The global tourism vehicle rental market size was valued at USD 67.59 Billion in 2022 and is projected to surpass USD 138.53 Billion by 2031, expanding at a CAGR of 8.3% during the forecast period, 2023–2031. 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.
Tourism Vehicle Rental Market trends, drivers, restraints and opportunity
-
The provision of agencies that allow users to return a car to a different place is expanding the demand for rental cars, driving the market growth.
-
Government's investments on tourist places and increasing consumer disposable income are expected to drive the market growth.
-
Changing lifestyle is acting as a major factor spurring the market growth.
-
High cost of well-known tourism vehicle rental businesses can create challenges for the market growth.
-
Increasing penetration in suburbs, especially in developing nations can create lucrative opportunities during the forecast period.
Scope of Tourism Vehicle Rental Market Report
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
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
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
|
Tourism Vehicle Rental Market Segment Insights
Booking mode segment is expected to grow at a rapid pace
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.
Economy segment is projected to expand at a considerable CAGR
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.
Self-driven segment to grow at a healthy rate
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.
Africa is anticipated to constitute a key market share
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.
Segments
The Tourism Vehicle Rental market has been segmented on the basis of
Booking Modes
Vehicle Types
- Economy
- Luxury/Premium
- Others
End-users
- Rental Agencies
- Self-driven
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Enterprise
- Six SE
- The Hertz Corporation
- Europcar
- Avis
Competitive Landscape
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.
Request For Customization
Enquiry Before Buying
Speak With Analyst
