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In 2022, the market for renting out luxury vehicles was estimated to be worth USD 29.98 billion. The market is anticipated to increase by USD 65.42 billion by 2030, growing at an estimated CAGR of 8.5% from USD 39.58 billion in 2023. The COVID-19 pandemic has had an unprecedented and disastrous impact on the world, and demand for luxury car rentals has been lower than expected in all regions compared to pre-pandemic levels. According to our data, the global market showed a 55.0% fall from 2019 to 2020.
A luxury vehicle costs more than a regular vehicle but provides superior performance, levels of comfort, quality, and status. The phrase alludes to both the features of the vehicle and the manufacturer's well-known brand. Luxury car rentals are becoming more and more common. High-end vehicles can be rented from certain businesses or organisations for a price. This arrangement may last for an hour, a day, or even weeks, depending on the person. Exotic car rentals are popular due to their luxurious transportation, flexibility in selecting from a range of models, and help in projecting the right image for specific occasions.
DRIVING FACTORS
Luxury passenger and charter vehicles with features like real-time feedback, vehicle tracking, and customer ratings are included in demand-responsive transportation services. Finding luxury vehicles and comparing pricing with the relevant car rental providers are made simpler by a variety of smartphone applications.
For instance, Humax stated in February 2021 that it would provide the WTC mobility service platform with the 'Auto Rent RAiDEA', allowing users to compare local taxi, luxury automobile rental, and ride-hailing costs providers in a single app. Additionally, GoAir and Eco Europcar will begin rental services in 100 Indian locations, including 25 airports, in April 2021. Additionally, GoAir will use Eco Europcar to provide chauffeur-driven vehicles in the mid-range to luxury car sectors. These exotic automobile rental organisations also offer a variety of services to their clients. As a result, the trend towards demand-responsive transportation is growing.
RESTRAINING FACTORS
A significant deposit, ranging from USD 2,500 to USD 50,000, financial information and vetting, as well as the installation of GPS tracking devices in the automobiles to follow them if something goes wrong during the rental, are all required in this market. It also entails verifying the renter's personal insurance coverage, which will protect liability and, at the very least, a fraction of the car's value. For instance, the monthly cost of fleet insurance for a car valued at USD 200,000 might range from USD 400 to USD 1,300. However, many of these policies have exorbitant rates and do not cover client theft. Limited consumer preference for certain services also restricts market expansion in some locations. Therefore, it is anticipated that during the forecast period, these cost constraints will limit market expansion.
Report Coverage
Global Luxury Car Rental research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Luxury Car Rental report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Luxury Car Rental competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Luxury Car Rental market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Luxury Car Rental market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Luxury Car Rental market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Avis Budget Group (U.S.), Sixt (Germany), Enterprise Holdings (U.S.), Movida (Brazil), Hertz (U.S.), Localiza (Brazil), Europcar Mobility Group (France), Car Inc. (China)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Luxury Car Rental market based on the below-mentioned segments:
Global Luxury Car Rental Market, By Rental Type
Business
Leisure
Global Luxury Car Rental market, By Booking Mode
Online
Offline
Global Luxury Car Rental market, Regional Analysis
A luxury vehicle costs more than a regular vehicle but provides superior performance, levels of comfort, quality, and status. The phrase alludes to both the features of the vehicle and the manufacturer's well-known brand. Luxury car rentals are becoming more and more common. High-end vehicles can be rented from certain businesses or organisations for a price. This arrangement may last for an hour, a day, or even weeks, depending on the person. Exotic car rentals are popular due to their luxurious transportation, flexibility in selecting from a range of models, and help in projecting the right image for specific occasions.
DRIVING FACTORS
Luxury passenger and charter vehicles with features like real-time feedback, vehicle tracking, and customer ratings are included in demand-responsive transportation services. Finding luxury vehicles and comparing pricing with the relevant car rental providers are made simpler by a variety of smartphone applications.
For instance, Humax stated in February 2021 that it would provide the WTC mobility service platform with the 'Auto Rent RAiDEA', allowing users to compare local taxi, luxury automobile rental, and ride-hailing costs providers in a single app. Additionally, GoAir and Eco Europcar will begin rental services in 100 Indian locations, including 25 airports, in April 2021. Additionally, GoAir will use Eco Europcar to provide chauffeur-driven vehicles in the mid-range to luxury car sectors. These exotic automobile rental organisations also offer a variety of services to their clients. As a result, the trend towards demand-responsive transportation is growing.
RESTRAINING FACTORS
A significant deposit, ranging from USD 2,500 to USD 50,000, financial information and vetting, as well as the installation of GPS tracking devices in the automobiles to follow them if something goes wrong during the rental, are all required in this market. It also entails verifying the renter's personal insurance coverage, which will protect liability and, at the very least, a fraction of the car's value. For instance, the monthly cost of fleet insurance for a car valued at USD 200,000 might range from USD 400 to USD 1,300. However, many of these policies have exorbitant rates and do not cover client theft. Limited consumer preference for certain services also restricts market expansion in some locations. Therefore, it is anticipated that during the forecast period, these cost constraints will limit market expansion.
Report Coverage
Global Luxury Car Rental research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Luxury Car Rental report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Luxury Car Rental competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Luxury Car Rental market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Avis Budget Group (U.S.), Sixt (Germany), Enterprise Holdings (U.S.), Movida (Brazil), Hertz (U.S.), Localiza (Brazil), Europcar Mobility Group (France), Car Inc. (China) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Luxury Car Rental Market from 2021 to 2030.
- Market Forecast for Luxury Car Rental Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Luxury Car Rental competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Luxury Car Rental
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Luxury Car Rental market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Luxury Car Rental market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Avis Budget Group (U.S.), Sixt (Germany), Enterprise Holdings (U.S.), Movida (Brazil), Hertz (U.S.), Localiza (Brazil), Europcar Mobility Group (France), Car Inc. (China)
Primary Target Market
- Market Players of Luxury Car Rental
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Luxury Car Rental market based on the below-mentioned segments:
Global Luxury Car Rental Market, By Rental Type
Business
Leisure
Global Luxury Car Rental market, By Booking Mode
Online
Offline
Global Luxury Car Rental market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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