Future Market Insights
Two Wheeler Rental Market: Introduction
Renting a two wheeler can be considered as an extension to the car rental system, wherein the lessee of two wheelers leases it to customers on per-day basis. Renting of such transportation vehicles has grown considerably over the years, especially within the working-class population who require two wheelers on an immediate basis. Rise in tourism and international travel are the fundamental areas providing the necessary support for the growth of the two wheeler rental market. Cheap and easy availability of two wheelers supported by increasing number of small-sized start-ups also contribute to the sustenance of the market. Customers usually tend to avoid the purchase of two wheelers so as to avoid extra investment hence rent it out on smaller budgets.
Two Wheeler Rental Market: Dynamics
Currently, the concept of hiring various high-investment commodities is becoming a trend. Consumers are willing to pay less to rent a commodity for a brief period of time to fulfil the need, than to shell out higher investment and own the same commodity. This trend has extended to renting two wheelers as well. Minimum hassles, easy conveyance, cheap pricing among others are some of the attributes the consumers look into while renting a two wheeler. The growth of tourism and international travel, increasing at the rate of 1 to 2%, has led to increasing number of tourists count in various economies. International tourists opt for two wheelers than four wheelers owing to personalized and cheap conveyance advantages, which is a factor leading the demand for two wheeler rentals and hence contributing to the growth of the market. Though car rental market has grown to a mature level with numerous participants making up the organized sector, two wheeler market is still in its nascent stage, though is expected to pick up steam in the near future. Up and coming players involved in two wheeler rental services are leveraging on online systems including desktop and mobile application to gain consumers in a speedy manner without much hassles.
Though two wheeler rental service is poised for a healthy growth in the future, it is not without its challenges, especially the commodity it rents to its customers. It is a well-known fact that unlike four wheelers, two wheeler concentration varies on the basis of regions. The fleet of two wheelers in Asia Pacific makes up almost 95% of the total fleet across the globe, while other regions have minimal penetration of two wheelers. Hence, establishing the market in low penetration region is a major challenge for the market players. The market also faces direct competition with four wheeler rental market, which is incidentally more popular in the North America and Western Europe.
Two Wheeler Rental Market: Segmentation
The two wheeler rental market can be segmented as follows:
By two wheeler type, the market can be segmented as:
By sales channel, the market can be segmented as:
By rental mode, the market can be segmented as:
Two Wheeler Rental Market: Regional Outlook
The two wheeler rental market from the regional perspective shows contrasting characteristics. The market in Asia Pacific, especially in the Indian, Chinese and ASEAN economies, is expected for a healthy growth owing to presence of a large customer base and easy availability of two wheelers. The market in North America is bound to encounter hiccups due to the established presence of four wheeler rental market and overall lack of interest towards two wheeler by the consumers. The market in the Western Europe is poised for a steady growth owing to renewed tourism industry leading to higher acceptance of two wheelers as the main mode of conveyance by the tourists.
Two Wheeler Rental Market: Key Participants
Examples of some of the players in the Global Two Wheeler Rental market, identified in the value chain include:
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