Market Size of Limousine Car Hire Or Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Limousine Car Hire/Rental Market Analysis
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.
