Luxury Car Rental Market
Luxury Car Rental Market Forecasts to 2028 - Global Analysis By Rental Type (Leisure and Business), Mode of Booking (Offline Booking and Online Booking), Rental Length (Long Term and Short Term) and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $99.6 BN |
|
Projected Year Value (2028) |
US $152.9 BN |
|
CAGR (2022 - 2028) |
26.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Luxury Car Rental Market is accounted for $99.6 billion in 2022 and is expected to reach $152.9 billion by 2028 growing at a CAGR of 7.4% during the forecast period. Luxury car rental is a service that provides customers with access to high-end cars for short-term use. The importance of luxury car rental lies in its ability to provide customers with a convenient and affordable way to enjoy the convenience and comfort of a high-end car and they also offer a wide variety of models to choose from.
According to the latest UNWTO panel of experts most tourism professionals (61%) expect a rebound in 2022, mostly during the third quarter where major contributor to be domestic tourism and , 42% point to a potential rebound in 2023 and 2024 due to full fledged arrival of international tourists.
Market Dynamics:
Driver:
Influence of Technology
Technology has transformed the car rental industry, which enables operators to deliver better services to consumers. Through the internet and mobile booking applications, consumers have better access to luxury car rental companies. Social media platforms also enable more potential consumers to discover the benefits of renting luxury vehicles. In other words, technology innovations have brought car rental companies marketing strategy to a higher level. Thus, these factors are influencing the growth of the market.
Restraint:
Lack of awareness about car rental
The whole car rental process is managed by the service provider. From car bookings, cost estimation and payment are regulated by the service provider. Unavailability of service providers in remote areas act as a major restraint in the market. The underdeveloped regions do not have any access to car rentals. The lack of awareness about car rental in these regions is the major setback in the market.
Opportunity:
Affordable cost of services
The price of renting luxury cars depends on the location of the rental, mileage, unique features, and availability. However, luxury car rentals companies offer an appropriate cost of their services. The price might be higher than those ordinary car rentals. But with the right price and quality service, people prefer to rent these luxury vehicles. Thus, these factors are fueling the expansion of the market.
Threat:
Fluctuations in the oil price
Fluctuations in the oil price affect rental rates. This fluctuating car rental rate causes several inconveniences to the costumers. Due to this, the market requires new strategies to provide cost-effective rental cars for the audience. The entry of more local players creates severe competition in the market. Hence, these are the aspects hampering the market growth.
Covid-19 Impact
The COVID-19 pandemic hindered the growth of the car rental market owing to travel restrictions and the shutdown of several tourist agencies and car rental service providers. The tourism industry as a whole was significantly impacted by the quick spread which in turn had an effect on this industry. The operators of car rentals follow safety and hygiene standards, such as disinfecting their vehicles after each ride, to maintain security and prevent the spread of the virus. Some automobile rental companies provide their clients with free face masks and hand sanitizers.
The leisure segment is expected to be the largest during the forecast period
The leisure segment is estimated to have a lucrative growth, due to rising population, and expanding tourism industry. Leisure rental is a form of short-term holiday letting, usually for periods of one week or less. It is an increasingly popular way to rent accommodation. The most common type of leisure rental is a self-catering holiday cottage. These are usually rented direct from the owner, either through an agent or online. Thus, these are the factors fuel the growth of the segment.
The online segment is expected to have the highest CAGR during the forecast period
The online segment is anticipated to witness the fastest CAGR growth during the forecast period, due to advancement in technologies and increasing penetration of the internet. This segment is gaining popularity amongst young consumers. The consumer gets a wide range of luxury cars to choose from the online booking option. The online app reservation system also enables business owners to easily manage all reservations. Therefore, these aspects will propel the growth of the segment.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing disposable income, rising population, and expanding tourism industry across countries. Moreover, the growing demand for luxury car rental services from corporate travellers is anticipated to drive the regional growth over the forecast period.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the rising number of leisure and business trips across the region, both locally and internationally, is among the prominent factors influencing the growth of the regional market. Additionally, a continuous shift in consumer preference toward rental services and the presence of prominent service providers in the region is expected to accelerate the region growth.
