Pune, India, March 09, 2022 (GLOBE NEWSWIRE) — Size of the luxury car rental market is expected to reach USD 311.43 billion in 2028, at a CAGR of 5.3%. The size of the global luxury car rental market was USD 44.9 billion in 2020. According to the study, an exponential increase in affluent populations could have a noticeable impact on the penetration of exotic car rentals. The car rental trend will be pronounced in advanced and emerging economies. End users are likely to enjoy the freedom of choice and elegance of exotic cars for years to come.
Car Rental Challenges Amid Pandemic Bring Paradigm Shift
The endemic COVID-19 pandemic had a pressing influence on the car rental industry in 2020 and 2021, with several companies going bankrupt. Notably, Europcar and Advantage Rent a Car went bankrupt in 2020. Meanwhile, the unstoppable growth of the e-commerce industry sparked car rental traffic. Moreover, the gradual growth of the travel industry has supported the business outlook. The Global Business Travel Association (GBTA) has predicted that global business travel spending will increase by 14% in 2021. The current trend suggests that large companies are likely to strengthen their strategies to offset the onslaught of COVID-19.
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|Forecast Period 2021 to 2028 CAGR||5.3%|
|2028 value projection||$71.4 billion|
|Market size in 2020||$44.9 billion|
|Historical data for||2017-2019|
|Number of pages||200|
|Segments Covered||Type of rental, method of booking and region|
|Growth engines||Asia-Pacific will offer promising growth opportunities with growing affluent population|
|Leading companies are injecting funds into product rollouts to increase footfall|
Market Growth Drivers:
Industry players are likely to bet on the footprint of on-demand transportation services in the coming period. The trend for luxury passenger vehicles will continue to gain momentum with the growing importance of vehicle tracking and real-time feedback. A multitude of mobile applications should emerge over the next few years. For example, in February 2021, Humax announced that it would provide the WTC mobility service platform to incentivize users to streamline luxury car rental services. Furthermore, the penetration of digitalization and automation is expected to drive the growth of the luxury car rental market.
However, soaring rental and deposit costs may harm the outlook for the industry during the forecast period.
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Market segmentation :
The type of rental, the method of reservation and the region are studied
In terms of rental type, the market is segmented into business and leisure.
Based on booking mode, the industry is separated online and offline.
Geography-wise, the market is segmented into North America, Asia-Pacific, Europe, and Rest of the World.
Asia-Pacific will offer promising growth opportunities with growing affluent population
A rise in the number of billionaires in China and India has accelerated the demand for luxury car rental services. Forbes says Asia-Pacific remains an emerging business category, which is a good indication for regional growth. For example, imported luxury cars costing more than USD 90,830 have become trendier in Japan.
The luxury car rental market share in North America will witness a sizable gain during the forecast period, partly due to the upward trend of online reservations. Business car rental services will grow in the United States and Canada. Stakeholders expect the post-pandemic phase to offer promising opportunities with a strong trend towards on-demand vehicle subscriptions.
Industry players expect the European market outlook to be optimistic due to the trend of car rental solutions. Exotic cars have become highly sought after, with rental services gaining ground in the UK, France, Germany and Spain. Europe will continue to be a happy hunting ground due to the growth of the travel and tourism industry.
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The report lists the major companies in the global market
- Avis Budget Group (New Jersey, USA)
- Goldcar (San Juan de Alicante, Spain)
- Sixt (Pullach, Germany)
- Enterprise Holdings (Missouri, USA)
- Movida (Rio de Janeiro, Brazil)
- Fox Rent a Car (Texas, USA)
- Hertz (Florida, USA)
- Localiza (Belo Horizonte, Brazil)
- United (New York, USA)
- eHi Car Services (Shanghai, China)
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Global Luxury Car Rental Market Segmentation:
By type of rental:
By Booking Mode:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
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1.1. Search scope
1.2. Market segmentation
1.3. Research Methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market factors
3.2. Market constraints
3.3. Market opportunities
4. Key information
4.1 Porter’s Five Forces Analysis
4.2 SWOT Analysis
4.3 Technological developments
4.4 Luxury Car Rental Market Breakdown (By Value)
4.5 Impact of COVID-19
5. Global Luxury Car Rental Market Analysis, Outlook and Forecast, 2017- 2028
5.1. Main results/summary
5.2. Market Analysis, Outlook and Forecast – By Rental Type
5.3. Market Analysis, Outlook and Forecast – By Booking Mode
5.5. Market Analysis, Outlook and Forecast – By Region
5.5.1 North America
5.5.4 Rest of the world
6. North America Luxury Car Rental Market Analysis, Outlook and Forecast, 2017-2028
6.1. Main results/summary
6.2. Market Analysis, Outlook and Forecast – By Rental Type
6.3. Market Analysis, Outlook and Forecast – By Booking Mode
6.5. Market analysis – by country (value)
6.5.1 United States
7. Europe Luxury Car Rental Market Analysis, Outlook and Forecast, 2017- 2028
7.1. Main results/summary
7.2. Market Analysis, Outlook and Forecast – By Rental Type
7.3. Market Analysis, Outlook and Forecast – By Booking Mode
7.5. Market analysis – by country (value)
7.5.1 United Kingdom
7.5.4 Rest of Europe
8. Asia-Pacific Luxury Car Rental Market Analysis, Outlook and Forecast, 2017-2028
8.1. Main results/summary
8.2. Market Analysis, Outlook and Forecast – By Rental Type
8.3. Market Analysis, Outlook and Forecast – By Booking Mode
8.5. Market analysis – by country (value)
8.5.4 South Korea
8.5.5 Rest of Asia-Pacific
9. Rest of the World Luxury Car Rental Market Analysis, Outlook and Forecast, 2017- 2028
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