Report Code: A09114 | Pages: NA | Jul 2023 | 2765 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Tourism Vehicle Rental Market
Request Now !Over the years, tourism sector has witnessed a significant growth owing to development of tourism destination by government and rise in disposable income of consumers. Additionally, the socio-economic progress of countries around the world is supporting the tourism sector. With rise in tourism sector, the market of vehicle rental sector is also proliferating. Vehicle rental service provides rented automobiles for a short period of time, usually ranging from few hours to few weeks. Moreover, with basic rental of vehicle, the agencies nowadays are offering extra products like insurance, GPS navigation systems, entertainment systems, mobile phones, portable Wi-Fi and child safety seats.
COVID-19 scenario analysis:Â
The rising expenditure by the government on developing tourism infrastructure is a major driving factor of tourism vehicle rental market. Moreover, agencies providing the option of allow a user to return a vehicle to a different location is increasing the adoption of tourism vehicle rental. Additionally, increasing concern and awareness of lowering emission level amidst consumer along with changing lifestyle and rise in spending power is fueling the market growth. Besides, development of online platforms for vehicle booking is proliferating market growth. However, high price associated with well-known tourism vehicle rental agencies may decelerate market growth. Furthermore, developing suburbs and growing disposable income of people in developing economies is anticipated to provide growth opportunities to the market.
The tourism vehicle rental market trends are as follows:
The concern of paying expenses associated with possessing the ownership of car is reduced due to vehicle rental services. With the advent of digital and sharing economies, online tourism vehicle rental industry is taking off. The presence of vehicle rentals on online platforms have increased the sales significantly. Besides, the agencies are offering seasonal offers, group discounts etc. are attracting a lot of consumers. Additionally, the reach of tourism vehicle rentals has increased drastically due to digitization.Â
Tourism sector has become one of the major sectors in international commerce. Due to globalization, the international travelers have proliferated. Additionally, platforms like vlogs, blogs, and YouTube are favoring the tourism industry. With rise in tourists, the market of vehicle rental flourishes. Travelers often travel to airport with rented cars. Besides, sightseeing at tourism places have boosted the demand for vehicle rentals. With option of renting a luxury car is further propelling the market demand.
Key benefits of the report:
Questions answered in the tourism vehicle rental market research report:
Tourism Vehicle Rental Market Report Highlights
Aspects | Details |
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By Type |
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By Booking type |
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By End user type |
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By Region |
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Key Market Players | Thrifty, Enterprise Holdings Inc, Avis, Hertz Global Holdings Inc, Budget, Sixt SE, Zoomcar, Europcar Mobility Group, National car rental, Alamo |
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