Key players in the market
Some of the key players profiled in the Luxury Car Rental Market include Goldcar, Avis Budget Group Inc., Enterprise Holdings Inc., Hertz Global Holdings Inc., Sixt SE, Fast Rent a Car, Bettercar Rental, Europcar Mobility Group, China Auto Rental, Shenzhen Topone Car Rental Co. Ltd, TT Car Transit, Renault Eurodrive, eHi car Services, Unidas, Movida and Localiza.
Key Developments:
In April 2022, SIXT, one of the leading global mobility providers, is continuing its rapid expansion across the US and announces the opening of new branches in Charlotte and Baltimore, offering customers more rental choices on the East Coast.
In November 2021, Hertz rentals partnered with Tesla Motors to supply 100,000 Model 3S by 2022, and half of these vehicles are expected to be rented out to Uber drivers.
Rental Types Covered:
• Leisure
• Business
Mode of Bookings Covered:
• Offline Booking
• Online Booking
Rental Lengths Covered:
• Long Term
• Short Term
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Luxury Car Rental Market, By Rental Type
5.1 Introduction
5.2 Leisure
5.3 Business
6 Global Luxury Car Rental Market, By Mode of Booking
6.1 Introduction
6.2 Offline Booking
6.3 Online Booking
7 Global Luxury Car Rental Market, By Rental Length
7.1 Introduction
7.2 Long Term
7.3 Short Term
8 Global Luxury Car Rental Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Goldcar
10.2 Avis Budget Group Inc.
10.3 Enterprise Holdings Inc.
10.4 Hertz Global Holdings Inc.
10.5 Sixt SE
10.6 Fast Rent a Car
10.7 Bettercar Rental
10.8 Europcar Mobility Group
10.9 China Auto Rental
10.10 Shenzhen Topone Car Rental Co. Ltd
10.11 TT Car Transit
10.12 Renault Eurodrive
10.13 eHi car Services
10.14 Unidas
10.15 Movida
10.16 Localiza
List of Tables
1 Global Luxury Car Rental Market Outlook, By Region (2020-2028) ($MN)
2 Global Luxury Car Rental Market Outlook, By Rental Type (2020-2028) ($MN)
3 Global Luxury Car Rental Market Outlook, By Leisure (2020-2028) ($MN)
4 Global Luxury Car Rental Market Outlook, By Business (2020-2028) ($MN)
5 Global Luxury Car Rental Market Outlook, By Mode of Booking (2020-2028) ($MN)
6 Global Luxury Car Rental Market Outlook, By Offline Booking (2020-2028) ($MN)
7 Global Luxury Car Rental Market Outlook, By Online Booking (2020-2028) ($MN)
8 Global Luxury Car Rental Market Outlook, By Rental Length (2020-2028) ($MN)
9 Global Luxury Car Rental Market Outlook, By Long Term (2020-2028) ($MN)
10 Global Luxury Car Rental Market Outlook, By Short Term (2020-2028) ($MN)
11 North America Luxury Car Rental Market Outlook, By Country (2020-2028) ($MN)
12 North America Luxury Car Rental Market Outlook, By Rental Type (2020-2028) ($MN)
13 North America Luxury Car Rental Market Outlook, By Leisure (2020-2028) ($MN)
14 North America Luxury Car Rental Market Outlook, By Business (2020-2028) ($MN)
15 North America Luxury Car Rental Market Outlook, By Mode of Booking (2020-2028) ($MN)
16 North America Luxury Car Rental Market Outlook, By Offline Booking (2020-2028) ($MN)
17 North America Luxury Car Rental Market Outlook, By Online Booking (2020-2028) ($MN)
18 North America Luxury Car Rental Market Outlook, By Rental Length (2020-2028) ($MN)
19 North America Luxury Car Rental Market Outlook, By Long Term (2020-2028) ($MN)
20 North America Luxury Car Rental Market Outlook, By Short Term (2020-2028) ($MN)
