Pune, India, Oct. 07, 2021 (GLOBE NEWSWIRE) -- According to the report, global luxury car rental market is set to gain impetus from the increasing standard of living of people, as well as the rising demography. Fortune Business Insights™ presented this information in an upcoming report, titled, “Luxury Car Rental Market Size, Share & Industry Analysis, By Rental Type (Business, Leisure), By Booking Mode Type (Online, Offline) and Regional Forecast 2020-2027.”
The report further states that the rising urge to meet high standards and the rising demand for greater comfort would affect the growth of the market for luxury car rental positively.
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Increasing Travel & Tourism Business Worldwide to Boost Growth
The rising concerns regarding traffic congestion backed by the increasing number of vehicles on roads is set to boost the luxury car rental market growth worldwide. Besides, the flourishing travel & tourism business in various countries, as well as increasing air pollution would accelerate growth. People nowadays are inclining rapidly towards luxury car rentals instead of purchasing their own cars owing to the rising traffic problems and its effects on health.
As these cars are chauffeur driven, one doesn’t have to take the effort to drive them to reach their destination. They also have several benefits, such as cost-effectiveness, greater traveling convenience, reduction in traffic volume, and low air pollution level. At the same time, hiring or renting a car helps in lowering multiple hidden costs that the owner often has to provide while owing a car. However, in emerging nations, the lack of awareness regarding luxury car rental services may hinder demand.
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North America to Remain at Forefront Stoked by Rising Technological Advancements
North America is expected to generate a significant luxury car rental market and retain its leading position in the coming years backed by the rising technological advancements in the region. Also, the presence of various renowned luxury car rental service providers in the region would spur growth.
Asia Pacific, on the other hand, is anticipated to remain in the second position in the coming years owing to the increasing craze of luxury cars in the region. In addition to that, the rising adoption of state-of-the-art technologies and higher production of passenger cars would augment growth in this region.
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Key Players Focus on Acquisition Strategy to Gain a Competitive Edge:
The global market houses a large number of small and medium enterprises (SMEs) that are striving persistently to strengthen their positions by acquiring other local firms. Some of the others are helping ordinary people to list their cars up for rent and generate income. Below are the two latest industry developments:
- October 2020: RYDE, an innovative online and mobile luxury car rental platform acquired BookAclassic, a reputed online booking portal based in London. It will help the former to transform the car sharing marketplace.
- October 2020: MPH Club, a luxury car rental company headquartered in Florida has started enabling ordinary people to list their cars for rent. It is strengthening its position in this type of service as Miami is a popular vacation destination welcoming new customers on a daily basis.
Major key Players studied in report:
- Aviz Budget
- Goldcar
- Enterprise Holdings
- Hertz
- Localiza
- Sixt
- Fox Rent a Car
- Movida
- Unidas
- eHi car Services
- Other key market players
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Global Luxury Car Rental Market Segmentation:
By Rental Type:
- Business
- Leisure
By Booking Mode Type:
- Online
- Offline
By Geography
- North America (U.S. and Canada)
- Europe (U.K., 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 & Africa (South Africa, GCC and Rest of Middle East & Africa)
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