Global Electric Vehicle in Wheel Motor Market Report and Forecast 2024-2032

South Korea Car Rental Market Report and Forecast 2024-2032


Market Outlook

According to the report by Expert Market Research (EMR), the South Korea car rental market reached a value of USD 1.51 billion in 2023. Aided by the increasing demand for convenient and flexible travel options among domestic and international travellers alike, the market is projected to further grow at a CAGR of 1.2% between 2024 and 2032 to reach a value of USD 1.8 billion by 2032.

In the dynamic landscape of South Korea, the car rental industry has emerged as a key player in the transportation sector, driven by a confluence of technological advancements, changing consumer preferences, and a robust tourism industry. As of 2022, the South Korea car rental market demand has witnessed significant growth, buoyed by the increasing demand for convenient and flexible travel options among domestic and international travellers alike.

The car rental market is characterised by its high level of competition and innovation, with major players offering a wide range of services, from short-term rentals to long-term leasing options. The market's expansion is largely attributed to the rising popularity of road trips among tourists, the growing preference for rental services over vehicle ownership among millennials and Gen Z, and the increasing adoption of electric vehicles (EVs) and hybrid models within rental fleets.

According to the South Korea car rental market analysis, the integration of digital technologies, such as mobile apps and online platforms, has streamlined the booking process, making it more convenient for users to access rental services. This digital transformation, coupled with the introduction of flexible pricing models and personalised rental packages, has significantly enhanced customer experience and satisfaction.

Several factors influence the South Korea car rental market outlook. The surge in inbound tourism, fuelled by South Korea's rich cultural heritage, vibrant cities, and scenic landscapes, has notably increased the demand for car rental services. Additionally, the government's initiatives to promote eco-friendly transportation solutions have led to a rapid increase in the availability of EVs and hybrids for rent, aligning with the global shift towards sustainable mobility.

The rise of the sharing economy and the growing consumer desire for cost-effective and flexible transportation options have further propelled the South Korea car rental market growth. As urban populations expand and traffic congestion worsens, many South Koreans are opting for rental services as a convenient alternative to owning a vehicle, particularly in densely populated cities like Seoul and Busan.

Market Segmentation

The market can be divided based on booking type, vehicle type, and application.

Market Breakup by Booking Type
  • Online Access
  • Offline Access
Market Breakup by Vehicle Type
  • Economy/Budget Cars
  • Luxury/Premium Cars
  • MUVs
  • SUVs
  • Others
Market Breakup by Application
  • Business
  • Leisure/Tourism
Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea car rental market. Some of the major players explored in the report by Expert Market Research are as follows:
  • The Hertz Corporation
  • Avis Budget Group, Inc.
  • Enterprise Holdings, Inc.
  • Lotte Corporation
  • Uber Technologies Inc.
  • Booking Holdings Inc.
  • SK Networks Co. Ltd.
  • AJ Networks Co., Ltd.
  • Vacaciones eDreams S.L.U.
  • Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.


1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle in Wheel Motor Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Vehicle in Wheel Motor Historical Market (2018-2023)
8.3 Global Electric Vehicle in Wheel Motor Market Forecast (2024-2032)
8.4 Global Electric Vehicle in Wheel Motor Market by Vehicle Type
8.4.1 Passenger Vehicle
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Commercial Vehicle
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Electric Vehicle in Wheel Motor Market by Propulsion Type
8.5.1 Battery Electric Vehicle
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Hybrid Electric Vehicle
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Plug-in Hybrid Electric Vehicle
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Electric Vehicle in Wheel Motor Market by Power Output
8.6.1 Up To 100KW
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 100-200 KW
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Above 200 KW
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Electric Vehicle in Wheel Motor Market by Motor Type
8.7.1 Axial Flux Motor
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Radial Flux Motor
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Electric Vehicle in Wheel Motor Market by Motor Weight
8.8.1 Less Than 20 Kg
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 20-30 Kg
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Above 30 Kg
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Electric Vehicle in Wheel Motor Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Electric Vehicle in Wheel Motor Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric Vehicle in Wheel Motor Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric Vehicle in Wheel Motor Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric Vehicle in Wheel Motor Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric Vehicle in Wheel Motor Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Nidec Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Protean Electric Limited
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Elaphe Propulsion Technologies Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 NTN Corp.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 SIM-Drive Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 PMW Dynamics Limited
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 NSK Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 GEM Motors d.o.o.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Saietta Group Plc (e-Traction)
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle in Wheel Motor Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
3. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
4. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
5. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
6. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Power Output (USD Million), 2018-2023
7. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Power Output (USD Million), 2024-2032
8. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Motor Type (USD Million), 2018-2023
9. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Motor Type (USD Million), 2024-2032
10. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Motor Weight (USD Million), 2018-2023
11. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Motor Weight (USD Million), 2024-2032
12. Global Electric Vehicle in Wheel Motor Historical Market: Breakup by Region (USD Million), 2018-2023
13. Global Electric Vehicle in Wheel Motor Market Forecast: Breakup by Region (USD Million), 2024-2032
14. North America Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
15. North America Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Europe Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
17. Europe Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Asia Pacific Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
19. Asia Pacific Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Latin America Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
21. Latin America Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Middle East and Africa Electric Vehicle in Wheel Motor Historical Market: Breakup by Country (USD Million), 2018-2023
23. Middle East and Africa Electric Vehicle in Wheel Motor Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Global Electric Vehicle in Wheel Motor Market Structure

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