Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Tourism Vehicle Rental Market Size is Expected to Grow from USD 55.41 Billion in 2023 to USD 124.15 Billion by 2033, Growing at a CAGR of 8.40% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Tourism Vehicle Rental Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Economy, Luxury/Premium), By Booking Mode (Online, Offline), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033
The worldwide tourism vehicle rental market includes the industry dealing with rental services of vehicles to tourists. This encompasses rental vehicles that may be anything from cars, vans, SUVs, and motorcycles to RVs (recreational vehicles). The focus is mainly to allow travelers to go wherever they wish at their own pace, rather than depending on public transportation services or fixed tours. A growing number of tourists around the world has been the main driver of the tourism vehicle rental market's steady growth. The tourism vehicle rental market is heavily reliant on technology, as platforms and apps make it simple to book, pay, and track vehicles rising quickly in market expansion. Moreover, GPS and telematics technology adoption improves vehicle security and management drives the market acquisition in a wide range. Popular travel destinations like Europe, North America, and Asia-Pacific have robust tourism vehicle rental markets. However, the market's growing opportunities could be restricted by expensive auto maintenance, regulatory restrictions, and competition from ride-sharing services.
The economy segment accounted for the largest share of the global tourism vehicle rental market in 2023 and is projected to grow at a substantial CAGR over the forecast period.
On the basis of the vehicle type, the global tourism vehicle rental market is categorized into economy and luxury/premium. Among these, the economy segment accounted for the largest share of the global tourism vehicle rental market in 2023 and is projected to grow at a substantial CAGR over the forecast period. This segmental expansion fuels the market growth due to offering comfort to budget travelers, fuel efficiency, and low-priced rental. Moreover, the majority of their time is spent in tourist destinations by students or with friends and family which propels the segment expansion.
The online segment dominated the global tourism vehicle rental market in 2023 and is predicted to grow at a significant CAGR over the forecast period.
On the basis of the booking mode, the global tourism vehicle rental market is classified into online and offline. Among these, the online segment dominated the global tourism vehicle rental market in 2023 and is predicted to grow at a significant CAGR over the forecast period. This is due to its accessibility and ease of use for tourists. In addition, rental companies offer mobile apps and online platforms that let customers easily browse vehicle options, compare prices, and make reservations which increases the segment revenue share.
North America is anticipated to hold the highest revenue share of the global tourism vehicle rental market over the forecast period.
North America is anticipated to hold the highest revenue share of the global tourism vehicle rental market over the forecast period. The tourism vehicle rental market in this region is considered a robust business segment, due to domestic and international tourists visiting ratio. Further, this regional consumer shifted towards van life culture which offers several rental cars, RVs, and specialty vehicles in response to traveler and native consumers along with their infrastructure, road travel culture, and attractions are the major growth parameters of the regional market expansion. Moreover, the adaptation of e-commerce between key competitors and tourism firms caters to various platforms, including mobile applications for bookings, options for online reservations, and fascinating schemes to expand the local market.
Asia Pacific is predicted to grow at the fastest CAGR growth of the global tourism vehicle rental market over the forecast period. The regional tourism vehicle rental market is growing rapidly, due to rising disposable incomes and a spike in worldwide and domestic tourism. This region attracts various kinds of tourists with its different landscapes, which include bustling cities and tropical beaches fuels the market acquisition. Moreover, dissipate conventional car rentals are still widely used, and demand for luxury and premium cars segment of the market drives the growth opportunities. In addition, the accessibility and convenience of the sector are being revolutionized by the use of e-commerce via smartphone apps and online booking systems propelling the market dimensions at a wide range.
Company Profiling
Major vendors in the global tourism vehicle rental market are Alamo (Enterprise Holdings Inc), Auto Europe, Avis Budget Group Inc., Carzonrent India Pvt Ltd., EasyCar.com, Europcar Mobility Group, Europe Luxury Cars, Kemwel, Sixt SE, The Hertz Corporation, and Zoomcar India Private Ltd, and others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global tourism vehicle rental market based on the below-mentioned segments:
Global Tourism Vehicle Rental Market, By Vehicle Type
Global Tourism Vehicle Rental Market, By Booking Mode
Global Tourism Vehicle Rental Market, By Regional
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