Market Size of Singapore Car Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.84 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Car Rental Market Analysis
The Singapore Car Rental Market is valued at USD 120.33 Million in 2021 and is expected to reach USD 192.36 Million by 2027 registering a CAGR of over 9.84% during the forecast period, 2022-2027.
The demand for rental cars fell by almost 90% during the start of the COVID-19 outbreak, and vendors rushed to find cost-saving measures. Demand is already surpassing availability as more people resume travelling and vaccine distribution, which could result in the growth of car rental market . Due to pandemic caused havoc, the challenge for car rental companies was to find quick ways to cut costs and overhead. All companies were compelled to consider options during the early stages of the pandemic, including employee layoffs, closing rental outlets, and drastic fleet size reductions. The low demand for secondhand cars made it extremely difficult to remain profitable, which further exacerbated the situation. As the situation is recovering back to normalcy from Q2 2021, the car rental market is expected to gain traction during the coming years.
Over the long term, , the market is anticipated to exhibit significant expansion due to the factors like the rising cost of owning and maintaining a car which is helping the market. Favorable government initiatives will also increase the nation's market for car rentals.
The demand for car rentals is being driven by the retail sector. In Singapore, customers anticipate similar experiences with other services as well. Also, the rental car sector is undergoing a big shift or disruption as customers are looking for seamless applications, speed and service.
