|Fastest Growing Market:||North America|
|Largest Market:||North America|
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The limousine car hire/rental market was valued at USD 9 billion in 2021 and is projected to grow to USD 13.50 Billion by 2027, registering a CAGR of 7% in terms of revenue during the forecast period.
The recent COVID-19 pandemic has disrupted market growth owing to travel restrictions and the shutdown of several tourist agencies and car rental service providers. The restrictions have been lifted across the globe and the Limousine Car Hire Or Rental market started recovering by end of 2021 owing to consumer inclination toward rental services owing to its affordability and advantages like easy maintenance and availability.
Over the medium term, Increased concern and awareness of lower emissions have primarily led to an increase in car rental options. Limousine Car rental and carpooling provide luxury and comfort to the user, the safety of driving from a professional chauffeur, and owing to these factors, the market for limousine car hire/rental will grow during the forecast period.
Limousine rental 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 limousine rental market.
Faster adoption of new technology like digital payment systems, collision repair management systems, and ADAS is fueling the growth of the market. Players like Sixt SE timely replace their fleet to make sure their customers get the latest vehicles to drive.
Due to a lack of standard safety mechanisms and features, irregular inspection systems in different geographies, etc., the market for stretch limousines is facing degrowth. A survey by Insurance Institute for Highway Safety found that people are less concerned about safety such as seat belts in the hired vehicle than those driving a personally owned vehicle.
Scope of the Report
A limousine car is a highly luxurious sedan vehicle. Limousine car hire or rental services allow users to be booked in person, by mobile through the mobile application, or offline. The limousine car rental service allows users to hire or rent a car for a short period.
The limousine car hire/rental market is segmented into vehicle type, booking type, application type, and geography.
Based on the booking type, the market is segmented into offline booking and online booking.
Based on the application type, the market is segmented into Leisure/Tourism, Administrative, and Business.
Based on the vehicle type, the market is segmented into Ultra Luxury and Premium Cars.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world.
For each segment, the market sizing and forecast have been done on the basis of value (USD Billion).
|Ultra Luxury Cars|
Key Market Trends
Rise in Tourism Sector and leisure travelling
The global travel and tourism sector contribute around 21% to the global gross domestic product (GDP) in 2021. The airport service accounts for the largest share of nearly 25% followed by corporate services which hold a 22% market share. Business travels account for a major portion of global tourism and the majority of business travelers prefer luxurious hotels for stay, conferences, meetings, etc.
Around the globe, security concerns have increased due to the rise in terrorism activities. It has become important for authorities, governments, and firms to safeguard human assets such as CEOs, ministers, generals, and other high-ranking officials from terrorist attacks. This factor is causing the growth in bulletproof limousines that are now used by less developed countries.
The growth in the digitalization trend is propelling the growth of the market and the majority of rental services are now using limousine dispatcher software and limousine management software. Some of the advantages of this software are multiple booking management, asset tracking, seamless trip scheduling, airport transfers, geofencing, etc.
Other driving factors of the market are, comfort, quality of life, freedom of moment, affordability, and low cost of traveling. The luxury vehicles rentals are expected to grow at the fastest pace during the forecast period owing to increased travel budgets of tourists around the world.
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North America is the largest Market
In North America, the United States of America has the largest fleet of limousines. In 2021, there were more than 110,000 registered chauffeured vehicles in the United States of America. North America is witnessing significant adoption of the vehicle with autonomous features such as Advanced driver assistance systems (ADAS), Lane Departure Warning systems (LDWS), etc. and this change will be reflected in the limousine industry as well. People can rent a Tesla Model S P 85 limousine from various online platforms.
The adoption of advanced Limousine Management Software is on the rise. This software has features such as flight tracking which helps in providing on-time limousine services at airports even if there is a change in flight arrival time. The use of mobile applications is helping limousine businesses in North America with Chauffeur analytics, booking management, customer feedback, payments, navigation, etc.
However, the North American Limousine Hire/Rental market is struggling with the problem of inadequate chauffeurs. Chauffer licenses are issued to only a few drivers and the industry is also facing competition from ride-hailing services such as Uber and Lyft.
Followed to North America, Europe hold a significant market share in terms of revenue during the forecast period. The growing popularity of limousine car rental services across the region is likely to witness major growth in the market during the forecast period.
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The market for limousine car hire/rental services is a moderately fragmented market with players such as DiDi, and Sixt SE dominating the market. Key players are expanding their presence across different countries to cater the growing demand.
- In December 2021, SIXT entered into a strategic partnership with NRMA, Australia’s largest automobile club. Through this expansion, Sixt SE adds 160 branches to its international network, including a rental fleet of 16,000 fleets.
Beijing Xiaoju Technology Co, Ltd.(DiDi)
Cabo Baja Limousines.
Windy City Limousine
- In July 2022, Sixt SE expanded its facilities across Canada. Through this expansion, the company expands across the North American continent with a growing network that offers best-in-class service for business and leisure travelers in the US and Canada.
- In October 2021, Sixt SE announced to the provision of rental services with hybrid and fully electric vehicles (inlcluding limousine cars). The hybrid or fully electric models are available in Berlin, Dresden, and Munich in addition to numerous other European cities in Great Britain, Italy, the Netherlands, Spain, Sweden, Switzerland as well as Turkey.
- In August 2021, Limousine Cabs Limited has announced that it will begin providing taxi services in Telangana and will soon expand to other states.It promises to cut down on wait times for cab bookings and states that its AI-based application can make booking a cab a breeze.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Billion)
5.1 Application Type
5.2 Booking Type
5.2.1 Offline Booking
5.2.2 Online Booking
5.3 Vehicle Type
5.3.1 Ultra Luxury Cars
5.3.2 Premium Cars
5.4.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.4.4 Rest of World
188.8.131.52 South America
184.108.40.206 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Beijing Xiaoju Technology Co, Ltd.(DiDi)
6.2.2 Sixt SE
6.2.3 Uber Limousine Service
6.2.4 Windy City Limousine
6.2.6 Excel Limousine
6.2.7 Addison Lee
6.2.8 Penguin Limousine Services
6.2.9 Rome Limousine
6.2.10 Cabo Baja Limousines.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the study period of this market?
The Limousine Car Hire Or Rental Market market is studied from 2018 - 2027.
What is the growth rate of Limousine Car Hire Or Rental Market?
The Limousine Car Hire Or Rental Market is growing at a CAGR of 7% over the next 5 years.
What is Limousine Car Hire Or Rental Market size in 2018?
The Limousine Car Hire Or Rental Market is valued at 9 Billion USD in 2018.
What is Limousine Car Hire Or Rental Market size in 2027?
The Limousine Car Hire Or Rental Market is valued at 13 Billion USD in 2027.
Which region has highest growth rate in Limousine Car Hire Or Rental Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Limousine Car Hire Or Rental Market?
North America holds highest share in 2021.
Who are the key players in Limousine Car Hire Or Rental Market?
Sixt SE, Beijing Xiaoju Technology Co, Ltd.(DiDi), Cabo Baja Limousines., EMPIRECLS.COM, Windy City Limousine are the major companies operating in Limousine Car Hire Or Rental Market.