Luxury Car Rental Market

Luxury Car Rental Market

Growth Factors of Luxury Car Rental Market

The luxury car rental market size was valued at USD 45.31 billion in 2023, and the market is now projected to grow from USD 49.15 billion in 2024 to USD 89.60 billion by 2032, exhibiting a CAGR of 7.8% during the forecast period of 2024-2032.

Pandemic significantly impacted the global luxury car rental market growth, leading to a decline in demand and demanding situations for businesses in keeping operations and sales era. However, as vaccination efforts progress and tour regulations ease, the marketplace is anticipated to step by step recover.

Demand-responsive transport offerings offer luxury passenger and charter vehicles with real-time feedback, tracking, and score features. Mobile applications make it less complicated to find and compare costs with vehicle rental groups. Humax and GoAir have collaborated to release condo services in a hundred Indian towns, along with 25 airports, and provide chauffeur-driven cars ranging from mid-range to luxury.

Rolls-Royce added 1,380 vehicles in its 16-yr records, a 62% growth from 2020. Porsche's sales surpassed 2020's thru over USD 110 million in 2022, achieving an all-time excessive of over USD 35 billion. Bentley, but, close down for seven weeks at a cost of USD 10 million consistent with week, regardless of delivering greater vehicles than ever before. Luxe Digital predicts the luxury zone will get better quickly, influencing condominium possibilities over ordinary vehicles.

Comprehensive Analysis of Luxury Car Rental Market

The luxury car rental market is segmented into business and leisure based on rental type. The business segment is expected to hold the largest share globally, driven by the convenience of renting luxury cars for executives. The leisure segment is predicted to show off the best CAGR, pushed through consumers' preference for access to luxurious vehicles and the benefit of the use of them for moments. The online phase is expected to show off the very best CAGR, driven through advancements in technology and internet penetration among customers. The offline segment is expected to show steady growth, with some consumers preferring to rent cars in person, allowing them to inspect and inquire with staff.

The Asia Pacific region lead the luxury car rental market share by benefitting a market size of USD 11.40 billion in 2023 due to consumers opting for renting over buying. China and India's large population and increasing number of billionaires contribute to the growth. Exotic car rental is an emerging business category, with imported luxury cars growing in Japan among affluent individuals.

Hertz Corporation, centred in Florida, is an American vehicle condo enterprise with 12,000 locations in 160 international locations. It operates via Firefly Car Rental, Thrifty Car Rental, and Dollar Rent a Car manufacturers. With an enormous fleet, Hertz is increasing through mergers and acquisitions in growing economies. Key competitors encompass Avis Budget Group, e-Sixt, e-Enterprise Holdings, Movida, Hertz, Localiza, Europcar Mobility Group, and Car Inc.

Sime Darby Auto Bavaria and Sime Darby Rent-A-Car-Hertz Malaysia have partnered to introduce an electric vehicle rental service, offering the all-electric BMW iX at rental prices starting at USD 150 per day.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 7.8% over 2024 to 2032

Unit Value (USD Billion)

Segmentation By Rental Type

• Business
• Leisure

By Booking Mode

• Online
• Offline

By Geography

• North America (By Rental Type, By Booking Mode)
• U.S. (By Rental Type, By Booking Mode)
• Canada (By Rental Type, By Booking Mode)
• Mexico (By Rental Type, By Booking Mode)
• Europe (By Rental Type, By Booking Mode)
• U.K. (By Rental Type, By Booking Mode)
• Germany (By Rental Type, By Booking Mode)
• France (By Rental Type, By Booking Mode)
• Rest of Europe (By Rental Type, By Booking Mode)
• Asia Pacific (By Rental Type, By Booking Mode)
• China (By Rental Type, By Booking Mode)
• Japan (By Rental Type, By Booking Mode)
• India (By Rental Type, By Booking Mode)
• South Korea (By Rental Type, By Booking Mode)
• Rest of APAC (By Rental Type, By Booking Mode)
• Rest of the World (By Rental Type, By Booking Mode)

Please Note: It will take 5-6 business days to complete the report upon order confirmation.