Special occasions, change in consumer preferences, and popularity of flexible rental options are expected to drive the growth of the global luxury car rental market.
PORTLAND, Ore., Dec. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Luxury Car Rental Market by Rental Type (Business, and Leisure), Booking Mode Type (Online, and Offline), and End-User (Self-driven, and Chauffeur-driven): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global luxury car rental market size was valued at $30,274.1 million in 2022 and is projected to reach $70,388.8 million by 2032, registering a CAGR of 9.4% from 2023 to 2032.
(We are providing luxury car rental industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
- 119 - Tables
- 55 - Charts
- 305 - Pages
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Prime determinants of growth
The growth of the luxury car rental market is intricately tied to key determinants across its segmented landscape. In the business rental type, the escalating demand is propelled by the corporate sector's increasing need for transportation solutions, particularly for executive travel and high-profile events. Simultaneously, the leisure rental type thrives on the desire for recreational pursuits, with consumers seeking exclusive experiences and stylish transportation for special occasions. The growth in the online booking mode type is driven by the influence of digital trends, providing tech-savvy consumers with seamless, real-time booking experiences. Meanwhile, the offline booking mode type sustains growth by preserving a classic touch and delivering personalized assistance.
The self-driven end-user segment flourishes as individuals seek the thrill of the driver's seat, while the chauffeur-driven segment capitalizes on the demand for stress-free, professional chauffeur services, appealing to those who prioritize comfort and convenience. These prime determinants collectively fuel the expansion of the luxury car rental market, creating a dynamic landscape that caters to diverse consumer preferences and lifestyle choices.
Report Coverage and Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $30.3 billion |
Market Size in 2032 | $70.4 billion |
CAGR | 9.4 % |
No. of Pages in Report | 305 |
Segments covered | Rental Type, Booking Mode Type, End-User, and Region. |
Drivers | Special Occasions to Drive Sales in the Luxury Car Rental Market Change in Consumer Preferences is Expected to Increase the Sales of Luxury Car Rentals The Popularity of Flexible Rental Options to Increase the Demand for Luxury Car Rentals |
Opportunities | Expanding Tourism Industry to Create Lucrative Opportunities in the Market Corporate Partnerships and Events to Drive the Success of Luxury Car Rental Market |
Restraints | Competition from Various Other Segments to limit the Luxury Car Rental Sales High Operating Costs is a Challenge in Luxury Car Rental Market |
The leisure luxury car rental segment to maintain its leadership status throughout the forecast period
Based on rental type, the leisure luxury car rental segment held the highest market share in 2022, accounting for more than half of the global luxury car rental market revenue, and is estimated to maintain its leadership status throughout the forecast period. Meanwhile, the business segment is projected to hold a suitable CAGR of 7.7% during the forecast period.
The online segment to maintain its leadership status throughout the forecast period
Based on booking mode type, the online segment held the highest market share in 2022, accounting for around three-fifths of the global luxury car rental market and is projected to grow at a CAGR of 11.0% during the forecast period. Meanwhile, the offline segment is projected to hold a suitable CAGR of 6.3% during the forecast period.
The end-user segment to maintain its leadership status throughout the forecast period
Based on end-user, the self-driven segment held the highest market share in 2022, accounting for more than three-fifths of the global luxury car rental market, and is projected to grow at a CAGR of 7.5% during the forecast period. Meanwhile, the chauffeur-driven segment is projected to hold a suitable CAGR of 12.6% during the forecast period.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global luxury car rental market revenue. However, Asia-Pacific is projected to hold a suitable CAGR of 12.2% during the forecast period.
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Leading Market Players: -
- Auto Europe
- Avis Prestige
- Budget Rent A Car System, Inc.
- Enterprise Holdings Inc.
- Europcar
- Hertz Dream Collection
- Paddock Rent a Car
- Red Fox Luxury Lifestyle Ltd.
- Sixt Luxury Cars
- Thrifty Car Rental
The report provides a detailed analysis of these key players in the global luxury car rental market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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