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The Indian automotive industry is one great example of segments that experienced a rapid boom in the last few years. The industry now only kept dominating the market through its existing segments, but also provided new segments that proved equally successful as time passed.
The bike rental industry is one such new segment that has started to climb the ladder of success after surviving its initial phase in India. The business idea that was supposed to be a new segment is now among the most preferred and lucrative business opportunity in today’s time.
Bike Rental: The Constant Evolving Industry
After being a successful business venture for a few years, the Indian bike rental industry is all set to attract and target new entrepreneurs that are willing to join the trade as well. This is usually being done through an online platform where customers could scroll through different types of available bikes along with their pricing and related specifications.
Further, the brands are also providing options like pickup locations, tariffs, and several payment modes. Bridging the gap between service providers and vendors, key features like easy accessibility, low price limits, and availability of two vehicles ranging from Honda’s Activa to a Hayabusa makes it an interesting genre of business, attracting people that are visiting cities.
Tourists: The Primary Target Audience
There is no denying the fact that tourists are the primary target audiences for any bike rental firm existing in India. In fact, another major fact is that modern-day tourists, especially youngsters prefer to hire bikes and explore rather than hiring a car.
Also, international tourists are more into an adventure which is being targeted by Indian bike rental firms in order to increase their sales. Thus, these two are the major segments that are currently on the bike rental firm’s radar.
Biking Gear Accessories: An Add-On to Business
Existing and new bike rental firms could further deal with bike accessories like renting or selling biking gears like jackets, gloves, luggage, and so on. This could behave as an add-on to the business, reflecting profits on your business stats.
One such bike rental firm’s owner of Ladakh says, “We estimate the market size to be of all ages from 18 to 55. It is a huge market when it comes to premium motorcycle rentals. Though the quantity of a household having a motorcycle or moped is high, the percentage of penetration in a premium vehicle is negligible and gives a tremendous opportunity. We estimate it to be 3,630 crores keeping the population in the age group 23 to 39 and disposable income of at least 4.5 lakhs per annum.”
