Size of the luxury car rental market [2021-2028]
The key luxury car rental market players studied in this report are Aviz Budget, Goldcar, Enterprise Holdings, Hertz, Localiza, Sixt, Fox Rent a Car, Movida, Unidas, eHi car Services.
Pune, India, Oct. 07, 2021 (GLOBE NEWSWIRE) — According to the report, global luxury car rental market is expected to gain ground thanks to the increase in the standard of living of people, as well as the increase in demography. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Luxury Car Rental Market Size, Industry Share and Analysis, By Rental Type (Business, Leisure), By Rental Mode Type, booking (online, offline) and regional forecast 2020-2027.”
The report further states that the growing urge to maintain high standards and growing demand for greater comfort would positively affect the growth of the luxury car rental market.
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Increase travel and tourism business worldwide to drive growth
Rising concerns over traffic congestion, supported by increasing number of vehicles on the roads, is expected to drive the growth of the luxury car rental market globally. In addition, the booming travel and tourism business in various countries, as well as the increase in air pollution, would accelerate the growth. Nowadays, people are rapidly turning to luxury car rental instead of buying their own cars due to increasing traffic problems and their health effects.
Since these cars are chauffeur-driven, there is no need to put in the effort of driving them to reach their destination. They also have several advantages, such as cost-effectiveness, greater travel convenience, reduced traffic volume and low level of air pollution. At the same time, renting or leasing a car helps reduce multiple hidden costs that the owner often has to provide when owning a car. However, in emerging countries, lack of awareness regarding luxury car rental services may dampen demand.
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North America will remain at the forefront, fueled by growing technological advancements
North America is expected to generate a significant luxury car rental market and maintain its leading position in the coming years, supported by growing technological advancements in the region. Moreover, the presence of various renowned providers of luxury car rental services in the region would boost the growth.
Asia-Pacific, on the other hand, is expected to remain in second place in the coming years due to the growing craze for luxury cars in the region. Moreover, increasing adoption of advanced technologies and increase in the production of passenger cars would increase the growth in this region.
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Key Players Focusing on Acquisition Strategy to Gain Competitive Advantage:
The global market is home to a large number of small and medium-sized enterprises (SMEs) that are constantly striving to strengthen their positions by acquiring other local businesses. Some of the others help ordinary people list their cars for rent and generate income. Here are the two latest industry developments:
October 2020: RYDE, an innovative online and mobile luxury car rental platform, acquires BookAclassic, a reputable London-based online booking portal. This will help the first to transform the car-sharing market.
October 2020: MPH Club, a luxury car rental company headquartered in Florida, has begun allowing everyday people to list their cars for rent. It is strengthening its position in this type of service because Miami is a popular vacation destination that welcomes new customers daily.
Top Key Players Studied in the Report:
Fox Rent a Car
eHi Car Services
Other Key Market Players
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Global Luxury Car Rental Market Segmentation:
By type of rental:
By type of booking method:
North America (USA and 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 and Rest of Latin America)
Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
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