According to the latest report by IMARC Group, titled “Tourism Vehicle Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global tourism vehicle rental market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global tourism vehicle rental market reached a value of US$ 49.86 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 71.69 Billion by 2027, exhibiting a CAGR of 6.10% during 2022-2027.
Tourism vehicle rental is a facility of temporarily renting an automobile for travel and tourism activities. It is available through online and offline platforms where individuals can rent economy, executive, and luxury vehicles for a few hours, days, or weeks by depositing a sum of money. These vehicles are integrated with several value-added services and are available with insurance to protect the welfare of tourists and the service agent. As tourism vehicle rental services also minimize the need for self-owned cars, they are rapidly gaining traction among individuals across the globe.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Tourism Vehicle Rental Market Trends and Drivers:
The market is primarily driven by the expanding travel and tourism industry. Tourism vehicle rental provides mobility and minimizes the expenses associated with the vehicle. It also offers the easy availability of periodically sanitized rented vehicles for safe travel, due to which tourism vehicle rental is gaining popularity worldwide.
In addition, the integration of dashcams, global positioning systems (GPS), and other geo-tracking technologies with rented vehicles represent another major growth-inducing factor. Besides this, with the advent of web-based solutions and smartphones, renting cars has become effortless as consumers can conveniently rent them online. This, coupled with the implementation of favorable government policies for developing tourism infrastructure and encouraging tourism activities in monuments, museums, and parks, is propelling the market growth.
|Tourism Vehicle Rental Market Report Scope|
|Market size value in 2021||US$ 49.86 Billion|
|Market forecast in 2027||US$ 71.69 Billion|
|Growth Rate||CAGR of 6.10% from 2022 to 2027|
|Base year for estimation||2021|
Global Tourism Vehicle Rental Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
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.
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The report has segmented the market on the basis of region, vehicle type, booking mode and end user.
Breakup by Vehicle Type:
Breakup by Booking Mode:
Breakup by End User:
- 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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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