Market Size of Asia Pacific Tourism Vehicle Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Tourism Vehicle Rental Market Analysis
Asia-Pacific Tourism Vehicle Rental Market is valued at USD 29.87 billion in the current year and is anticipated to grow to USD 48.40 billion by the next five years, registering a CAGR of 8.5% in terms of revenue during the forecast period.
Over the medium term, tourism is rapidly growing while experiencing deepening diversification and becoming one of the fastest-growing economic sectors in the region. Modern tourism is closely linked to development and encompasses a growing number of new destinations. These dynamics 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 region.
Technology is an important factor that is expected to boost the market over the forecast period. The increased use of information technology is transforming the industry and allowing operators to provide better services to their customers. It includes the use of optimized customer information management, as well as the creation of user-friendly internet booking applications.
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 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 helped the growth of the tourism vehicle rental market.
