+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

PRINTER FRIENDLY

Tourism Vehicle Rental Market - Growth, Trends, COVID-19 Impact and Forecasts (2021 - 2026)

  • ID: 4534334
  • Report
  • April 2021
  • Region: Global
  • 90 pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Autoeurope
  • Avis
  • Carzonrent
  • Easycar
  • Enterprise
  • Europcar
The Tourism Vehicle Rental Market was valued at USD 57.93 billion in 2020 and is expected to reach USD 58.47 billion by 2026 registering a CAGR of around 8.58% during the forecast period (2021 - 2026).

The COVID-19 pandemic hindered the growth of Tourism Rental Market as there were global factory shutdowns, travel bans, and border lockdowns, to combat and contain the outbreak, impacting every industry and economy worldwide. As tourism is a huge market, the demand for vehicle rentals halted with continuous lockdowns across the world pre-pandemic.

However, as unlocking process began restoring economic activities Tourism vehicle rental market is expected to witness a nominal growth during forecast period. People tend to prefer rental vehicles than any other means of transportation to maintain social distancing and hygiene protocols.

Other driving factors of the tourism vehicle rental market are, comfort, and quality of life, freedom of moment, affordability, and low cost of traveling. The luxury vehicles segment will grow at the fastest pace during the forecast period owing to increased travel budgets of tourists around the world.

Region-wise, Asia Pacific is one of the fastest-growing regional markets for tourism vehicle rental within the forecast period due to the growing population coupled with transportation issues in the region. Tourism vehicle rental service is very useful in Asian countries like India, Australia, Cambodia, Japan, China, etc. North America expected to witness significant growth amid rising road trips by people during forecast period. According to the US Travel Association, the number of domestic leisure trips accounted for 1,821.2 million in 2018 and is expected to reach over 1,900 million by 2022.

.

Key Market Trends

Online Booking Expected To Witness The Growth

Increased concern and awareness about containment of virus have primarily led to an increase in vehicle rental options. Additionally, Tourism vehicle rental market also provides the option of increased mobility, without the concern of paying the costs associated with vehicle ownership. These services are offered via websites and through other online platforms attributing to growth of market.

Increasing penetration of the internet and smartphone among consumers is estimated to shift consumers’ inclination towards online booking mode. The growth is attributed to consumers’ preference to have detailed access to the offerings of accommodation, amenities, and other benefits.

With the growing trend in technology, renting a vehicle through online booking has become the most preferred choice of customers over the past few years. Moreover, it provides additional facilities to monitor a rental vehicle’s operation, performance, and maintenance in real-time. Such features are tremendous assets for drivers and fleet managers, enabling them to better and more efficiently identify risks and implement timely improvements of their rental services.

Value for money, convenience, and search for authentic travel experiences are major factors fueling the growth of online booking. Increasing number of startups and third-party travel booking companies are offering services via application and website only. Hence, consumers are shifting their preferences from offline booking mode to online. These aforementioned factors are boosting the growth of online booking mode.

Rising Demand For Tourism Rental Vehicles in North America

With a total vehicle fleet size in excess of 2 million, United States is the leader in the tourism vehicle rental market, but the market is saturated and will post modest gains as the impact of COVID-19 is inevitable. However, the tourism vehicle rental market is expected to be dominated by North America during the forecast period (2021 -2026).

Major car-renting companies have their fleets in almost all the major cities. The size of the fleet for any player depends on the number of tourists preferring to rent a vehicle locally and the volume of foreign passengers visiting to a city. Canada has a large domestic and foreign tourism industry.

Being the second-largest country in the world, Canada's incredible geographical variety and the presence of around 20 world heritage sites are significant tourist attractions for the country. Much of the country's tourism is centered in regions, like Toronto, Montreal, Vancouver/Whistler, Niagara Falls, Vancouver Island, Calgary/Canadian Rockies, British Columbia's Okanagan Valley, and the national capital region, Ottawa. Therefore, these regions are some of the major hotspots for tourism vehicle renting in the region.

Apart from these factors, increasing demand for rental vehicles is mainly driven by people's interest in road trips, rising importance to comfort and safety in wake of pandemic. Tourism rental market is expected to grow gradually as transport operations started to come back to its original position with new normal i.e., to follow social security guidelines for safety.

Competitive Landscape

The tourism vehicle rental market is consolidated and dominated by few players, such as Enterprise Holdings Inc, Hertz Global Holdings Inc, Avis, Europcar Mobility Group, Sixt SE, Budget and among others the companies are expanding their fleet size and launching. For instance,
  • Avis Budget Group Inc. added 6,000 Peugeot, Citroën, and DS vehicles to its connected car rental fleet in Europe. These vehicles may operate across the company’s Avis and Budget brands in Austria, Belgium, the Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, Switzerland, and the United Kingdom, along with the Maggiore brand in Italy.
  • Hertz Europe launched free mobile Wi-Fi and other exclusive benefits for qualifying car rentals in more than 200 locations across Europe.
Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Autoeurope
  • Avis
  • Carzonrent
  • Easycar
  • Enterprise
  • Europcar
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness-Porter's Five Force Analysis
4.3.1 Bargaining power of suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Economy
5.1.2 Luxury/Premium
5.2 Booking Mode
5.2.1 Online
5.2.2 Offline
5.3 End user
5.3.1 Self Driven
5.3.2 Rental Agencies
5.4 Geography
5.4.1 North America
5.4.1.1 United states
5.4.1.2 Canada
5.4.1.3 Rest of North america
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Norway
5.4.2.6 Netherlands
5.4.2.7 Rest of Europe
5.4.3 Asia Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle East&Africa

6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Autoeurope
6.2.2 Avis
6.2.3 Budget Rent a Car System Inc.
6.2.4 Carzonrent
6.2.5 Easycar
6.2.6 Enterprise
6.2.7 Europcar
6.2.8 Europe Luxury Car Hire
6.2.9 The Hertz Corporation
6.2.10 Sixt Inc.
6.2.11 Zoomcar
6.2.12 Kemwel

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Autoeurope
  • Avis
  • Budget Rent a Car System Inc.
  • Carzonrent
  • Easycar
  • Enterprise
  • Europcar
  • Europe Luxury Car Hire
  • The Hertz Corporation
  • Sixt Inc.
  • Zoomcar
  • Kemwel
Note: Product cover images may vary from those shown

Loading
LOADING...

Adroll
adroll