logo

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

The Tourism Vehicle Rental Market is Segmented by Vehicle Type (Economy and Luxury/Premium), Booking Mode (Online and Offline), End User (Self Driven and Rental Agencies), and by Country.

Home Industry Reports Automotive Asia Pacific Tourism Vehicle Rental Market - Growth, Trends, COVID-19 Impact, an ...

Market Snapshot

aptvr_snapshot
Study Period: 2018 - 2026
Base Year: 2020
CAGR: >10 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The tourism vehicle rental market is anticipated to register a CAGR of over 10%, during the forecast period (2020 – 2025).

  • Over the decades, tourism has been rapidly growing, while experiencing deepening ‎diversification and becoming one of the fastest growing economic sectors in the world. ‎Modern tourism is closely linked to development and encompasses a growing number ‎of new destinations. These dynamics have turned tourism into a key driver for socio-economic progress. As tourism is a huge market, the demand for vehicle rentals is growing around the world.
  • Tourism Car rental companies are developing strategic partnerships with corporates, airlines, insurance companies and universities to reduce the percentage of single occupancy vehicles while touring. Global car rental company Sixt SE is a trusted last mile rental partner for many Asian Airlines such as China Airlines, Thai Airways, etc.
  • Increased concern and awareness of lower emissions have primarily led to an increase in car rental options. Additionally, vehicle rental also provides the option of increased mobility, without the concern of paying the costs associated with car ownership. These services are offered via websites and through other online platforms, which has helped the growth of the tourism vehicle rental market.

Scope of the Report

The Asia Pacific tourism vehicle rental market covers the latest trends and technological developments in Asia Pacific Tourism Rental Market, demand by vehicle type, booking mode, end user, countries and market share of major tourism vehicle rental service providers in Asia Pacific region.

Vehicle Type
Economy
Luxury/Premium Class
Booking Mode
Online
Offline
End User
Self Driven
Rental Agencies
Asia Pacific
China
India
Japan
South Korea
Rest of Asia Pacific

Report scope can be customized per your requirements. Click here.

Key Market Trends

Rise in Tourism Sector and Leisure Travelling

The global travel and tourism sector grew at 3.9%, contributing a record of USD 8.8 trillion to the world economy, during 2018. The global tourism industry grew faster than the global economy for the eighth successive year (3.9% for travel and tourism versus 3.2% for the global GDP).

In 2018, travel and tourism increased its share of leisure spending to 78.5%, from 77.5% in 2017. Additionally, spending from international tourists increased to 28.8% in 2018. Asia-Pacific is the major tourist destinations for both domestic and international travels with Asia-Pacific seeing 343 million tourists, in 2018. In 2018, India had 17.42 million foreign tourist arrivals registering a growth of 7.7% over 2017. The growth rate for 2019 was 2.2% for first six months till June.

Increase in disposable income in emerging economies such as China and India has allowed customers to spend on travel. Outstation rentals and SUV rentals are expected to significantly grow during the forecast period.

apac_rev

China to Exhibit the Highest Growth Rate

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

The above new system features are expected to serve 1,500 leasing partners by the end of 2019. DiDi launched its financial services hub in its main China app in January 2019, covering a diversified portfolio of insurance, wealth management, and payment services to riders, drivers and car-owners across its ride-hailing and auto-solutions businesses. As of 2019, Didi Chuxing offers a full range of app-based transportation options for nearly 550 million users in the country.

Asia Pacific Tourism Vehicle Rental Market_Trend1

Competitive Landscape

The Asia Pacific Tourism Vehicle Rental Market is fragmented and dominated by few organized players such as Zoomcar, Drivezy, Sixt SE, Shouqi Car Rental, etc. The companies are expanding their fleet size and launching. For instance:

  • Didi Chuxing teamed up with BAIC in March 2020 to introduce car leasing service in the country. However this move has been criticized because ride hailing is eating up the automotive sales in the country.
  • In February 2020, Yamaha Motor corporation invested USD 35 million in Indian car rental company Drivezy further strengthening the Indian mobility space.
aptvr.png

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Vehicle Type

      1. 5.1.1 Economy

      2. 5.1.2 Luxury/Premium Class

    2. 5.2 Booking Mode

      1. 5.2.1 Online

      2. 5.2.2 Offline

    3. 5.3 End User

      1. 5.3.1 Self Driven

      2. 5.3.2 Rental Agencies

    4. 5.4 Asia Pacific

      1. 5.4.1 China

      2. 5.4.2 India

      3. 5.4.3 Japan

      4. 5.4.4 South Korea

      5. 5.4.5 Rest of Asia Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 eHi Car Service Limited

      2. 6.2.2 Beijing China Auto Rental Co. Ltd.

      3. 6.2.3 The Hertz Corporation

      4. 6.2.4 Zoomcar India Private Limited

      5. 6.2.5 Carzonrent India Private Limited

      6. 6.2.6 Drivezy India Travels Private Limited

      7. 6.2.7 Uber Technologies

      8. 6.2.8 Shouqi Car Rental

      9. 6.2.9 Shenzhen Top One Car Rental Co. ltd.

      3. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Asia Pacific Tourism Vehicle Rental Market market is studied from 2018 - 2026.

The Asia Pacific Tourism Vehicle Rental Market is growing at a CAGR of >10% over the next 5 years.

eHi Car Service Limited, Zoomcar India Pvt. Ltd., Hertz Corporation, Carzonrent India Pvt. Ltd., Divezy India Travels Pvt. Ltd. are the major companies operating in Asia Pacific Tourism Vehicle Rental Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!