Market Size of Tourism Vehicle Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tourism Vehicle Rental Market Analysis
The Tourism Vehicle Rental Market was valued at USD 61.28 billion in 2021 and is expected to reach USD 97.23 billion by 2027 registering a CAGR of around 8% during the forecast period (2022 - 2027).
The COVID-19 pandemic hindered the growth of the Tourism Rental Market as there were global factory shutdowns, travel bans, and border lockdowns, to combat and contain the outbreak, impacting every industry and economy worldwide. As tourism is a huge market, the demand for vehicle rentals halted with continuous lockdowns across the world.
However, as the unlocking process began restoring economic activities Tourism vehicle rental market is expected to witness nominal growth during the forecast period. People tend to prefer rental vehicles to any other means of transportation to maintain social distancing and hygiene protocols.
Other driving factors of the tourism vehicle rental market are, comfort, quality of life, freedom of moment, affordability, and low cost of traveling. The luxury vehicles segment will grow at the fastest pace during the forecast period owing to increased travel budgets of tourists around the world.
Region-wise, Asia-Pacific is one of the fastest-growing regional markets for tourism vehicle rental within the forecast period due to the growing population coupled with transportation issues in the region. Tourism vehicle rental service is very useful in Asian countries like India, Australia, Cambodia, Japan, China, etc. North America is expected to witness significant growth amid rising road trips by people during forecast period.
