 20% to 25%. The market for motorcycle rentals is anticipated to expand as a result.

Furthermore, foreign tourists who own a valid driving license from their origin country are eligible to receive an Indian driving license without having to register. The increase in motorcycle enthusiast participation in the SaddleSore challenge is also driving the market for motorcycle rentals. The SaddleSore challenge is certified by the Iron Butt Association (IBA). Due to these factors, the market is expected to grow during the forecast period.

Trends-The general trend of renting utilitarian items through e-commerce is the primary trend in the global motorcycle rental market. 

More than 47% of the world's population was estimated to have Internet access in 2021, according to the most recent World Bank data. By 2023, more than half of the world's population will have access to the internet, with the greatest penetration occurring in the emerging economies of APAC, the Middle East, Africa, Central and Eastern Europe, and Central and South America. The global e-commerce industry has grown strongly thanks to improved internet connectivity.

Furthermore, Buying a car is sometimes unsuitable for urban residents, where the working-class population travels on the same route by office transport on weekdays. Renting a self-drive car through online media is convenient. This trend is seen in many Tier 1 cities of emerging countries, such as Bangalore, Mumbai, and Beijing. Rising acceptance and success of e-commerce sites have paved the way for startups focusing on providing services on online portals. Hence, the rental market is gaining traction among customers of emerging countries which will grow the market during the forecast period.

Challenge-The rise in on-demand taxi operators is the major challenge to the growth of the motorcycle rental market.

The rise in on-demand taxi operators is the major challenge to the growth of the motorcycle rental market.  The number of people choosing on-demand taxi operators is rising in South Asia owing to government restrictions regarding buying a private car. Factors such as lack of parking space for a self-drive rental car, and aggressive discount offers given by the on-demand taxi operators to attract more customers. Additionally, unlike motorcycle rental companies, on-demand taxi operators do not need to maintain a fleet but rather make a taxi available to a potential customer through the means of a mobile app. Hence, the business model is flexible and easier to manage than self-drive car rental companies.

Moreover, the on-demand taxi market in India will see rapid growth following the attention gained from huge funding and competitive pricing strategies. For instance, Ola Cabs, a popular on-demand taxi operator, introduced a new category, micro, which operates fares that are comparatively lower than fares operated by auto-rickshaws of about USD 0.09 per hour to capture the market. The company introduced its microservice to attract new customers. Additionally, the demand for taxis is increasing in India, with the apps such as Ola, Uber, and Rapido being the prominent market players which may impede the growth of the market during the forecast period.

Motorcycle Rental Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Motorcycle Rental Market Customer Landscape

Who are the Major Motorcycle Rental Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• AutoEurope LLC: The company offers motorcycle rental services with models classified by categories and brands such as BMW, Honda, Suzuki, Kawasaki, Yamaha, KTM, Aprilia, Ducati and Harley Davidson.
• BikesBooking: The company offers motorcycle rental services where there will be instant online booking with customer services.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• 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.
• West Coast Motorcycle Hire

 

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Largest-Growing Segments in the Motorcycle Rental Market?

By Product  

The commuter segment will account for a major share of the market's growth during the forecast period. Motorcycles mainly consist of scooters and motorcycles with an engine capacity of less than 300 cc. These are priced lower compared to luxury models. Many congested urban cities in developing regions are showing rising penetration of commuter motorcycles owing to their ease of traveling and last-mile connectivity in high-traffic conditions.

Get a glance at the market contribution of various segments Request Free PDF Sample

The commuter segment was valued at USD 160.02 million in 2017 and continued to grow until 2021. Factors such as increasing levels of congestion and the rising number of tourists in Europe are driving the market for the commuter segment of motorcycles in the region. Tourists stay within the city, and they opt to drive scooters. The distance between various tourist destinations in Europe is short, and growing levels of congestion on roads, and lack of parking space cause tourists to prefer scooters and motorcycles with low-capacity engines. Hence, the demand for motorcycle rental is expected to grow, which will have a positive impact on the growth of the global market in focus during the forecast period.

