LONDON--(BUSINESS WIRE)--The motorcycle rental market is expected to grow by USD 168.02 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Increasing traffic congestion is becoming an inescapable condition in certain large and metropolitan cities across the world, such as Los Angeles, Tokyo, New Delhi, and London. In countries such as India, China, and Vietnam, the growth in urban traffic has increased congestion, which has led to vehicle drivers being stuck in traffic for hours. The lack of proper road infrastructure in developing economies, coupled with rapidly growing economic conditions, and higher disposable incomes, have led to an increase in the number of vehicles on the roads. All these factors are leading to an increase in the adoption of two-wheelers for the daily commute to work. Motorcycle rentals have emerged as an affordable and quick alternative for daily commuting. Thus, the increase in traffic congestion and overcrowding in cities will drive the growth of the market.
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As per Technavio, the increase in road-trip tourism will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Motorcycle Rental Market : 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, inbound adventure tourism is growing at an average rate of 5%-7% every year, while domestic adventure tourism is experiencing 20%-25% growth. These factors are expected to propel the market growth for motorcycle rentals as most of the locations are situated in places with limited transportation facilities. Thus, increase in road-trip tourism will drive the growth of the market during the forecast period.
“Factors such as the emergence of nanophotonic ICs, and the growing demand for mobile computing devices will have a positive impact on the growth of the motorcycle rental market value during the forecast period,” says a senior analyst at Technavio.
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Motorcycle Rental Market: Segmentation Analysis
This market research report segments the motorcycle rental market by product (commuter motorcycles and luxury motorcycles), and geographic (APAC, Europe, MEA, North America and South America).
The North America region led the motorcycle rental market in 2019, followed by APAC, Europe, South America and MEA. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing purchase of luxury motorcycles owing to growing disposable income, rising popularity of motorcycle touring and increased penetration of luxury motorcycles.
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Some of the key topics covered in the report include:
- Commuter motorcycles
- Luxury motorcycles
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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