Pune, India, May 23, 2023 (GLOBE NEWSWIRE) -- The global luxury car rental market size was valued at USD 29.95 billion in 2021 and is expected to reach the valuation of USD 39.54 billion in 2022. The market is expected to reach USD 65.42 billion by 2029 with a CAGR of 7.5% during the forecast period. Change in the preference for luxury cars from normal cars is anticipated to witness a positive market progress. Increasing brand awareness of luxury automobile manufacturers is estimated to propel market trajectory. Growing demand for demand-responsive vehicles is expected to aid market development. Fortune Business Insights™ shares this information in its report titled “Luxury Car Rental Market, 2022-2029.
Luxury Car Rental Market Report Key Insights:
Luxury Car Rental market research report provides you comprehensive and insightful information about Luxury Car Rental industry. This report is a valuable tool for businesses, investors, and decision-makers to understand market dynamics, assess opportunities, and make informed strategic decisions.
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This reports provides you overview of the report's key findings, conclusions, and recommendations, presented in a concise and clear manner. Background information about the market or industry analysis, including its size, growth rate, major players, and key trends. Report also provides analysis of the market's current state, including its historical performance, current market size, and projected growth prospects.
Market Segmentation: Identification and analysis of different market segments based on factors such as demographics, consumer behavior, or product/service types.
Competitive Analysis: Assessment of the competitive landscape, including an analysis of key competitors, their market share, strengths, weaknesses, and strategies.
Market Trends: Identification and analysis of significant market trends, emerging technologies, regulatory changes, and other factors that could impact the market's future.
SWOT Analysis: Evaluation of the market's strengths, weaknesses, opportunities, and threats, highlighting key areas of advantage or vulnerability.
Market Forecasts: Future projections and estimations regarding the market's growth potential, including revenue forecasts, market size, and growth rate.
Recommendations: Actionable insights and recommendations for businesses based on the research findings, aimed at maximizing opportunities and mitigating risks.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 7.5 % |
| 2029 Value Projection | USD 65.42 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 29.95 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 146 |
Drivers & Restraints:
Escalating demand for transport services that are demand-responsive is projected to drive the luxury car rental market growth. Presence of numerous applications for making it easy to find such cars and compare the prices is expected to drive market. In February 2021, Humax announced that it would supply a mobility service platform the 'Auto Rent RAiDEA', which allow users to compare luxury car for rent, taxi, and ride-hailing prices companies. However, high rental and deposit cost of luxury rental cars is anticipated to hinder market development.
COVID-19 Impact:
Lockdowns and Restrictions During Pandemic Affected Market Growth Negatively
The COVID-19 pandemic led to restrictions on tourism activities, which affected the demand for rental businesses of cars and affected the market. The market is expected to recover owing to ease of rules and regulations. As per AAA’s Leisure Travel Index, daily car rental rates almost doubled between June 2020 – July 2021 from USD 142 to USD 258. The rise in rental rates also led to lower demand among consumers. These factors impacted the overall luxury car rental market share.
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Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segments:
Business Segment to Lead Segment due to Growing Inclination from Corporate Consumers
On the basis of rental type, the market is segmented into business and leisure. The business segment is expected to hold a major part of 53.47%. The dominance is due to demand from majority private and government enterprises for such luxury cars. It also facilitates firms not to have any additional inventory or fixed assets. The leisure segment is also expected to have a considerable growth due to desire for luxury car rental rather than owing or buying such cars.
Owing to Demand from Millennials, Online Segment to be Key Segment
Based on booking mode, the market is segmented into online and offline. The online segment is the prime segment by exhibiting a higher CAGR due to popularity from young consumers. The reservations made online are recorded and addressed directly. Advancement in technologies are also propel segment’s growth.
Regional Insights:
Asia Pacific to Lead Market Due to Preference to Rent Cars
Asia Pacific is projected to govern the luxury car rental market share and is estimated to have highest part due to consumers choosing rental cars over buying. Increasing number of billionaires in the region is expected to drive market growth. In 2021, there has been an increase in the number of billionaires compared to previous year. Imported luxury cars have been costing more and the trend for renting is growing due to the COVID-19 outbreak.
North America is expected to hold the second-largest position owing to surge in demand for luxury car rental, which is expected to increase the market share. Europe is anticipated to have a prominent share due to rising number of tourists in Spain and tourists have been spending more, which is anticipated to propel market size.
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Competitive Landscape:
Key Players to Propel Market Owing to Expansion Strategies
Primary players of the market have used strategic expansion strategies to gain market grip. Avis Budget Group is one of the major car leasing and rental companies that provides mobility solutions. This firm provides its services with a fleet of 1,65,000 linked cars and 5,000 mobility lab-connected autos. The company has strengthened its position in the exotic car rental industry. Key players have been focusing on the expansion of market share by increasing their customer reach.
List of Key Players Covered in the Luxury Car Rental Market Report:
• Avis Budget Group (U.S.)
• Sixt (Germany)
• Enterprise Holdings (U.S.)
• Movida (Brazil)
• Hertz (U.S.)
• Localiza (Brazil)
• Europcar Mobility Group (France)
• Car Inc. (China)
Luxury Car Rental Market Segmentation:
By Rental Type
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By Booking Mode
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Table of Content:
- Introduction
-
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
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- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
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- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Impact of COVID-19 on Luxury Car Rental Market
- Global Luxury Car Rental Market Analysis, Insights and Forecast, 2018-2029
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- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Booking Mode
- Online
- Offline
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- Market Analysis, Insights and Forecast – By Rental Type
- Business
- Leisure
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of The World
- Market Analysis, Insights and Forecast – By Rental Type
TOC CONTINUE…
Key Industry Development:
July 2022- Starr Luxury’ announced its plans for expansion in the U.S. by starting its operations in major cities such as Los Angeles, Miami, Houston, Atlanta, and Austin. It is one of the companies that will have collaboration with 5-star hotels
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