Luxury Car Rental Market Size to Hit USD 71.4 Billion by 2028 | Exhibit a CAGR of 5.3%

Bullish Uptake of Demand-Responsive Transport Service to Usher Growth of Global Luxury Car Rental Market

Pune, India, March 09, 2022 (GLOBE NEWSWIRE) — Luxury Car Rental market size is projected to reach USD 311.43 Billion in 2028, at a CAGR of 5.3%. The global Luxury Car Rental market size was USD 44.9 billion in 2020. According to the study, an exponential surge in the affluent populations could have a notable impact on the penetration of exotic car rentals. The trend for car rentals will be pronounced across advanced and emerging economies. End-users are likely to cash in on the freedom of choice and elegance of exotic cars over the next few years.

Challenges in Car Rentals amidst the Pandemic Bring a Paradigm Shift

The rampant COVID-19 pandemic had a pressing influence on the car rental business in 2020 and 2021, with several companies going bankrupt. Notably, Europcar and Advantage Rent a Car declared bankruptcy in 2020. Meanwhile, compelling growth in the e-commerce sector triggered the footfall of car rentals. Besides, gradual growth in the travel industry supported the business outlook. Global Business Travel Association (GBTA) predicted the global business travel expenditures to rise 14% in 2021. The prevailing trend suggests leading companies are likely to bolster their strategies to offset the COVID-19 onslaught.

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Market Growth Drivers:

Industry players are likely to bank on the footprint of demand-responsive transport services in the ensuing period. The trend for luxury passenger vehicles will continue to gain traction with the growing prominence of vehicle tracking and real-time feedback. A slew of mobile applications is likely to come up over the next few years. For instance, in February 2021, Humax announced it would supply the WTC mobility service platform to leverage users to streamline luxury car rental services. Besides, the penetration of digitization and automation is likely to boost the luxury car rental market growth.

However, soaring rental and deposit costs may dent the industry outlook during the forecast period.

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Market Segmentation:

Rental Type, Mode of Booking, and Region are Studied

In terms of rental type, the market is segmented into business and leisure.

Based on mode of booking, the industry is segregated into online and offline.

With respect to geography, the market is segmented into North America, Asia Pacific, Europe, and the rest of the world.

Regional Insights:

Asia Pacific to Provide Promising Growth Opportunities with Rising Affluent Population

An uptick in the number of billionaires in China and India has expedited the demand for luxury car rental services. Forbes claims that Asia Pacific remains an emerging business category, indicating well for regional growth. For instance, imported luxury cars costing over USD 90,830 have become trendier in Japan.

The North America luxury car rental market share will witness an appreciable gain during the forecast period, partly due to the rising trend for online booking. Car rental services for business use will gain impetus across the U.S. and Canada. Stakeholders expect the post-pandemic phase to provide promising opportunities with a strong trend for on-demand vehicle subscriptions.

Industry participants expect the Europe market outlook to be optimistic due to the trend for car rental solutions. Prominently, exotic cars have become sought-after, with rental services gaining traction across the U.K., France, Germany, and Spain. Europe will continue to be a happy hunting ground owing to the growth of the travel and tourism industry.

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The Report Lists the Key Companies in the Global Market

• Avis Budget Group (New Jersey, U.S.)
• Goldcar (San Juan de Alicante, Spain)
• Sixt (Pullach, Germany)
• Enterprise Holdings (Missouri, U.S.)
• Movida (Rio de Janeiro, Brazil)
• Fox Rent a Car (Texas, U.S.)
• Hertz (Florida, U.S.)
• Localiza (Belo Horizonte, Brazil)
• Unidas (New York, U.S.)
• eHi Car Services (Shanghai, China)

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Global Luxury Car Rental Market Segmentation:

By Rental Type:

• Business
• Leisure

By Mode of Booking:

• Online
• Offline

By Geography

• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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Table Of Content:

1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Porter’s Five Forces Analysis
4.2 SWOT Analysis
4.3 Technological Developments
4.4 Distribution of Luxury Car Rental Market (in Value)
4.5 Impact of COVID-19
5. Global Luxury Car Rental Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Rental Type
5.2.1 Business
5.2.2 Leisure
5.3. Market Analysis, Insights and Forecast – By Mode of Booking
5.3.1 Online
5.3.2 Offline
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Rest of the World
6. North America Luxury Car Rental Market Analysis, Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Rental Type
6.2.1 Business
6.2.2 Leisure
6.3. Market Analysis, Insights and Forecast – By Mode of Booking
6.3.1 Online
6.3.2 Offline
6.5. Market Analysis – By Country (Value)
6.5.1 U.S.
6.5.2 Canada
6.5.3. Mexico
7. Europe Luxury Car Rental Market Analysis, Insights and Forecast, 2017-2028
7.1. Key Findings / Summary
7.2. Market Analysis, Insights and Forecast – By Rental Type
7.2.1 Business
7.2.2 Leisure
7.3. Market Analysis, Insights and Forecast – By Mode of Booking
7.3.1 Online
7.3.2 Offline
7.5. Market Analysis – By Country (Value)
7.5.1 U.K.
7.5.2 Germany
7.5.3 France
7.5.4 Rest of Europe
8. Asia Pacific Luxury Car Rental Market Analysis, Insights and Forecast, 2017-2028
8.1. Key Findings / Summary
8.2. Market Analysis, Insights and Forecast – By Rental Type
8.2.1 Business
8.2.2 Leisure
8.3. Market Analysis, Insights and Forecast – By Mode of Booking
8.3.1 Online
8.3.2 Offline
8.5. Market Analysis – By Country (Value)
8.5.1 China
8.5.2 Japan
8.5.3 India
8.5.4 South Korea
8.5.5 Rest of Asia Pacific
9. Rest of The World Luxury Car Rental Market Analysis, Insights and Forecast, 2017-2028
Continued…

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