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| Report Code: A12260 | Nov 2023 | Pages: NA | ||
| Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Luxury Car Rental Market
Request Now !Luxury car rental services include renting luxury cars for business or leisure purposes. Globally, with the rising demography, the standard of living of the people has also increased. The surge in demand for comfort, luxury, and urge to meet high standards is leading the growth of the luxury car rental market. By hiring a car, one does not need to drive to reach the desired destination, as these cars are chauffeur driven. This new rental service is expected to boom in the coming years owing to its various benefits such as the reduction in traffic volume, curbing air pollution level, greater traveling convenience, and cost-efficient means. Renting or hiring a car reduces the hidden cost that the owner has to incur when owning a car, as well as maintenance and responsibility. North America has a significant share in the global luxury car rental market and is expected to dominate the luxury car rental market in the forecast period owing to major luxury car companies in this region, and advancement in technology.
COVID-19 Impact analysis
The companies in luxury car rental industry across the globe is being affected severely due to the restrictions on travel as well as the declared lockdowns which in turn is affecting the luxury car rental services worldwide. Challenges that emerged from the worldwide lockdown are immense and insurmountable in many areas. With reduced global air traffic, demand for luxury rental cars has slowed down at airports as there were travel restrictions across the world to contain the spread of the virus. Also, rising prices of petrol and diesel in developing countries likely to hamper the growth of the market during the forecast period. The global crisis has merely accelerated the adoption of luxury rental cars. However, post-pandemic with safety and hygiene becoming the need of the hour, practices for disinfecting the car are followed meticulously. The need for individual mobility and the social distancing norms is bound to improve the industry conditions. The subscription model has become the face of the luxury car rental industry in recent times. Since this model allows the customer to enjoy temporary ownership of the vehicle without worrying about additional costs such as maintenance and insurance premiums etc.
Top Impacting Factors
The luxury car rental market trends are as follows:
Rise in trend of on-demand transportation services
On demand services include luxury passenger vehicles & charter vehicles with flexibility and other features such as real time feedback, tracking of vehicles, and rating to end customers. The availability of luxury cars and comparison of fare with the correspondent car rental companies is facilitated by numerous mobile applications. For Instance, In February 2021, Humax announced that it will supply the WTC Auto Rent RAiDEA mobility service platform that allows users to compare locations and prices of nearby taxi, car-sharing, and ride-hailing companies all in one app. Also, In April 2021, GoAir partnered with Eco Europcar launched car rental services across 100 cities in India, including 25 airports. Through Eco Europcar, GoAir will be offering Chauffeur-driven cars from mid to luxury car segments. Moreover, such luxury car rental services allow customers to make use of numerous functions. Thus, rise in trend of on-demand transportation services is driving the growth of luxury car rental market.
Adoption of car rental management software
The luxury car rental market is growing rapidly on a global level. Many leading players have already entered the market and acquired remarkable position in the market. All the players operating in the market are taking initiatives to provide better offers and services to get more bookings, by improving their operations and adopting new automated technologies. In addition, to provide better services and automate their business, luxury car rental players are using car rental management software. The car rental management software minimizes the task of management and boosts the efficiency of operation. Further, management software also provides features such as fleet optimizations, advanced pricing management, and custom reports, which, in turn, helps luxury car rental companies to grow their business. Thus, adoption of car rental management software holds a remarkable growth opportunity for the luxury car rental market players for market expansion.
Key benefits of the report:
Questions answered in the luxury car rental market research report:
Luxury Car Rental Market Report Highlights
| Aspects | Details |
|---|---|
| By Rental Type |
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| By Booking Mode Type |
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| By End-User |
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| By Rental Length |
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| By Region |
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| Key Market Players | Aviz Budget, eHi car Services, Movida, Enterprise Holdings, Unidas, Goldcar, Hertz, Sixt, Fox Rent a Car, Localiza |
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