LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global motorcycle rental market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Praveen Kumar, a lead analyst from Technavio, specializing in research on automotive manufacturing sector, says, “Rising preference for road trip tourism, penetration of superbikes, and growing preference for adventure tourism are some of the factors driving the motorcycle rental market in the Americas and Europe.”
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The top three emerging market trends driving the global motorcycle rental market according to Technavio automotive research analysts are:
- Rise in trend of renting utilitarian items through e-commerce
- Increased dependence on technology to increase customer base
- Growth in partnerships to increase product portfolio
Rise in trend of renting utilitarian items through e-commerce
The main growth drivers for e-commerce are the increase in internet penetration, increase in the number of online shoppers and rising per capita income of the people. Growing acceptance and success of e-commerce sites has paved the way for start-ups focusing on providing services on online portals. Markets in emerging countries have always been cost sensitive, and the general trend is shifting towards accessibility rather than ownership. Hence, the rental market has found its traction among the customers of emerging countries through e-commerce. One unique factor of the rental market is that the customer gets the product at a fraction of its actual cost and needs to pay only for the extent of time he or she has used the product.
Increased dependence on technology to increase customer base
Motorcycle rental operators are increasingly using technology to provide convenience to customers. Most operators are trying to streamline their membership procedures to make motorcycles available to the customer within a minimal time. The high penetration of the internet and subsequent penetration of smartphone users in the economy are the main drivers for the increased dependency on technology.
“All the motorcycle rental companies in the organized sector depend heavily on their mobile-based applications and online websites for business. The same medium is used for communicating the fare, discount coupons, promotional offers, availability, and real-time tracking details of the vehicles used,” says Praveen.
For instance, EagleRider has partnered with tour operators and hotel booking websites to integrate its motorcycle rental services widget through the website maintained by the partners. EagleRider also maintains a Facebook page to receive customer reviews and display tour information for motorcycle touring enthusiasts to follow.
Growth in partnerships to increase product portfolio
The growing demand for commuter and luxury motorcycles has induced motorcycle rental companies to enter partnerships to make more products available and cater to a wider range of customers. Indian motorcycle rental markets have the highest growth in terms of commuter and luxury segments. Wicked Ride, an online motorcycle rental company in India, has entered a partnership with Uber to increase their product portfolio and include premium bikes like Kawasaki, Ducati, and Harley-Davidson.
The strategic partnership between Uber and Wicked Ride allows them to cater to a wider market. The Uber mobile application can be used to reach the existing customers as well as attract new customers to increase their market share. Moreover, Wicked Ride has also entered a partnership with Bangalore Metro Rail Corporation (BMRC) to offer commuter two-wheelers for rent as a last-mile connectivity. The partnership allows scooters to be rented at prices as low as USD 0.30 per hour.
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