With a CAGR of 5.3%, Global Luxury Car Rental Market Size to Surpass US$71.4 Billion by 2030 | Forecast and analysis report by CMI
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The Luxury Car Rental Market was USD 44.9 Billion in 2021 and is projected to reach approximately USD 71.4 Billion by 2030, growing at a CAGR of 5.3% from 2022 to 2030 .
SANDY, UTAH, USA, Aug. 29, 2022 /EINPresswire.com/ — According to the study, the global luxury car rental market was estimated at USD 44.9 billion in 2021 and is expected to grow to around 71.4 billion USD by 2030, growing at a CAGR of around 5.3% between 2022 and 2030.
Luxury Car Rental Market: Overview
The demand for renting luxury cars is increasing all over the world as they perform well compared to other cars and they are rented because the price of luxury cars is higher. These cars provide better comfort, better workmanship and better quality and these cars are considered a status symbol compared to all other ordinary cars. There is a growing popularity of luxury car rental across the world through various organizations or companies that rent out these cars for a particular amount.
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The charges for the car depend very much on the time for which is rented. Depending on the needs of the individual, the car can be rented for weeks, it can be rented for a day or even an hour. Improved lifestyles and luxurious living have created a greater demand for renting these exotic cars.
Luxury Car Rental Market: Growth Drivers
The demand for luxury car rental is expected to increase in the coming years as it is a demand-responsive transportation service that helps meet the needs of consumers who are looking for well-equipped luxury vehicles with various features. These vehicles are equipped with real-time feedback and provide a vehicle tracking system. The availability of various applications used on mobile makes it easy to hire these cars online. The apps also help in comparing the prices of different luxury cars offered by different companies.
Your app availability makes it easy to compare renting a luxury car or understanding taxi fare in one app. There is availability of hours with driver that is available on these apps. According to the needs of the consumer, these luxury cars offered in the market are available in different ranges.
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Key ideas:
A) According to the analysis shared by our research analyst, the luxury car rental market is expected to grow annually at a CAGR of approximately 7.1% over the forecast period (2022-2030).
B) In terms of revenue, the luxury car rental market size was valued at around USD 44.9 billion in 2021 and is projected to reach around USD 71.4 billion by 2030. Due to various driving factors, the market is expected to rise at a significant rate.
C) Companies receive luxury cars on lease and adopt the use of software to improve their operations and services.
D) Constant technological advancements have provided better opportunities for business expansion in the years to come.
E) The use of apps made reservations easy and reliable. All these factors are going to accelerate the growth of the market in the coming years.
Luxury Car Rental Market Press Release: https://www.custommarketinsights.com/press-releases/global-lawn-garden-consumable-market/
Regional landscape
The Asia-Pacific region is expected to hold the largest market share for luxury car rental during the forecast period. There is an increasing demand for renting these luxury cars over buying them in the Asia-Pacific region. Countries like India and China in this region are highly populated and about 38% of the world’s population finds a siding in these regions. Market growth is expected to be driven by these two nations on a larger scale.
The demand for renting these luxury cars is increasing as the number of various billionaires residing in the Asia-Pacific region is also increasing. There are approximately 1149 billionaires in the Asia-Pacific region in 2021 and this is expected to increase in the coming years. Most of these billionaires come from countries like India and China.
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Key players
Budget Aviz
gold car
Company holdings
Hertz
Locate
sixth
Fox Rent a Car
Movida
Unidas
eHi Car Services
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The luxury car rental market is segmented as follows:
By rental type
Company
Hobbies
By booking method
Offline
On line
By rental duration
Short term
Long term
By geography
North America
United States
Canada
Mexico
Europe
Great Britain
Germany
France
Italy
Russia
The rest of Europe
Asia Pacific
China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
The Middle East and Africa
GCC
North Africa
South Africa
Rest of the Middle East and Africa
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