Tourism Vehicle Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Tourism Vehicle Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A5661
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Market Overview:

The global tourism vehicle rental market size reached US$ 53.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 75.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.

Tourism vehicle rental refers to the facility of temporarily hiring or renting an automobile for conducting travel and tourism activities. The service is commonly available through online and offline platforms for a duration of a few hours, days or weeks. Consumers can choose from economy, executive, luxury, semi-utility and multi-utility vehicles, as per their budget and requirement. The rental service is usually available with automobile insurance to safeguard the interests of the tourist and the rental service vendor. The vehicles are also integrated with various value-added services, such as Wi-Fi, entertainment devices and safety seats for children for enhanced comfort of the passengers. Tourism vehicle rental aids in minimizing the need for self-owned cars for recreational traveling and are more cost-effective and environment friendly.

Global Tourism Vehicle Rental Market

Tourism Vehicle Rental Market Trends:

Significant growth in the travel and tourism industry across the globe is one of the key factors creating a positive outlook for the market. Tourism vehicle rental provides increased mobility and minimizes the concerns and costs associated with vehicle ownership. Moreover, the advent of web-based solutions and smartphones for renting tourism vehicles is providing a thrust to the market growth. These solutions enable the consumers to conveniently reserve rented vehicles online through third-party travel booking organizations. In line with this, the integration of dashcams, global positioning system (GPS) and other geo-tracking technologies aid in monitoring the location and operation of the rented vehicle and conducting predictive maintenance, thereby enhancing the efficiency of the vehicles. Additionally, the availability of periodically sanitized self-driven rented vehicles for safe traveling is also contributing to the growth of the market. Other factors, including the implementation of favorable government policies to encourage tourism activities in monuments, museums and parks, along with rising expenditure capacities of the consumers, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global tourism vehicle rental market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on vehicle type, booking mode and end user.

Breakup by Vehicle Type:

  • Economy
  • Luxury/Premium
     

Breakup by Booking Mode:

  • Online
  • Offline
     

Breakup by End User:

  • Self-Driven
  • Rental Agencies
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Vehicle Type, Booking Mode, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global tourism vehicle rental market was valued at US$ 53.0 Billion in 2022.

We expect the global tourism vehicle rental market to exhibit a CAGR of 6% during 2023-2028.

The rising integration of dashcams, Global Positioning System (GPS), and other geo-tracking technologies with tourism vehicle rental facilities, as they help to monitor the location and operation of the rented vehicle and conduct predictive maintenance, is primarily driving the global tourism vehicle rental market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary restrictions on intra- and inter-national travel activities, thereby negatively impacting the global market for tourism vehicle rental.

Based on the vehicle type, the global tourism vehicle rental market can be segmented into economy and luxury/premium. Currently, economy holds the majority of the global market share.

Based on the booking mode, the global tourism vehicle rental market has been divided into online and offline, where online currently exhibits a clear dominance in the market.

Based on the end user, the global tourism vehicle rental market can be categorized into self-driven and rental agencies. Currently, rental agencies account for the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global tourism vehicle rental market include 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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Tourism Vehicle Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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