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The Tourism Vehicle Rental Market is Segmented by Vehicle Type (Economy and Luxury/Premium), Booking Mode (Online and Offline), End User (Self Driven and Rental Agencies), and by Geography.
Fastest Growing Market:
The tourism vehicle rental market is anticipated to register a CAGR of about 3.66%, during the forecast period (2019 – 2024).
The tourism vehicle rental market has been segmented by vehicle type, booking mode, end user, and geography.
|By Vehicle Type|
|By Booking Type|
|By End-user Type|
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At present, the business volume of tourism equals or even surpasses that of oil exports, food products, or automobiles. Tourism has become one of the major sectors in international commerce, and, at the same time, represents one of the main income sources for various emerging economies. This growth goes hand-in-hand with increasing diversification and competition among destinations.
According to the World Tourism Organization (UNWTO), in 2018, the international tourist arrivals grew by 6% and reached 1.4 billion. The tourism industry is growing rapidly due to various factors, such as stronger economic growth, affordable air travel, new business models, and easier access to visas. The aforementioned factors are likely to continually drive the tourism industry.
For instance, Salvador, the second city of tourism after Rio, with a metropolitan area of over 3 million people, is Brazil’s eighth most populous city. Fortaleza is home to another 3.5 million Brazilians and is the fifth largest city, with a strong tourist appeal, as well as a strong industrial base. The Brazilian vehicle rental companies cater specifically to tourists looking to explore Brazil in their own time, with online and walk-in booking services making vehicle rental more simple, accessible, and efficient
The rental market for luxury vehicles may grow at the fastest pace, during the forecast period, due to increased travel budgets of tourists around the world. Moreover, tourists from developed nations and emerging markets who are increasingly exploring new destinations prefer to rent luxury and high-end cars, which may boost the market for these cars.
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The tourism vehicle rental market is dominated by North Ameica, followed by Asia-Pacific and Europe. According to the US Travel Association, the number of domestic leisure trips accounted for 1,821.2 million in 2018 and is expected to reach over 1,900 million by 2022.Currently, both the people coming to the country and the people in the country touring to other parts of the country are opting for road trips during their vacations, which is a driving factor for the rising demand for car rentals in the country
In the United States, tourism vehicle rental services are present across the country. Major car-renting companies have their fleets in almost all the major cities. The size of the fleet for any player depends on the number of tourists preferring to rent a car locally and the volume of foreign passengers visiting to a city.
Canada has a large domestic and foreign tourism industry. Being the second-largest country in the world, Canada's incredible geographical variety and the presence of around 20 world heritage sites are significant tourist attractions for the country. Much of the country's tourism is centered in regions, like Toronto, Montreal, Vancouver/Whistler, Niagara Falls, Vancouver Island, Calgary/Canadian Rockies, British Columbia's Okanagan Valley, and the national capital region, Ottawa. Therefore, these regions are some of the major hotspots for car renting in the country.
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The tourism vehicle rental market is consolidated and dominated by few players, such as Enterprise Holdings Inc, Hertz Global Holdings Inc, Avis, Europcar Mobility Group, Sixt SE, Budget and among others. The companies are expanding their fleet size and launching. For instance:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's 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
5.1 By Vehicle Type
5.2 By Booking Type
5.3 By End-user Type
5.3.2 Rental Agencies
5.4.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.4.3 Asia Pacific
18.104.22.168 Rest of Asia-Pacific
5.4.4 South America
22.214.171.124 Rest of South America
5.4.5 Middle East & Africa
126.96.36.199 United Arab Emirates
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.3 Budget Rent A Car System Inc.
6.2.8 Europe Luxury Car Hire
6.2.9 The Hertz Corporation
6.2.11 Sixt Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS