The Brazil vehicle rental market size was USD 5.84 Billion in 2022 and is likely to reach USD 8.71 Billion by 2031, expanding at a CAGR of 4.54% during 2023–2031.The growth of the market is attributed to the rising demand for rental commercial and passenger vehicles.
The rich cultural heritage, natural scenic of the amazon forests, beaches, and the government plans to boost the tourism in the country have boosted the growth of the market. Residents are shifting toward renting of vehicles rather than buying a new vehicle to reduce the overhead vehicle costs such as maintenance and huge upfront investment.
Market Drivers, Restraints, Trends, and Opportunities
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Rising disposable income and growing population are expected to foster the market growth.
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The COVID-19 pandemic has devastated economies worldwide and the impact has been felt by businesses across various industry verticals. The transportation service industry has been hit particularly hard. However, declining number of cases is expected to help the market recover soon.
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Rising prices of petrol and diesel in developing countries can hamper the growth of the market during the forecast period.
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Rapid electrification of the automotive industry is anticipated to fuel the market growth in the projected timeline.
Scope of Vehical Rental Market Report
The report on the Brazil vehicle rental market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Brazil Vehicle Rental Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Leisure/Tourism, Business, and Fleet Outsourcing), Booking Types (Offline and Online), Vehicle Types (Passenger Cars and Commercial Vehicles), Usage (Self Driven Vehicles, Fleet Operator Driven Vehicles and Others), and End-users (Fleet Operator and Tour Operator)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Movida Car Rental, Localiza Hertz, Avis Budget, Enterprise Group, and Unidas Frotas
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Vehicle Rental Market Segment Insights
Fleet outsourcing segment to account a significant market share
Based on types, the market is divided as leisure/tourism, business, and fleet and outsourcing. The fleet outsourcing segment is projected to account for a significant market share during the forecast period. Rising demand for trucks and drivers due to the increasing e-commerce activities is driving the growth of the market segment.
Online segment to hold a considerable market share
In terms of booking types, the market is classified as online and offline. The online segment is anticipated to hold a considerable market share during the forecast period. The convenience of the customers to book a vehicle online from remote location is driving the segment growth. Online booking process of a vehicle is much faster and smoother than the offline process. Hence, the online segment is experiencing considerable growth.
Commercial vehicles segment to account a major market share
On the basis of vehicle type, the market is segregated into passenger cars and commercial vehicles. The commercial vehicles segment is expected to account for a major market share during the forecast period. The transport of goods and materials across the country requires commercial vehicles such as trucks and tempos. Rising demand for commercial vehicles is driving the market growth during the forecast period
Self-driven vehicles segment to exhibit a high CAGR
Based on usage, the market is segmented as self-driven vehicles, fleet operator driven vehicles, and others. The self-driven vehicles segment is projected to exhibit a high CAGR during the forecast period. Rising demand for self-driven vehicles in the market owing to their advanced technology and high convenience is spurring the segment growth.
Fleet operator segment to grow at a rapid pace
On the basis of end-users, the market is divided as fleet operator and tour operator. The fleet operator segment is expected to grow at a rapid pace during the forecasted period. The segment growth is attributed to the government efforts to boost the tourism sector in the country. As a result, the private fleet operators are investing heavily in increasing their fleet strength to cater the growing demand in the country.
Segments
The global Brazil vehicle rental market has been segmented on the basis of:
Type
- Leisure/Tourism
- Business and Fleet Outsourcing
Booking Type
Vehicle Type
- Passenger Cars
- Commercial Vehicles
Usage
- Self-Driven Vehicles
- Fleet Operator Driven Vehicles
- Others
End-User
- Fleet Operator
- Tour Operator
Key players
Competitive Landscape
Some of the prominent companies in Brazil Vehicle Rental Market are Movida Car Rental, Localiza Hertz, Avis Budget, Enterprise Group, and Unidas Frotas. Companies are engaging in partnerships, acquisitions, and mergers to expand their market share.
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