Market Size of ASEAN Car Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 15.70 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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ASEAN Car Rental Market Analysis
Currently, ASEAN Car Rental Market is valued at USD 2.58 Billion and is expected to reach USD 5.46 in the next five years registering a CAGR of 15.7% during the forecast period.
The COVID-19 pandemic has altered the dynamics of numerous industry verticals, including the rental car industry. Lockdowns were implemented to contain the virus, which has resulted in a decrease in tourism and travel activities worldwide. During the pandemic, the revenue of the car rental industry in ASEAN, which is primarily dependent on the travel industry, decreased significantly. However, it is anticipated that the market will experience positive growth as the situation returns to normal in the coming years.
Over the long term, factors such as ASEAN nations are the fastest-growing and most appealing economic markets for investors, which is responsible for market expansion as a result of rising travel and tourism. Market expansion is anticipated to be driven by several other factors, including an increase in the number of tourists, an increased focus on corporate customers by car rental companies, an increase in fleet size, an increase in the number of on- and off-airport locations by car rental companies, and similar factors.
Affluent nations like Singapore, Thailand, Malaysia, and Indonesia make up the ASEAN region. On the other hand, developing nations with low per capita incomes, like Vietnam and the Philippines, are expected to see a significant rise in the demand for car rentals.