Moreover, in the luxury segment, tourists on road trips prefer a cruiser motorcycle, which has an engine that delivers superior torque at low revolutions per minute (RPM). For instance, Harley-Davidson motorcycles generate a peak torque of 4,000-5,000 RPM compared with sports bikes, where the peak torque comes at 8,000-9,000 RPM. Harley-Davidson Motorcycles is the most preferred motorcycle brand in the US for road trips and long motorcycle tours. The younger population between 30 and 40 years of age prefers to rent out these two-wheelers. Rising concerns about motorcycles are expected to drive the growth of the market focus during the forecast period.

Application Segment Analysis:

Based on application, the market has been segmented into motorcycle tourism and commutes. The motorcycle tourism segment will account for the largest share of this segment motorcycle tourism has become popular because more people seek unique travel experiences and adventures. The desire to explore scenic routes, cultural landmarks, and off-the-beaten-path destinations on a motorcycle has contributed to the rising demand for rental motorcycles. These provide accessibility and convenience for travelers who prefer not to transport their bikes for long-distance trips. Renting motorcycle tourism is more cost-effective than purchasing or transporting a motorcycle for a specific trip for tourists who want some adventure and unique experiences during their trips. Hence, the rising popularity of renting bikes among tourists is expected to have a positive impact on the growth of the global market in focus during the forecast period.

The commutes segment is a growing segment of this market. Cities become more populated, and factors such as traffic congestion and limited parking options have made commuting by car or public transportation. Many individuals are turning to bikes because this is a convenient and efficient mode of transportation for short to medium distances. This also led to increasing demand for motorcycle rentals in areas where public transportation options are limited or unreliable. In addition, rental fees for motorcycles are often lower as compared to car rentals or public transportation costs. Thus, the growing demand for motorcycles may positively impact the growth of the global motorcycle rental market

Which are the Key Regions for the Motorcycle Rental Market?

North America is estimated to contribute 35% to the growth of the global market during the forecast period.

For more insights on the market share of various regions Request Free PDF Sample now!

Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. High demand for luxury cruiser motorcycles like Harley-Davidson is rising due to the customer preference toward renting luxury motorcycles over commuter models. Harley-Davidson motorcycles are preferred for renting in North America, followed by Ducati, BMW Motorrad, and Triumph.

In addition, the growth of motorcycle touring is the key growth factor of the motorcycle rental market in North America. The average age of motorcyclists in the US is 45 to 48 years. Moreover, individuals over 50 years of age control 77% of the total net worth in the US, a huge target audience for ultra-luxury and luxury motorcycle original equipment manufacturers, such as BMW and Ducati Motor Holding. Furthermore, the decrease in fuel prices and the fall in unemployment rates have increased the sales of passenger cars in the US. This positively affects the motorcycle rental market as people would prefer to rent out a motorcycle for a seasonal road trip rather than purchase a new one during the forecast period.

In 2020, the growth of the automotive industry has shown a negative impact in North America due to the outbreak of COVID-19. However, the large-scale vaccination of COVID-19 vaccines and the lifting of restrictions on travel raise the demand for the motorcycle rental market in North America. With a rising focus on sustainability and reducing carbon footprints, motorcycle tourism is seen as more environmentally friendly. This is expected to have a positive impact on the growth of the regional motorcycle rental market during the forecast period.

Segment Overview

The motorcycle rental market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook (USD Million, 2017 - 2027)
  • Commuter motorcycles
  • Luxury motorcycles

• Application Outlook (USD Million, 2017 - 2027)
  • Motorcycle tourism
  • Commutes

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

 

Motorcycle Rental Market Scope
Report Coverage	Details
Page number	152
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 11.52%
Market growth 2023-2027	$ 220.68 million
Market structure	Fragmented
YoY growth 2022-2023(%)	11.0
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 35%
Key countries	US, India, China, Japan, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	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
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

View PDF Sample

What are the Key Data Covered in this Motorcycle Rental Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the market industry across North America, APAC, Europe, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. 

Get in touch