The latest research study “Global Tourism Vehicle Rental Market Demand, Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
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.
Global 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.
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|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|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Vehicle Type, Booking Mode, End User and Region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||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.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Vehicle Type:
Breakup by Booking Mode:
Breakup by End User:
- Rental Agencies
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are 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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