Tourism Vehicle Rental Market
Tourism Vehicle Rental Market Forecasts to 2030 - Global Analysis By Type (Luxury Vehicle and Economy Vehicle), Vehicle Type, Rental Mode, Rental Duration, Booking Channel, Application, End User and By Geography
According to Stratistics MRC, the Global Tourism Vehicle Rental Market is accounted for $81.4 billion in 2024 and is expected to reach $144.3 billion by 2030 growing at a CAGR of 10.0% during the forecast period. Tourism vehicle rental services provide travellers with a range of vehicles for exploring destinations independently. Offerings typically include cars, vans, RVs, and motorcycles, catering to diverse travel preferences and group sizes. These services are convenient for tourists seeking flexibility in itinerary planning and accessibility to remote or scenic locations. Rentals often include options for GPS navigation, insurance coverage, and roadside assistance, ensuring peace of mind during travel. Providers may also offer additional amenities like camping gear or child seats to enhance customer convenience.
According to the US Travel Association, the number of domestic leisure trips accounted for 1,676.2 million in 2021 and is expected to reach over 1,998 million by 2024.
Market Dynamics:
Driver:
Increasing international travel and tourism activities
More travelers explore new destinations, the demand for rental vehicles rises, driven by the need for flexible transportation solutions. This trend stimulates market growth, encouraging rental companies to enhance service offerings and expand their fleet to meet diverse traveler preferences. Additionally, international tourists often require reliable and convenient transportation options, further fueling the demand for rental vehicles.
Restraint:
Compliance with varying local regulations and licensing requirements
Non-compliance with varying local regulations and licensing requirements can creates barriers to market entry and expansion, increasing operational costs due to fines or legal penalties. Inconsistent regulatory environments across different regions also lead to compliance complexities, affecting operational efficiency and customer service quality. Moreover, regulatory uncertainties can hinder fleet management and standardization efforts, limiting the ability to scale operations effectively hampering the market growth.
Opportunity:
Rising awareness of sustainable travel practices
Consumers increasingly favor eco-friendly options such as electric or hybrid vehicles, pushing rental companies to expand their sustainable vehicle offerings. This trend encourages innovation in fleet management and operations to reduce carbon footprints. Further companies that adopt and promote sustainable practices enhance their brand reputation and appeal to environmentally conscious travelers. Thus there's a growing demand for transparent information on vehicle emissions and environmental impact, influencing rental decisions boosting its market growth.
Threat:
High insurance premiums and liabilities
High insurance premiums and liabilities contribute to increased operational expenses, affecting pricing strategies and profitability for rental companies. Higher premiums may necessitate passing costs onto customers, potentially reducing affordability and competitiveness. Moreover, stringent insurance requirements can limit fleet expansion and diversity, constraining rental options available to consumers impeding market growth.
Covid-19 Impact:
Travel restrictions, lockdowns, and reduced tourist flows led to plummeting demand for rental vehicles. Rental companies faced fleet management challenges, with vehicles sitting idle and revenue streams disrupted. Health and safety concerns further deterred travel, prolonging the recovery period for the industry. Despite gradual reopening and recovery efforts, uncertainty and changing travel restrictions continue to affect rental operations and consumer confidence.
The luxury vehicle segment is expected to be the largest during the forecast period
The luxury vehicle is expected to be the largest during the forecast period as they cater to affluent travellers seeking premium experiences, thereby expanding the market segment for high-end rentals. This increases revenue potential and profit margins for rental companies. However, operational costs such as maintenance, insurance, and depreciation are higher for luxury vehicles, impacting profitability.
The leisure/tourism segment is expected to have the highest CAGR during the forecast period
The leisure/tourism segment is expected to have the highest CAGR during the forecast period because travelers often require flexible transportation options to explore destinations at their own pace, driving up rental demand. This sector encompasses a wide range of customers, from families on vacation to solo travelers and group tours, each seeking suitable vehicles for their specific needs encouraging the market.
Region with largest share:
North America is projected to hold the largest market share during the forecast period by serving a wide range of travellers from domestic tourists to international visitors. Key factors driving this market include the region's vast landscapes, popular tourist destinations, and a strong culture of road trips and leisure travel. Further rental companies in North America offer a variety of vehicles, including cars, SUVs, RVs, and motorcycles, catering to different preferences and travel styles drive the market growth.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period owing to competitive, with major players providing extensive service networks, technological integration for booking and navigation, and customer-focused amenities. Challenges include regulatory compliance and seasonal demand fluctuations, requiring adaptive strategies for sustained growth.
Key players in the market
Some of the key players in Tourism Vehicle Rental market include Alamo, Autoeurop, Avis, Carzonrent, Easycar, Enterprise Holdings Inc, Europcar Mobility Group, Europe Luxury Car Hire, Hertz Global Holdings Inc, Kemwel, National car rental, Sixt SE, Thrifty and Zoomcar
Key Developments:
In March 2024, Europcar Mobility Group expands in India, with Satguru Travel becoming its new Europcar franchisee As part of its new strategic framework EXCEED, Europcar Mobility Group reinforces its global footprint thanks to a franchise agreement with Satguru Travel in India, one of the fastest-growing mobility markets in the world.
In October 2023, Enterprise holdings accelerate toward next era of mobility with diverse portfolio & growing global footprint. Millions of customers around the world use business to meet mobility needs, driving best year on record.
