The size of the luxury car rental market is expected to grow astonishingly

Pune, Nov. 05, 2020 (GLOBE NEWSWIRE) — The world 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 Insight™ presented this information in an upcoming report, entitled, Luxury Car Rental Market Size, Industry Share & Analysis, By Rental Type (Business, Leisure), By Booking Mode Type (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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The list of top players featured in the luxury car rental market are:

  • Budget Aviz
  • gold car
  • Company holdings
  • Hertz
  • Location
  • sixth
  • Fox Rent a Car
  • Movida
  • Unidas
  • eHi Car Services
  • Other Key Market Players

Drivers and Constraints

Increase travel and tourism business worldwide to drive growth

Rising concerns over traffic congestion, supported by the growing number of vehicles on the roads, are 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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Key points covered in this research:

  • Professional opportunities
  • Business challenges
  • Application Information
  • CAGR values
  • Historical analysis
  • Detailed segmentation
  • Main company data
  • Market size
  • Supply trend
  • Target audience

Regional analysis

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.

Answers to key questions:

  • Why Choose Fortune Business Insights?
  • What are the major demands and trends shaping the market?
  • What are the main market opportunities?
  • What are the major companies operating in the market?
  • Which company had the highest market share?
  • What is the market size and growth rate of the global and regional market by different segments?
  • What is the market size and market growth rate for selected countries?
  • Which region or sub-segment is expected to drive the market during the forecast period?
  • What factors are estimated to be driving and restraining the market growth?

Browse Detailed Abstract of Research Report with TOC:

Competitive landscape

Key Players Focus on Acquisition Strategy to Gain Competitive Edge

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, has acquired BookAclassic, a renowned 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 ordinary 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.

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