Tourism vehicle rental market is anticipated to grow at a significant CAGR of 8.1% during the forecast period. One of the key factors fueling the market growth includes the growing tourism industry across the globe. As per the World Bank’s 2019 data, international tourism, number of arrivals reached 2.4 billion which was 1.69 billion in 2009. Such high numbers of traveling have boosted the demand for the tourism vehicle rental market which is reflected in the active participation in the market. For instance, in December 2021, an India-based car rental startup, Zoom car, revealed its plan to expand its operations in Vietnam. For which, the Zoom car has added that the foray into Vietnam is in line with the company’s target for democratizing car access across the globe’s most populated and highly growing developing markets.
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Segmental Outlook
The global tourism vehicle rental market is segmented based on vehicle type, booking mode, and end-user. Based on the vehicle type, the market is segmented into economy and luxury/premium. Based on the booking mode, the market is sub-segmented into online, and offline. Based on the end-user, the market is sub-segmented into self-driven, and rental agencies. The above-mentioned segments can be customized as per the requirements. Among the booking mode, the online segment is anticipated to grow at the fastest rate in the market due to rising awareness and concern about the containment of the virus, while, among the vehicle type, the luxury vehicles segment is anticipated to grow at the fastest rate during the forecast period owing to increased travel budgets of tourists across the globe.
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by Vehicle Type (Economy, and Luxury/Premium), by Booking Mode (Online and Offline), and by End-User (Self Driven, and Rental Agencies)
Market Players Outlook
The major companies serving the global tourism vehicle rental market include Avis Budget Group, Inc., Enterprise Holdings, Inc., Europcar International S.A.S.U., SIXT SE, The Hertz Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, the Middle East’s mobility company, ekar, introduced its operations in Thailand opening in Bangkok, and with a plan for expanding into other countries. ekar introduced its service of proprietary car subscription which provides cars from one to nine-month terms for a single monthly subscription cost without any long-term commitments and down payments through the ekar app.
The Report Covers
Market value data analysis of 2021 and forecast to 2028.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global tourism vehicle rental market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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