According to the latest report by IMARC Group, titled “Tourism Vehicle Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global tourism vehicle rental market size reached US$ 53.0 Billion in 2022. Tourism vehicle rental refers to the practice of renting vehicles, such as cars, vans, motorcycles, or campervans, to individuals or groups for a specific period during their travels. It is a service provided by rental companies to cater to the transportation needs of tourists and travelers. Tourism vehicle rental offers convenience and flexibility, allowing travelers to explore their destinations at their own pace and convenience. It provides an alternative to relying solely on public transportation or organized tours, giving travelers the freedom to customize their itineraries and visit various attractions or remote locations. The process typically involves making a reservation in advance, selecting a suitable vehicle, completing necessary paperwork and agreements, and picking up the vehicle at the designated rental location. Travelers can then use the rented vehicle during their desired period, following local traffic laws and regulations. Tourism vehicle rental services are typically available in popular tourist destinations, airports, and city centers. They provide travelers with the means to navigate their chosen destinations comfortably and efficiently, enhancing their overall travel experience.
Global Tourism Vehicle Rental Market Trends:
The expansion of the travel and tourism industry represents one of the key factors driving the growth of the market across the globe. This, coupled with the increasing demand for vehicle rental services and the rising need for transportation options, is acting as a major growth-inducing factor. In line with this, the rise in global travel and international tourism is contributing to the growth of the market. This is primarily due to exploring destinations and enjoying flexible transportation during their trips, which is driving the growth of the market. This market is also driven by the rising trend of independent and self-guided travel, where individuals or small groups prefer to plan their trips rather than rely on organized tours. In addition to this, the tourism vehicle rental services offer a wide range of vehicle options to cater to different traveler preferences and group sizes, which is driving the demand for tourism vehicle rental worldwide, which, in turn, is facilitating the growth of the market. Apart from this, the widespread adoption of the internet and smartphones among consumers is shifting the preference of consumers toward online booking mode, which is further boosting the growth of the market. Other factors, including the increasing demand for convenience and flexibility among travelers, rising collaborations and partnerships with travel agencies, hotels, airlines, and online travel platforms, and the advent of online booking platforms and mobile applications, are creating a positive outlook for the market across the globe. Looking forward, the market value is projected to reach US$ 75.7 Billion by 2028, expanding at a CAGR of 6% during 2023-2028.
- On the basis of the vehicle type, the market has been divided into economy, and luxury/premium. Currently, the economy is dominating the market across the globe.
- Based on booking mode, the market has been classified into online and offline. Presently, online holds the largest market share across the globe.
- On the basis of the end-user, the market has been bifurcated into self-driven and rental agencies. Currently, rental agencies are dominating the market across the globe.
- On a geographical front, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Presently, North America is dominating the market across the world.
- The competitive landscape of the market has also been examined with some of the key players being Alamo (Enterprise Holdings Inc), Auto Europe, Avis Budget Group Inc., Carzonrent India Pvt Ltd., EasyCar.com, Europcar Mobility Group, Europe Luxury Cars, Kemwel, Sixt SE, The Hertz Corporation and Zoomcar India Private Ltd.
|Base Year of the Analysis
||Vehicle Type, Booking Mode, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alamo (Enterprise Holdings Inc), Auto Europe, Avis Budget Group Inc., Carzonrent India Pvt Ltd., EasyCar.com, Europcar Mobility Group, Europe Luxury Cars, Kemwel, Sixt SE, The Hertz Corporation and Zoomcar India Private Ltd
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