Global Tourism Vehicle Rental Market was valued US$ 60.0Bn in 2019 and is expected to reach US$ 145.0Bn by 2026 at a CAGR of 11.66%.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Tourism vehicle rental services are relatively developed in industrialized economies and have been around for a long time. More essentially, the general public is comfortable with the concept and as a result of proper procedures and insurance, there is little risk for the vehicle rental vendor.
The growth of the tourism vehicle rental market is majorly driven by the development of the travel & tourism industry. Increase in investment by global funds and players opting for aggregator-based business model additional fueling the market growth. Automobile companies have developed green vehicles to control the increase in pollution level. Another driving factors of the tourism vehicle rental market are, comfort, and quality life, freedom of moment, affordability and low cost of traveling. However, a negative impact of volatile prices of gasoline and petroleum products on economic conditions restraining the tourism vehicle rental market growth.
Luxury vehicles segment will grow at the fastest pace during the forecast period owing to increased travel budgets of tourists around the world. Also, tourists from developed nations and emerging markets who are progressively more exploring new destinations prefer to rent luxury and high-end cars and this will boost the market for these cars. In the U.S alone more vehicles are engaged in the tourism vehicle rental market.
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. There are many islands in Indonesia region which are the best attractive tourist destination. This helps to grow the tourism vehicle rental market in the Asia Pacific.
Global tourism vehicle rental market report includes PESTLE analysis, competitive landscape, and Porter’s five force model. Market attractive analysis wherein all the segments are benchmarked based on the market size, growth rate, and general attractiveness.
Key players operating in global tourism vehicle rental market, Autoeurope, Avis, Budget, Carzonrent, Easycar, Enterprise, Europcar, Europe Luxury Car Hire, Hertz, Kemwel, Sixt, Zoomcar.
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Scope of Global Tourism Vehicle Rental Market
Global Tourism Vehicle Rental Market, by Vehicle type
• Mid-Size
• Luxury vehicle
• Others
Global Tourism Vehicle Rental Market, by Booking Mode
• Offline
• Online
Global Tourism Vehicle Rental Market, by End user
• Self-driven
• Rental agencies
Global Tourism Vehicle Rental Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in Global Tourism Vehicle Rental Market
• Autoeurope
• Avis
• Budget
• Carzonrent
• Easycar
• Enterprise
• Europcar
• Europe Luxury Car Hire
• Hertz
• Kemwel
• Sixt
• Zoomcar
• XXX
• XXX
• XXX
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