Tourism Vehicle Rental Market, Size, Share, Growth - 2020-2027
- The Global Tourism Vehicle Rental Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
- Tourism vehicle rental is serving the people who want to travel to the selected location. Growing trends of traveling among the people all over the world drive the demand through online travel booking for tourists. Tourism vehicle rental is becoming common in institutes, universities, corporate companies, and insurance companies all over the world. Many tourism companies providing online as well as offline booking services to grow their revenue due to the rising popularity of traveling among the people.
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- The market is driven by the rising demand for vehicles with growing trends of tourism among the people due to rising consumer spending. Furthermore, rising international tourist travel around the globe also drives the demand for tourism vehicle rental. According to the World Tourism Organization in 2018, there were around 1.4 billion international tourists increased by 7% as compared to 2017.
- There is a rise in the digital technology adoption for increasing tourism trends among the people and raising the launch of new End-users and services by leading companies and raising the investments. For instance, on 14th June 2019, Hertz Company had been launched car rental subscription services. This service is available on monthly basis with a car subscription service which can be provided car every weekend.
- The global tourism vehicle rental market is segmented based on vehicle type, booking type, End-users, and region.
- In terms of vehicle type, the global Tourism vehicle rental market is bifurcated into passenger cars, luxury/premium, tourist van, and others. Among these, the passenger car segment has the highest market share in 2019 owing to the increasing travelers due to rising consumer spending. According to the Sustainability Accounting Standards Board Organization in 2014, the global rental car industry has been generated around USD 50 billion in revenue including publicly traded companies revenue of USD 37.5 billion around the globe.
- Similarly, luxury/premium and tourist van segments are also growing at a faster pace owing to rising the funding by the leading players around the globe. For instance, in 2016 Zoomcar a leading car rental company had been received USD 24 million in funding.
- Depending on the booking type, the global tourism vehicle rental market is divided into online and offline. Among this, the online segment has the highest share in 2019. This is primarily due to the rising adoption of digital technology and raising the number of internet users and smartphone users. According to the Global System for Mobile Communications (GSMA) in 2018, there were around 3.5 billion people were connected to the internet via smartphones.
- Similarly, offline segments are also growing at a faster pace due to a surge in global travel & tourism agencies and employment around the globe with the surge in the number of tourists due to rising consumer spending. According to the World Travel & Tourism Council’s (WTTC), the global contribution for the travel and tourism were around USD 8.8 trillion and this industry has been employed more than 319 million peoples around the globe in 2018.
- Depending on the end-users, the global tourism vehicle rental is segmented into self-driven, rental agencies, and others. Among this, the rental agencies segment has the highest market share in 2019. This growth is anticipated due to the rising popularity of rental vehicle agencies among the people. According to the European Commission and the World Tourism Organization (UNWTO) in 2016, international tourism visitors reached to 1,239 million which has been generated around Euro 1,107 billion revenue around the globe.
- Similarly, the self-driven segment is also growing at a faster pace owing to an increase in the demand for tourism with a surge in the global population and rising private vehicle rental services.
- By region, the global tourism vehicle rental market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America is the dominated region for the global tourism vehicle rental market and expected to grow at the highest CAGR during the forecasted period due to the growing adoption of online vehicles booking, rising tourist destinations due to a surge in consumer spending for traveling followed by Europe region. According to U.S. domestic travel Organization in 2019, the total number of person trips was increased by 1.7% compared to the previous year reached a total of 2.3 billion people. This Organization also stated that the United States has been contributed to around USD 2.6 trillion in 2019 for the total travel-related output. Furthermore, in North America, there are many tourist destinations including Niagara Falls from Toronto Canada, Banff National Park & the Rocky Mountains from Alberta Canada, Ottawa's Parliament Hill, and many others. These destinations have attracted the tourist in North America region which directly propels the tourism vehicle rental market.
- Europe and the Asia Pacific are also growing at a faster pace for the tourism vehicle rental market, owing to increasing tourism and traveling among the people due to rising consumer spending in this region. According to the European Commission and the World Tourism Organization (UNWTO), tourism has been generated around 26 million jobs and contributed 10% to Europe’s GDP.
- The global tourism vehicle rental market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Avis, Kemwel, Easycar, Sixt, Enterprise, Carzonrent, Zoomcar, Europe Luxury Car Hire, Autoeurop, Europcar, Hertz, and Budget Rent A Car System Inc. are the leading market players with significant market share.
- Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 24th Feb 2020, the SIXT Company’s 42% stake was acquired by Hyundai Capital Services for around for USD 170 Million. Further on 3rd June 2020, SIXT a leading German-based international provider of high-end mobility service has been built a new partnership with the car rental, leasing, and limousine subsidiary of Alturki Holding, in Saudi Arabia.
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