Market Size of Philippines Car Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 633.49 Million |
| Market Size (2029) | USD 917.95 Million |
| CAGR (2024 - 2029) | 7.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Philippines Car Rental Market Analysis
The Philippines Car Rental Market size is estimated at USD 633.49 million in 2024, and is expected to reach USD 917.95 million by 2029, growing at a CAGR of 7.70% during the forecast period (2024-2029).
Over the medium term, the car rental market in the Philippines has grown steadily for several reasons. One of them is the increasing cost of owning a car. Buying and maintaining a vehicle can be expensive due to gasoline and other maintenance expenses. Consequently, renting cars has become a popular choice among many individuals since it is more affordable.
One noteworthy trend in the Philippines is the increase in visitors and ex-pats, leading to a growing demand for automobile rental services. This demand stems from the increasing number of individuals visiting the country for either business or pleasure, requiring a reliable and convenient mode of transportation.
Due to the increasing number of individuals traveling for business and leisure, there has been a notable rise in the demand for car rental services. As a result, car rental companies are experiencing a surge in their customer base, indicating the necessity of their services for travelers and local commuters.
