Luxury Car Rental Market Size [2021-2028] | Share, growth, trends, analysis, competitive landscape, forecast
Pune, India, October 7, 2021 (GLOBE NEWSWIRE) – According to the report, global luxury car rental market should be stimulated by the increase in the standard of living of the population, as well as by the growing demographics. 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 Fashion Type booking (online, offline) and regional forecasts 2020-2027. ”
The report further states that the growing urge to meet high standards and the growing demand for greater comfort would positively affect the growth of the luxury car rental market.
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Increase global travel and tourism activities to drive growth
Growing concerns over traffic congestion supported by the increasing number of vehicles on the roads are expected to drive the growth of the luxury car rental market globally. In addition, the flourishing activity of travel and tourism in various countries, as well as the increase in air pollution, would accelerate growth. Nowadays, people are quickly turning to luxury car rental instead of buying their own cars due to the growing traffic problems and its effects on health.
As these cars are chauffeured, you don’t have to make the effort to drive them to reach their destination. They also have several advantages, such as cost efficiency, greater travel convenience, reduced traffic volume and low level of air pollution. At the same time, renting or leasing a car cuts down on the multiple hidden costs that the owner often has to incur when owing a car. However, in emerging countries, lack of awareness of luxury car rental services can dampen demand.
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North America will remain at the forefront, fueled by increasing technological advancements
North America is expected to generate a large luxury car rental market and maintain its leadership position in the years to come, supported by increasing technological advancements in the region. In addition, the presence of various renowned luxury car rental service providers in the region would drive growth.
Asia-Pacific, on the other hand, is expected to remain in second place in the coming years due to the growing luxury car craze in the region. In addition to this, the increasing adoption of advanced technologies and higher production of passenger cars would increase growth in this region.
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The main players focus on the acquisition strategy to gain competitive advantage:
The global market is home to a large number of small and medium-sized enterprises (SMEs) who are constantly striving to strengthen their positions by acquiring other local businesses. Some of the others help ordinary people to rent their cars and generate income. Here are the two latest developments in the industry:
- October 2020: RYDE, an innovative online and mobile luxury car rental platform, acquired BookAclassic, a renowned online booking portal based in London. It will help the former to transform the carsharing market.
- October 2020: MPH Club, a luxury car rental company headquartered in Florida, began letting ordinary people rent their cars. It is strengthening its position in this type of service as Miami is a popular vacation destination that welcomes new customers every day.
Main key players studied in the report:
- Budget Aviz
- Golden car
- Corporate Holdings
- Fox Rent a Car
- eHi car Services
- Other key market players
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Global segmentation of the luxury car rental market:
By type of rental:
By type of booking method:
- North America (United States and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia and the rest of Asia-Pacific)
- Latin America (Brazil, Mexico and the rest of Latin America)
- Middle East and Africa (South Africa, GCC and rest of Middle East and Africa)
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