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(Transportation-News.com, April 20, 2018 ) According to Publisher’s market research analyst, the global motorcycle rental market will witness moderate growth and post a CAGR of almost 5% by 2020. Much of this growth can be attributed to the recent increase in the number of motorcycle tourer communities and events. Motorcycle tourer communities form an important part of the overall motorcycle rental market and involve renting and riding a touring motorcycle optimized for long distance travel wherein the travel routes are pre-planned and stretched for days. Motorcycle tourism also constitutes a part of adventure sports, where the motorist would have to undertake camping as well as attend motorcycle rallies on the way. It has also been noted that Canada and the US account for the largest motorcycle tourism market with about USD 13 billion a year for weekend motorcycle touring events and USD 34 billion for motorcycle touring vacations. Trends in the US and Canada indicate that a majority of the motorcycle riders come from the mature population, who are aged 50 years or more.
Another important factor that is anticipated to foster market growth is the increased dependence on technology to increase customer base. At present, most motorcycle rental operators have started using technology to provide convenience to customers. Most operators are also trying to streamline their membership procedures to make motorcycles available to the customer within a minimal time. The high penetration rate of the Internet and the subsequent penetration of smartphone users in the economy are the main drivers for the increased dependency on technology. Consequently, most of the motorcycle rental companies in the organized sector have started depending heavily on their mobile-based applications and online websites for business. The same medium is also used for communicating the fare, discount coupons, promotional offers, availability, and real-time tracking details of the vehicles.
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Competitive landscape and key vendors
This market is characterized by the presence of a large number of well-established vendors and is highly competitive. However, it has been noted that most of the competition comes from the motorcycle rental companies that are managed by the unorganized sector. It has also been noted that key vendors in the market are currently growing their customer base and are increasing their investments in R&D by investing in technological developments and entering into strategic partnerships with other firms.
Leading vendors in this market are -
Motoroads
Adriatic Moto Tours
WheelStreet
Wicked Ride
EagleRider
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Application-based segmentation and analysis of the motorcycle rental market
Commuter
Luxury
According to this market analysis, the luxury market segment is estimated to account for the highest market share due to the high comfort offered by these motorcycles. The preference to rent a luxury motorcycle is high as customers can get the feel of the ride without having to face any financial constraint of owning such a costly vehicle.
Geographical segmentation of the motorcycle rental market
Europe
India
US
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