Market Size of Thailand Car Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.22 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Car Rentals Market Analysis
The Thailand Car Rental Market is valued at USD 811.47 Million in 2021 and is expected to reach USD 1261.42 Million by 2027 registering a CAGR of over 9.22% during the forecast period, 2022-2027.
Prior to COVID-19, the car rental industry in Thailand was expanding steadily and profitably, and more individuals were hiring cars than in prior years. However, the pandemic completely declined the country's travel sector, including the market for rental cars. After travel restrictions and lockdowns were relaxed, however, rental cars have gained momentum as people preferred rental cars over public transportation.
Tourism is one of the main factors promoting the growth of car rental services in Thailand. Demand for an alternative mode of transportation has increased due to an increase in tourism and increasing traffic in the nation's largest cities.
Thailand is one of the world's most affordable holiday destinations. Due to the virus outbreak, the country saw a very low number of tourists in 2020, but by 2022, the country will regain its position as a tourist destination as people are eager to travel, and business trips are also gaining traction. Furthermore, in order to attract more tourists, Thailand's government has implemented a number of policies and schemes that will increase demand for rental cars in the country.
