According to the report, the global luxury cars rental market accounted for USD 8.2 Billion in 2014 and is forecasted to surpass the USD 23.2 Billion by 2022, growing at a CAGR of around 14.0% between 2017 and 2022.
Vehicle rental services are relatively developed in the industrialized economies. A car rental, hire car, or car hire company gives automobiles on rent for short periods of time, generally ranging from a few hours to a few weeks. Car rental providers have a number of local branches and primarily located near airports or busy city areas. The offices or branches of car rental allow a user to hire or return a vehicle to different branches for user’s convenience. Car rental agencies also serve other services as per the industry needs, by renting vans or trucks, and in certain markets, other types of vehicles such as motorcycles or scooters may also be offered. Most of the time, car rental companies also provide value added services such as insurance, entertainment systems, GPS navigation systems, etc.
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Earlier, several regulations and high-security deposit to take a vehicle on rent were major issues in the car rental industry. The market was also highly unorganized and unregulated which might hinder the growth of the market. However, presently entry of global brands into the emerging economies had a positive impact on the industry growth. The entry of established players in the market has resulted in substantial growth. Growing tourism is one of the major driving factors for car rental market around the world. The higher penetration of travelers is been noticed especially from North America and Europe region. Online booking services and facilities to return the vehicle to a location of their convenience is also attracting people to hire a car.
The luxury cars rental market can be segmented on the basis of luxury car type as compact luxury cars, mid-size luxury cars, full-size luxury cars, luxury crossovers & minivans, and luxury SUVs. Among which compact luxury cars segment is expected to dominate the luxury cars rental market over the forecast period.
On the basis of end-users segmentation, the luxury cars rental market is classified as local usage, airport transport, outstation, and others. The luxury cars rental market can be segmented on the basis of booking mode as online and offline. Among which online segment is expected to expand at a substantial CAGR over the forecast period, attributed to increasing trend of e-commerce across the globe.
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The luxury cars rental market can be segmented on the basis of booking mode as online and offline. Among which online segment is expected to expand at a substantial CAGR over the forecast period, attributed to increasing trend of e-commerce across the globe.
By geography, the luxury cars rental market is fragmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among the aforementioned regions, North America luxury cars rental market is expected to dominate the global market over the forecast period. Europe is followed by North America in terms of value share, attributed to growing tourism market and changing the luxury auto business model of automakers. Asia Pacific luxury cars rental market is expected to expand at a relatively high growth rate over the forecast period.
Some of the key players include in luxury cars rental market such as Avis Budget Group, Inc., Sixt Rent-A-Car, Enterprise Rent-A-Car, The Hertz Corporation, Europcar, Al-Futtaim Group, Carzonrent, Localiza Rent A Car, Eco Rent A Car, and others.
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