21 Europe Luxury Car Rental Market Outlook, By Country (2020-2028) ($MN)
22 Europe Luxury Car Rental Market Outlook, By Rental Type (2020-2028) ($MN)
23 Europe Luxury Car Rental Market Outlook, By Leisure (2020-2028) ($MN)
24 Europe Luxury Car Rental Market Outlook, By Business (2020-2028) ($MN)
25 Europe Luxury Car Rental Market Outlook, By Mode of Booking (2020-2028) ($MN)
26 Europe Luxury Car Rental Market Outlook, By Offline Booking (2020-2028) ($MN)
27 Europe Luxury Car Rental Market Outlook, By Online Booking (2020-2028) ($MN)
28 Europe Luxury Car Rental Market Outlook, By Rental Length (2020-2028) ($MN)
29 Europe Luxury Car Rental Market Outlook, By Long Term (2020-2028) ($MN)
30 Europe Luxury Car Rental Market Outlook, By Short Term (2020-2028) ($MN)
31 Asia Pacific Luxury Car Rental Market Outlook, By Country (2020-2028) ($MN)
32 Asia Pacific Luxury Car Rental Market Outlook, By Rental Type (2020-2028) ($MN)
33 Asia Pacific Luxury Car Rental Market Outlook, By Leisure (2020-2028) ($MN)
34 Asia Pacific Luxury Car Rental Market Outlook, By Business (2020-2028) ($MN)
35 Asia Pacific Luxury Car Rental Market Outlook, By Mode of Booking (2020-2028) ($MN)
36 Asia Pacific Luxury Car Rental Market Outlook, By Offline Booking (2020-2028) ($MN)
37 Asia Pacific Luxury Car Rental Market Outlook, By Online Booking (2020-2028) ($MN)
38 Asia Pacific Luxury Car Rental Market Outlook, By Rental Length (2020-2028) ($MN)
39 Asia Pacific Luxury Car Rental Market Outlook, By Long Term (2020-2028) ($MN)
40 Asia Pacific Luxury Car Rental Market Outlook, By Short Term (2020-2028) ($MN)
41 South America Luxury Car Rental Market Outlook, By Country (2020-2028) ($MN)
42 South America Luxury Car Rental Market Outlook, By Rental Type (2020-2028) ($MN)
43 South America Luxury Car Rental Market Outlook, By Leisure (2020-2028) ($MN)
44 South America Luxury Car Rental Market Outlook, By Business (2020-2028) ($MN)
45 South America Luxury Car Rental Market Outlook, By Mode of Booking (2020-2028) ($MN)
46 South America Luxury Car Rental Market Outlook, By Offline Booking (2020-2028) ($MN)
47 South America Luxury Car Rental Market Outlook, By Online Booking (2020-2028) ($MN)
48 South America Luxury Car Rental Market Outlook, By Rental Length (2020-2028) ($MN)
49 South America Luxury Car Rental Market Outlook, By Long Term (2020-2028) ($MN)
50 South America Luxury Car Rental Market Outlook, By Short Term (2020-2028) ($MN)
51 Middle East & Africa Luxury Car Rental Market Outlook, By Country (2020-2028) ($MN)
52 Middle East & Africa Luxury Car Rental Market Outlook, By Rental Type (2020-2028) ($MN)
53 Middle East & Africa Luxury Car Rental Market Outlook, By Leisure (2020-2028) ($MN)
54 Middle East & Africa Luxury Car Rental Market Outlook, By Business (2020-2028) ($MN)
55 Middle East & Africa Luxury Car Rental Market Outlook, By Mode of Booking (2020-2028) ($MN)
56 Middle East & Africa Luxury Car Rental Market Outlook, By Offline Booking (2020-2028) ($MN)
57 Middle East & Africa Luxury Car Rental Market Outlook, By Online Booking (2020-2028) ($MN)
58 Middle East & Africa Luxury Car Rental Market Outlook, By Rental Length (2020-2028) ($MN)
59 Middle East & Africa Luxury Car Rental Market Outlook, By Long Term (2020-2028) ($MN)
60 Middle East & Africa Luxury Car Rental Market Outlook, By Short Term (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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