The global tourism vehicle rental market size was valued at USD 57.63 billion in 2020 and is expected to expand at a CAGR of 8.3% during the forecast period, 2021–2028. The growth of the market is attributed to growing urbanization and government incentives that attracts new entrants to purchase cars.
A tourism rental vehicle is a self-propelled vehicle capable of providing temporary housing or used by tourists to travel on a rental basis. Automobile rentals, companies provide extra services such as GPS navigation systems, insurance, entertainment systems, portable Wi-Fi, and child safety seats.
The tourist sector benefits from the socio-economic progress of countries across the world. The rental vehicle sector is growing in parallel with the tourism industry. Vehicles are often rented for a short period of time, extending from a few hours to a few weeks.
The COVID-19 pandemic hampered the expansion of the market owing to travel restrictions to control the spread of the pandemic, affecting every industry and economy globally.
The report on the global tourism vehicle rental market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Tourism Vehicle Rental Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Booking Modes (Online and Offline), Vehicle Types (Economy and Luxury/Premium), and End-users (Rental Agencies and Self-Driven) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Enterprise; Six SE; The Hertz Corporation; Europcar; and Avis |
Based on booking modes, the market is bifurcated into online and offline. The online segment is expected to grow at a rapid pace during the forecast period owing to rapid digitization. However, the offline segment is anticipated to hold a considerable share of the market, especially in suburbs. Moreover, rising disposable income is expected to boost the segment growth.
On the basis of the vehicle types, the market is further classified as economy and luxury/premium. The economy segment is projected to expand at a considerable CAGR during the forecast period. The presence of huge middle-class population group in several countries is driving the segment market growth.
In terms of end-users, the market is divided into rental agencies and self-driven. The rental agencies segment is anticipated to account for a major market share during the forecast period owing to increasing preference for convenience.
In terms of regions, the tourism vehicle rental market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in the Middle East & Africa is expected to constitute a key share of the market during the projected period. The government is taking effort to increase investment on tourist infrastructure development, driving the market in region. On the other hand, Europe is anticipated to expand at a healthy rate during the forecast period owing to changing lifestyle.
The Tourism Vehicle Rental market has been segmented on the basis of
Booking Modes
Vehicle Types
End-users
Regions
Key Players
Key players competing in the global tourism vehicle rental market such as enterprise; Six SE; The Hertz Corporation; Europcar; Avis, and others.
Companies are expanding their presence their online presence to leverage their market presence.
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