Luxury Car Rental

Luxury Car Rental

A luxury car costs more than a regular car but provides superior performance, levels of comfort, quality, and prestige. The phrase alludes to both the features of the vehicle and the manufacturer's well-known brand. Luxury car rentals are becoming more and more common. High-end automobiles can be rented from certain businesses or organisations for a price. This arrangement may last for an hour, a day, or even weeks, depending on the person. Exotic car rentals are popular due to their luxurious transportation, flexibility in selecting from a range of models, and help in presenting the right image for specific occasions.

The luxury car rental market is expected to grow at a steady rate of around 7% owing to various factors such as an increase in disposable income, a rise in tourism and travel expenditure, and growth in the number of high-net-worth individuals (HNWIs). The luxury car rental market is projected to grow as disposable income of people increases. This is because people would want to use their extra money to enjoy life and renting a luxury car would be one way of doing that. Additionally, the increase in tourists is also leading to an increase in demand for luxury car rentals. This is because tourists often want to experience the best the city has to offer and renting a luxury car is one of these ways to do so.

• Based on booking type, the market is segmented into offline and online. The online category is to witness a higher CAGR during the forecast period. The online segment is becoming more and more popular among young consumers. Consumers can choose from a wide range of luxury vehicles through online booking options. In addition, these vehicle types are available for 24/7 booking and are available 24/7. It allows users to flexibly compare prices and provide information on luxury car availability, conditions and related offers without physical inquiry. An online app booking system also makes it easy for business owners to manage all their bookings. Reservations made online are recorded and addressed directly. Hence, technological advancements and increasing internet penetration among shoppers drive the growth of the online segment.
• Based on rental type, the market is categorized into business and leisure. The business segment is expected to hold the largest share globally during the forecast period. Most private and state-owned companies have rented luxury cars to executives for years. Companies renew vehicles for rent to staff based on designations and annual promotions. It also saves the company from having to add fixed assets and inventory costs for these luxury vehicles, while making it easier for executives to use these luxury vehicles when they go to meetings or visit clients. , the current trends in the luxury car rental market are expected to boost the market expansion during the forecast period.
• Based on end user type, the market bifurcated into self driven and chauffeur driven. The self driven car is to witness higher CAGR during the forecast period. Growth is due to various factors such as increased interest in outdoor activities, tourism, and disposable income amongst youngsters who prefer self-driven cars. Additionally, luxury cars comes with high engine output and speed which nowadays young indiviuals want to experience themselves by driving the car.
• For a better understanding of the market adoption of the luxury car rental industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America holds the largest share of the global car rental market owing to the favourable presence of key market players in the region. The rise in domestic and international leisure and business travel is a major factor driving the growth of the North American car rental market. Additionally, consumers are paying more attention to cost-effective and efficient car rentals. This factor should increase revenue opportunities in North America. The North American car rental market is booming due to rapid economic growth. Manufacturers operating in North America have profitable growth opportunities. The proliferation of mobile phones and the Internet due to technological advances is attracting customers from all over the world.
• Some of the major players operating in the market include Avis Budget, Goldcar, Sixt Rent A Car, LLC, Movida, Fox Rent A Car, Hertz Corporation., Localiza, Unidas,, eHi Auto Services Limited, Uber Technologies Inc.