According to the latest report by IMARC Group, titled “Motorcycle Rental: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global motorcycle rental market size reached US$ 207.1 Million in 2022. Motorcycle rental includes services that allow individuals to temporarily rent motorcycles for personal use, travel, or recreational purposes. It provides a practical and adaptable substitute for owning a motorbike, especially for consumers who might not desire the financial or long-term commitment that comes with purchasing. It typically has a diverse fleet of motorcycles, catering to different riding preferences and skill levels. Additionally, it may offer a wide range of models, including sport bikes, cruisers, touring motorcycles, and adventure bikes, enabling riders to choose the type of motorcycle that suits their specific needs and desires. It normally entails picking a rental agency, determining whether bikes are available, and supplying the required paperwork, including a current driver's license and insurance.
Global Motorcycle Rental Market Trends:
The growing popularity of solo traveling among the masses majorly drives the global market. This can be supported by the rising preference for solo travelers toward motorcycle rental services due to flexibility and independence offered by motorcycles. Moreover, renting a motorcycle allows solo travelers to explore destinations at their own pace, take scenic routes, and discover hidden gems that might not be accessible by other means of transportation, which is significantly supporting the market. Along with this, travelers are seeking unique and immersive experiences, and exploring new destinations on a motorcycle provides a sense of freedom, adventure, and a closer connection with the surroundings, which is acting as another growth-inducing factor. In addition, the emergence of adventure tourism, including activities such as off-road biking, motorcycle tours, and long-distance rides, is positively influencing the market. In addition, the growing popularity of motorcycle events and rallies is also driving the market as motorcycle rental services provide the convenience of renting instead of transporting their own bikes to the event location. Apart from this, the widespread adoption of motorcycle rental as bikes are generally more fuel-efficient and emit fewer greenhouse gases than cars is contributing to the market. Furthermore, the advent of GPS navigation systems and motorcycle-specific apps to offer riders enhanced safety features and convenient route planning is creating a positive market outlook. On account of the aforementioned factors, the market value is projected to reach US$ 411 Million by 2028, expanding at a CAGR of 11.5% during 2023-2028.
- Based on the type, the market has been segmented into luxury and common motorcycles. Currently, common motorcycles dominate the market share.
- On the basis of the booking channel, the market has been segmented into websites and apps. According to the report, apps account for the largest segment.
- Based on the application, the market has been segmented into motorcycle tourism and commutes. Currently, motorcycle tourism holds the largest share.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. At present, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Adriatic Moto Tours, EagleRider, Harley-Davidson Inc., MotoQuest, Motoroads, Rental 819 (Kizuki Rental Service), The Hertz Corporation, and WickedRide Adventure Services Pvt. Ltd.
|Base Year of the Analysis
||Type, Booking Channel, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Adriatic Moto Tours, EagleRider, Harley-Davidson Inc., MotoQuest, Motoroads, Rental 819 (Kizuki Rental Service), The Hertz Corporation, WickedRide Adventure Services Pvt. Ltd., etc.
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