Types Covered:
• Luxury Vehicle
• Economy Vehicle
Vehicle Types Covered:
• Luxury Cars
• Economy Cars
• SUVs
• Vans
• Trucks
• Electric Vehicles
• Other Vehicle Types
Rental Modes Covered:
• Chauffeur-driven
• Self-drive
Rental Durations Covered:
• Long-term Rentals
• Short-term Rentals
• Leasing
Booking Channels Covered:
• Online Booking
• Offline Booking
Applications Covered:
• Leisure/Tourism
• Business Trips
• Adventure & Outdoor Activities
• Other Applications
End Users Covered:
• Individual Customers
• Corporate Customers
• Travel Agencies & Tour Operators
• Other End Users
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 2022, 2023, 2024, 2026, and 2030
- 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 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 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 Tourism Vehicle Rental Market, By Type
5.1 Introduction
5.2 Luxury Vehicle
5.3 Economy Vehicle
6 Global Tourism Vehicle Rental Market, By Vehicle Type
6.1 Introduction
6.2 Luxury Cars
6.3 Economy Cars
6.4 SUVs
6.5 Vans
6.6 Trucks
6.7 Electric Vehicles
6.8 Other Vehicle Types
7 Global Tourism Vehicle Rental Market, By Rental Mode
7.1 Introduction
7.2 Chauffeur-driven
7.3 Self-drive
8 Global Tourism Vehicle Rental Market, By Rental Duration
8.1 Introduction
8.2 Long-term Rentals
8.3 Short-term Rentals
8.4 Leasing
9 Global Tourism Vehicle Rental Market, By Booking Channel
9.1 Introduction
9.2 Online Booking
9.3 Offline Booking
10 Global Tourism Vehicle Rental Market, By Application
10.1 Introduction
10.2 Leisure/Tourism
10.3 Business Trips
10.4 Adventure & Outdoor Activities
10.5 Other Applications
11 Global Tourism Vehicle Rental Market, By End User
11.1 Introduction
11.2 Individual Customers
11.3 Corporate Customers
11.4 Travel Agencies & Tour Operators
11.5 Other End Users
12 Global Tourism Vehicle Rental Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Alamo
14.2 Autoeurop
14.3 Avis
14.4 Carzonrent
14.5 Easycar
14.6 Enterprise Holdings Inc
14.7 Europcar Mobility Group
14.8 Europe Luxury Car Hire
14.9 Hertz Global Holdings Inc
14.10 Kemwel
14.11 National car rental
14.12 Sixt SE
14.13 Thrifty
14.14 Zoomcar
List of Tables
1 Global Tourism Vehicle Rental Market Outlook, By Region (2022-2030) ($MN)
2 Global Tourism Vehicle Rental Market Outlook, By Type (2022-2030) ($MN)
3 Global Tourism Vehicle Rental Market Outlook, By Luxury Vehicle (2022-2030) ($MN)
4 Global Tourism Vehicle Rental Market Outlook, By Economy Vehicle (2022-2030) ($MN)
5 Global Tourism Vehicle Rental Market Outlook, By Vehicle Type (2022-2030) ($MN)
6 Global Tourism Vehicle Rental Market Outlook, By Luxury Cars (2022-2030) ($MN)
7 Global Tourism Vehicle Rental Market Outlook, By Economy Cars (2022-2030) ($MN)
8 Global Tourism Vehicle Rental Market Outlook, By SUVs (2022-2030) ($MN)
9 Global Tourism Vehicle Rental Market Outlook, By Vans (2022-2030) ($MN)
10 Global Tourism Vehicle Rental Market Outlook, By Trucks (2022-2030) ($MN)
11 Global Tourism Vehicle Rental Market Outlook, By Electric Vehicles (2022-2030) ($MN)
12 Global Tourism Vehicle Rental Market Outlook, By Other Vehicle Types (2022-2030) ($MN)
13 Global Tourism Vehicle Rental Market Outlook, By Rental Mode (2022-2030) ($MN)
14 Global Tourism Vehicle Rental Market Outlook, By Chauffeur-driven (2022-2030) ($MN)
15 Global Tourism Vehicle Rental Market Outlook, By Self-drive (2022-2030) ($MN)
16 Global Tourism Vehicle Rental Market Outlook, By Rental Duration (2022-2030) ($MN)
17 Global Tourism Vehicle Rental Market Outlook, By Long-term Rentals (2022-2030) ($MN)
18 Global Tourism Vehicle Rental Market Outlook, By Short-term Rentals (2022-2030) ($MN)
19 Global Tourism Vehicle Rental Market Outlook, By Leasing (2022-2030) ($MN)
20 Global Tourism Vehicle Rental Market Outlook, By Booking Channel (2022-2030) ($MN)
21 Global Tourism Vehicle Rental Market Outlook, By Online Booking (2022-2030) ($MN)
22 Global Tourism Vehicle Rental Market Outlook, By Offline Booking (2022-2030) ($MN)
23 Global Tourism Vehicle Rental Market Outlook, By Application (2022-2030) ($MN)
24 Global Tourism Vehicle Rental Market Outlook, By Leisure/Tourism (2022-2030) ($MN)
25 Global Tourism Vehicle Rental Market Outlook, By Business Trips (2022-2030) ($MN)
26 Global Tourism Vehicle Rental Market Outlook, By Adventure & Outdoor Activities (2022-2030) ($MN)
27 Global Tourism Vehicle Rental Market Outlook, By Other Applications (2022-2030) ($MN)
28 Global Tourism Vehicle Rental Market Outlook, By End User (2022-2030) ($MN)
29 Global Tourism Vehicle Rental Market Outlook, By Individual Customers (2022-2030) ($MN)
30 Global Tourism Vehicle Rental Market Outlook, By Corporate Customers (2022-2030) ($MN)
31 Global Tourism Vehicle Rental Market Outlook, By Travel Agencies & Tour Operators (2022-2030) ($MN)
32 Global Tourism Vehicle Rental Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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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