[PDF] Hertz Corporation partners with Aeroméxico for Mexico car rental market

[PDF] Hertz Corporation partners with Aeroméxico for Mexico car rental market

United States/WA: The economy car segment was valued at US$378.4 million in the car rental market in Mexico in 2018 and is expected to register a CAGR of 8.6% from 2019 to 2027.

Report Pages:[90 Pages]

Top Key Companies Involved in Mexico car rental market:
Hertz Corporation, Sixt SE, Avis Budget Group Inc., Alamo, National Car Rental, Europcar Group SA, MEX Rent a Car, Budget Rent A Car System, Inc., Fox Rent A Car and Thrifty Car Rental, Inc.

Market Overview:

A car rental, vehicle rental, or rent-a-car service is a private business that rents cars to the general public, typically for several days to a few months. Car rental are available in almost every city, state and country in the world. Car rental services are very popular all over the world. Since most people prefer to lease rather than buy a new vehicle, car rental companies have grown rapidly over the years and can be found in almost every city and country.

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Key Market Drivers:

Improving living standards and growing number of leisure travelers in Mexico are driving the growth of the Mexican car rental market. Thus, the expansion of travel and tourism will also promote the growth of the market. According to Mexican embassies abroad, during the first quarter of 2021, US nationals accounted for 75% of all passengers arriving in Mexico by air. Of all arrivals, Canadians represented 1.6%, Europeans 7.1% and South Americans 11.6% (mainly from Colombia 2.8% and Brazil 2.2%).

The increasing adoption of growth strategies such as mergers and acquisitions by key players is expected to drive the market growth. For example, in August 2021, Hyatt Hotels Corporation announced that Hyatt had entered into a definitive agreement to acquire Apple Leisure Group (ALG), a luxury resort management, travel and hospitality services group, from subsidiaries of each from KKR and KSL Capital Partners, LLC for $2.7 billion in cash.

Key points to remember:

  1. The Mexico car rental market is expected to grow at a CAGR of XX% during the forecast period, owing to the increasing launch of advanced approaches for car rental agencies in Mexico.
  2. An increasing number of partnerships and collaborations to expand customer reach is driving the growth of the market. For example, in June 2017, HTZ announced that its subsidiary The Hertz Corporation had signed an agreement with Hertz Mexico (operated by Avasa) and the main Mexican airline – Aeroméxico.

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Covid-19 impact analysis

The spread of Covid-19 has had a huge impact on the travel and tourism industry due to travel restrictions. The negative effect on travel and tourism had a parallel impact on the car rental market. With the lockdown rules and regulations in place, demand for rental cars near airports was low. This has had a negative impact on the growth of the car rental market in Mexico.

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At the end, Our business offerings display the most up-to-date and reliable information that is crucial for businesses to boost their competitive advantage. The report then emphasizes market driving factors, opportunities regulating market growth, as well as emerging opportunities, potential technical advancements of the Mexico car rental market.

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