Global Tourism Vehicle Rental Market Overview 2023-2028
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.
The rising number of government policies promoting tourism through marketing campaigns, easing visa restrictions, and investing in infrastructure improvements like roads, airports, and tourist attractions is supporting the growth of the market. These efforts directly increase the demand for vehicle rental services as improved infrastructure facilitates easier travel and exploration. Additionally, the growing initiatives by various governing agencies that support the sharing economy are leading to the adoption of peer-to-peer (P2P) vehicle rental services. These services offer a more diverse range of vehicles and localized experiences.
The increasing number of modern travelers seeking personalized and unique travel experiences is driving the demand for tourism vehicle rentals. This trend is also characterized by the rising demand for off-the-beaten-path destinations, local experiences, and flexibility in travel planning. The vehicle rental services allow tourists to customize their itineraries, explore remote areas, and travel at their own pace, catering to the need for individualized adventures. This demand is amplified by the rise of niche tourism, such as adventure travel, culinary tours, and cultural exploration, where rental vehicles are considered as a preferred mode of transportation to access specific experiences tailored to individual interests.
The increasing number of modern travelers seeking personalized and unique travel experiences is driving the demand for tourism vehicle rentals. This trend is also characterized by the rising demand for off-the-beaten-path destinations, local experiences, and flexibility in travel planning. The vehicle rental services allow tourists to customize their itineraries, explore remote areas, and travel at their own pace, catering to the need for individualized adventures. This demand is amplified by the rise of niche tourism, such as adventure travel, culinary tours, and cultural exploration, where rental vehicles are considered as a preferred mode of transportation to access specific experiences tailored to individual interests.
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Global Tourism Vehicle Rental Market Trends and Drivers:
The growing emphasis on flexibility and tailored rental packages due to the evolving needs of travelers is encouraging rental companies to offer more flexible rental terms, such as hourly rentals, one-way rentals, and long-term rental options. This flexibility is particularly appealing to travelers who seek spontaneity and customization in their travel plans.
Additionally, the rising integration of advanced technologies, such as artificial intelligence (AI), mobile applications, and telematics, to streamline the rental process, offer personalized services, and improve fleet management is supporting the market growth. The addition of features like keyless entry, digital contracts, and real-time vehicle tracking to enhance convenience and efficiency for both the company and the user is bolstering the market growth.
Global Tourism Vehicle Rental Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 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
The report segmented the market on the basis of region, 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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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