Tourism Vehicle Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Tourism Vehicle Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

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.

Tourism vehicle rental refers to the facility of temporarily hiring or renting an automobile for conducting travel and tourism activities. The service is commonly available through online and offline platforms for a duration of a few hours, days or weeks. Consumers can choose from economy, executive, luxury, semi-utility and multi-utility vehicles, as per their budget and requirement. The rental service is usually available with automobile insurance to safeguard the interests of the tourist and the rental service vendor. The vehicles are also integrated with various value-added services, such as Wi-Fi, entertainment devices and safety seats for children for enhanced comfort of the passengers. Tourism vehicle rental aids in minimizing the need for self-owned cars for recreational traveling and are more cost-effective and environment friendly.

Tourism Vehicle Rental Market Trends:
Significant growth in the travel and tourism industry across the globe is one of the key factors creating a positive outlook for the market. Tourism vehicle rental provides increased mobility and minimizes the concerns and costs associated with vehicle ownership. Moreover, the advent of web-based solutions and smartphones for renting tourism vehicles is providing a thrust to the market growth. These solutions enable the consumers to conveniently reserve rented vehicles online through third-party travel booking organizations. In line with this, the integration of dashcams, global positioning system (GPS) and other geo-tracking technologies aid in monitoring the location and operation of the rented vehicle and conducting predictive maintenance, thereby enhancing the efficiency of the vehicles. Additionally, the availability of periodically sanitized self-driven rented vehicles for safe traveling is also contributing to the growth of the market. Other factors, including the implementation of favorable government policies to encourage tourism activities in monuments, museums and parks, along with rising expenditure capacities of the consumers, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global tourism vehicle rental market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on 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

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Key Questions Answered in This Report

1. How big is the global tourism vehicle rental market?
2. What is the expected growth rate of the global tourism vehicle rental market during 2023-2028?
3. What are the key factors driving the global tourism vehicle rental market?
4. What has been the impact of COVID-19 on the global tourism vehicle rental market?
5. What is the breakup of the global tourism vehicle rental market based on the vehicle type?
6. What is the breakup of the global tourism vehicle rental market based on the booking mode?
7. What is the breakup of the global tourism vehicle rental market based on the end user?
8. What are the key regions in the global tourism vehicle rental market?
9. Who are the key players/companies in the global tourism vehicle rental market?