Joey Moore
New member
MARKET OVERVIEW:
The global tourism vehicle rental market has been expanding steadily, driven by increasing global tourism trends, growing demand for flexible transportation, and a rising preference for eco-friendly vehicles. By 2024, the market was valued at USD 59.7 billion, with projections to reach USD 98.0 billion by 2033, reflecting a robust CAGR of 5.66% from 2025 to 2033. The increasing demand for sustainable and convenient travel options is a major contributor to this growth.
STUDY ASSUMPTION YEARS:
Technological Advancements:
The advent of digital platforms for online vehicle booking and payment has brought a world of ease into renting for tourists. Innovations like GPS technology, mobile apps, and telematics are augmenting the customer experience and operational efficiencies for rental companies. Technological changes enable tourists to compare prices, reserve vehicles, and monitor rentals with ease, thus facilitating smoother travel.
Growing Tourism Demand:
As the wave of international and domestic tourism continues, the need for transport that fits into travelers' schedule grows. This increasing trend of experiential travel has put vehicle rental very much in favor among tourists who want to discover destinations at their own pace. This diverse range of rental services-cars, bikes, and exotic cars-for the broadened consumer base helps the sector to prosper further.
Sustainability and Eco-Friendly Trends:
Consumers are steadily inclining towards green travel options as EVs and hybrids are finding acceptance in the tourism vehicle-renting market. The environmentally conscious mind and effect of rising awareness of environmental issues present the contradicting case where rental companies are nudging towards incorporating more sustainable vehicles with an interest in attracting eco-oriented tourists.
MARKET SEGMENTATION:
The North American tourism vehicle-rental sector is booming due to high tourist traffic and growing preference for rentals that operate by tourists themselves. This is also aided by developed infrastructure, along with ease of accessing online bookings, and the demand for various forms, such as luxury cars or eco-friendly options.
RECENT DEVELOPMENTS & NEWS:
The hiring of electric vehicles offers innovation in the tourism vehicle-rental arena. A host of major rental firms are introducing fleets of sustainable vehicles in response to rising demand for eco-friendly travel solutions. Meanwhile, advancements in fleet management via AI and GPS are ensuring enhanced security, along with easier booking for travelers.
KEY PLAYERS:
About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, considerations studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
The global tourism vehicle rental market has been expanding steadily, driven by increasing global tourism trends, growing demand for flexible transportation, and a rising preference for eco-friendly vehicles. By 2024, the market was valued at USD 59.7 billion, with projections to reach USD 98.0 billion by 2033, reflecting a robust CAGR of 5.66% from 2025 to 2033. The increasing demand for sustainable and convenient travel options is a major contributor to this growth.
STUDY ASSUMPTION YEARS:
- BASE YEAR: 2024
- HISTORICAL YEAR: 2019-2024
- FORECAST YEAR: 2025-2033
- The market size in 2024 was USD 59.7 billion, expected to reach USD 98.0 billion by 2033, growing at a CAGR of 5.66%.
- The demand for eco-friendly and electric vehicles is significantly driving growth.
- The market is heavily influenced by advancements in booking technology, including mobile apps and GPS.
- Increasing global tourism, especially in emerging markets, contributes to rising demand.
- Growth is bolstered by the expanding tourism infrastructure and flexible transportation options.
- Key regions leading the market include Europe, North America, and Asia-Pacific.
Technological Advancements:
The advent of digital platforms for online vehicle booking and payment has brought a world of ease into renting for tourists. Innovations like GPS technology, mobile apps, and telematics are augmenting the customer experience and operational efficiencies for rental companies. Technological changes enable tourists to compare prices, reserve vehicles, and monitor rentals with ease, thus facilitating smoother travel.
Growing Tourism Demand:
As the wave of international and domestic tourism continues, the need for transport that fits into travelers' schedule grows. This increasing trend of experiential travel has put vehicle rental very much in favor among tourists who want to discover destinations at their own pace. This diverse range of rental services-cars, bikes, and exotic cars-for the broadened consumer base helps the sector to prosper further.
Sustainability and Eco-Friendly Trends:
Consumers are steadily inclining towards green travel options as EVs and hybrids are finding acceptance in the tourism vehicle-renting market. The environmentally conscious mind and effect of rising awareness of environmental issues present the contradicting case where rental companies are nudging towards incorporating more sustainable vehicles with an interest in attracting eco-oriented tourists.
MARKET SEGMENTATION:
- By Vehicle Type:
- Economy: Affordable and fuel-efficient vehicles suitable for budget-conscious travelers, including families and students.
- Luxury/Premium: High-end vehicles offering superior comfort, style, and performance for premium travelers.
- By Booking Mode:
- Online: Growing trend due to the convenience and ability to compare prices and book on-the-go.
- Offline: Traditional methods still used by some consumers, particularly in regions with limited internet access.
- By End User:
- Self-Driven: Renters who prefer to drive themselves during their travels.
- Rental Agencies: Businesses that lease vehicles to tourists, facilitates a large portion of the market share.
- Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
The North American tourism vehicle-rental sector is booming due to high tourist traffic and growing preference for rentals that operate by tourists themselves. This is also aided by developed infrastructure, along with ease of accessing online bookings, and the demand for various forms, such as luxury cars or eco-friendly options.
RECENT DEVELOPMENTS & NEWS:
The hiring of electric vehicles offers innovation in the tourism vehicle-rental arena. A host of major rental firms are introducing fleets of sustainable vehicles in response to rising demand for eco-friendly travel solutions. Meanwhile, advancements in fleet management via AI and GPS are ensuring enhanced security, along with easier booking for travelers.
KEY PLAYERS:
- Alamo (Enterprise Holdings Inc)
- Auto Europe
- Avis Budget Group Inc.
- Carzonrent India Pvt Ltd.
- EasyCar.com
- Europcar Mobility Group
- European Luxury Cars
- Kemwel
- Sixt SE
- The Hertz Corporation
- Zoomcar India Private Ltd.
About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, considerations studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.