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Saturday 24 September 2022

Tourism Vehicle Rental Market is Expected to Reach $180.3 billion by 2032



According to a market report, published by Sheer Analytics and Insights, The global tourism vehicle rental market was valued at $61.3 billion in 2021 and it is expected to reach $180.3 billion at a CAGR of 10.0% between 2022 and 2032. A car rental service offers vehicles for short periods, typically from a few hours to a few weeks. In addition, companies increasingly provide other services like insurance, GPS navigation systems, entertainment systems, mobile phones, portable Wi-Fi, and kid safety seats along with the standard car rental. One of the main aspects fostering a positive outlook for the market is the significant growth of the travel and tourism sector globally. Rental cars for tourists boost mobility while reducing risks and expenses related to car ownership. Additionally, the introduction of smartphone technology and web-based applications for renting out tourist automobiles is fueling the market's expansion. With the use of these services, customers can easily book rental cars online through independent travel agencies. These major drivers are anticipated to drive the global tourism vehicle rental market over the forecast period from 2022 to 2032.

However, the tourism vehicle rental market is anticipated to experience minimal development throughout the Forecasts period as the unlocking process started restoring economic activities. To uphold social distance and hygienic standards, people frequently choose rental cars over all other forms of transportation. Moreover, comfort, quality of life, independence in the present, accessibility, and low cost of travel are further market-driving considerations for the renting of tourist vehicles. Due to the growing travel budgets of tourists around the world, the luxury car category will expand at the fastest rate during the forecast period. These major factors are driving the market over the past few years and are projected to accelerate the market growth in the upcoming years. 

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The main consequence of the increased concern and awareness about virus containment has been an increase in vehicle rental opportunities. Additionally, the market for rental vehicles for tourism offers the chance for greater mobility without the worry of shelling out money for vehicle expenses. These services are provided via websites and other online platforms, which has contributed to the market's expansion. The concern about covering costs related to owning a car is lessened owing to automobile rental services. The sharing and digital economies have ushered in a growing online travel car rental market. The availability of car rentals on online marketplaces has greatly increased sales. Additionally, the agencies' seasonal specials, group discounts, etc. draw a lot of customers. Additionally, due to digitization, the impact of tourism vehicle rentals has significantly expanded. Therefore, these major drivers are expected to create growth opportunities for the tourism vehicle rental market in the future.

Several restraints are projected to hamper the market growth throughout the forecast period. Some constraints, such as the pandemic that caused lockdowns and travel bans, have an impact on the world travel and tourist business. This caused the demand for car rentals to decline. Other restrictions include the high cost of renting a vehicle from well-known travel providers and the influence of fluctuating gasoline costs. However, multiple key players are focusing on developing their business growth by implementing new strategies such as mergers and acquisitions. This would drive the growth of the market during the forecast period. 

Some new developments in the global tourism vehicle rental market:

  • In 2021, Turo launched a regulatory framework for peer-to-peer car-sharing operations in the U.S country. With the passage of the legislation, Turo is now accessible in all 50 states, with New York being the only exception.
  • In 2022, Newfoundland will soon host the biggest car-sharing marketplace in Canada, just in time for the busiest travel period of the year. By using Turo to share their vehicles, people can make extra money.
  • On 6th May, 2022, Tesla has been introduced by Outbound as a Mantra Southport Sharks Amenity. Leading hotels have made it a goal to provide high-quality vehicles as part of their guest experience because traveling in a foreign area is rarely simple.

According to the study, key players dominating the global tourism vehicle rental market are Avis (Michigan), Auto Europe (U.S), Booking Holdings Inc (U.S), Carzonrent (India), Easy Cabs (India), Craford Group (U.S), Drivers Ltd (U.K), Embracer Group (Austria), Greataround (U.S), Localiza (Brazil), Europe Luxury Services (Spain), Eco-Rent-a-car (India), Fraikin SAS (France), Hertz Global Holdings (U.S), OLA Cabs (India), Prosche SE (Germany), Rentloox (Spain), Redfin (U.S), Sofina (Belgium), Zoomcar (India), among others.

The Global Tourism Vehicle Rental Market Has Been Segmented Into:

The Global Tourism Vehicle Rental Market – by Vehicle Type:

  • Economy
  • Luxury/Premium

The Global Tourism Vehicle Rental Market – by End-User Type:

  • Self-Driven
  • Rental Agencies

The Global Tourism Vehicle Rental Market – by Regions:

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • France
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • India
    • China
    • Japan
    • Australia
    • Rest of Asia Pacific
  • LAMEA
  • Middle East
    • Saudi Arabia
    • UAE
    • Others
  • Latin America
    • Brazil
    • Chile
    • Others
  • Africa
    • South Africa
    • Egypt
    • Others

Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/tourism-vehicle-rental-market-21

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