Technavio market research analysts forecast the global motorcycle rental market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
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Technavio has published a new market research report on the global motorcycle rental market 2017-2021 under their automotive library. (Graphic: Business Wire)
The report further segments the global motorcycle rental market by motorcycle type (commuter motorcycles and luxury motorcycles) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global motorcycle rental market:
- Increase in road-trip tourism
- Rise in motorcycle tourer communities and events
- Increase in congestion and overcrowding in cities
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Increase in road-trip tourism
The increase in road trip tourism in countries such as India and the US and the growth in the levels of traffic congestion have led to an increase 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 propel the market growth 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.
According to Keerthi Balu, a lead analyst at Technavio for automotive services research, “Foreign tourists who own a valid driving license from their country of origin are eligible for receiving an Indian driving license without having to register for learners or driving test. About 10 such people visit the Road Transport Authority every day for availing the Indian driving license. Locations such as Rishikesh, Goa, Himachal Pradesh, Leh-Ladakh, and the Andaman and Nicobar Islands are the popular domestic tourist destinations where the motorcycle rental market is prominent.”
Rise in motorcycle tourer communities and events
Motorcycle tourer communities form a major part of the motorcycle rental market. It essentially involves renting and riding a touring motorcycle enhanced for long distance travel wherein the travel routes are pre-planned and stretch for days. Motorcycle tourism also constitutes a part of adventure sports wherein the biker would have to undertake camping as well as attend motorcycle rallies on the way. Major long-distance motorcycle touring communities include the German Globetrotter Club, which has a presence in about 23 countries, and the Harley Owners Group (HOG).
An increase in popularity of different types of motorcycle racing around the world is also contributing to the growth of the market. Competitive motorcycle racing initially focused on popular motorcycle racing series such as MotoGP and Superbike racing, which attracted many promotional activities and sponsorships. However, there has been an increase in the variety of road races across regions having varying engine displacement. The categories of road racing are traditional road racing, Grand Prix motorcycle racing, superbike racing, supersports racing, and endurance racing.
Increase in congestion and overcrowding in cities
Increasing traffic congestions are becoming an unavoidable condition in certain large and metropolitan cities across the world such as Los Angles, Tokyo, New Delhi, and London. The growth in urban traffic has increased congestion, particularly in countries such as India, China, and Vietnam. This has led to vehicle drivers getting stuck in traffic for hours. This has resulted in a high adoption of two-wheelers for commuting purposes.
“The lack of proper road infrastructure in developing economies, along with rapidly growing economic conditions, leading to higher disposable incomes, has led to increased number of vehicles on the roads. This trend is expected to continue during the forecast period further increasing the traffic density. India and China are largest markets for motorcycles in the world and these markets are mostly dominated by commuter motorcycles,” says Keerthi.
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