Global Tourism Vehicle Rental Market Size By Booking Mode (Online, Offline), By Vehicle Type (Passenger Cars, Luxury/Premium), By End-Users (Self-driven, Rental Agencies), By Geographic Scope And Forecast

Tourism Vehicle Rental Market Size And Forecast

Tourism Vehicle Rental Market size was valued at USD 68.98 Billion in 2024 and is projected to reach USD 129.29 Billion by 2031, growing at a CAGR of 8.17% from 2024 to 2031

Comfort, freedom of movement and low-cost travel are a few of the critical Tourism Vehicle Rental Market drivers and trends fueling the growth of the market. The Global Tourism Vehicle Rental Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Tourism Vehicle Rental Market Definition

Tourism vehicle rental services companies rent vehicles for short periods for a fee. The period can range from a few hours to weeks. Tourism vehicle rental serves people who want to travel to their desired location. This is aided by the growing trends in travelling among people all over the world. Online travel booking for tourists has eased the process. Tourism vehicle rental is becoming common in colleges, universities, corporate, and insurance companies globally.

Many tourism companies provide both online and offline booking services for the ease of booking of travellers. Alongside the basic rental of a vehicle, vehicle rental agencies typically also offer value additions such as insurance, GPS navigation systems, music and entertainment systems, and even such things as mobile phones.

Global Tourism Vehicle Rental Market Overview

The increasing demand for rented vehicles with the rapidly growing tourism sector is an important driver for the global Tourism Vehicle Rental Market. There is a growing preference of consumers towards self-driven rental vehicles. It adds to the comfort, freedom to choose the destinations, affordability, and low cost of travelling. Other important drivers are the rising spending power of the consumers, government support for developing the tourism infrastructure, and increased awareness among customers about lowering emission levels.

Development of online platforms and mobile-based services for vehicle rental booking and green vehicles to minimize the increase in pollution levels are expected to provide new profitable opportunities leading to the growth of the Tourism Vehicle Rental Market. Other opportunities lie in the growing disposable income of people in developing economies. Tourists from emerging markets are increasingly exploring new destinations and prefer to use rental vehicles. Thus, there are ample growth opportunities for the market.

However, there are some restraints like the pandemic that led to lockdowns, travel-bans impacting the global tourism industry. This led to a halt in the demand for vehicle rentals. Other restraints are the high price charged by well-known tourism vehicle rental agencies and the impact of volatile prices of fuel products.

Global Tourism Vehicle Rental Market Segmentation Analysis

The Global Tourism Vehicle Rental Market is Segmented on the basis of Booking Mode, Vehicle Type, End-Users and Geography.

Tourism Vehicle Rental Market, By Booking Mode

• Online
• Offline

Based on Booking Mode, the market is segmented into Online and Offline. the online segment has the highest share. This is due to the rising adoption of digital platforms and smartphone users.

Tourism Vehicle Rental Market, By Vehicle Type

• Passenger Cars
• Luxury/Premium
• Tourist Van
• Others

Based on Vehicle Type, the market is segmented into Passenger Cars, Luxury/Premium, Tourist Van, and Others.

Tourism Vehicle Rental Market, By End-Users

• Self-driven
• Rental Agencies

Based on End-Users, the market is segmented into Self-driven and Rental Agencies. The rental agencies segment has the highest market share followed by the self-driven segment.

Tourism Vehicle Rental Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Tourism Vehicle Rental Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America leads the global Tourism Vehicle Rental Market by Geography. It is expected to grow fast due to the increasing adoption of online platforms for vehicle booking, and rising tourist destinations due to an increase in consumer spending. This is followed by Europe and the Asia Pacific which are also growing fast. Growth is driven by people’s inclination towards road trips and the rising importance of comfort and safety because of the pandemic.

Key Players

The “Global Tourism Vehicle Rental Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Enterprise Holdings Inc, Hertz Global Holdings Inc, Avis, Europcar Mobility Group, Sixt SE, Budget, Zoomcar, Autoeurope, Carzonrent and Kemwel. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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We'll take a close look at the market, breaking it down by different groups, considering not just the money side of things but other factors too. You'll get market value data in USD Billion for each specific area we examine. We'll point out which region and segment is likely to grow the fastest and be the biggest overall. Plus, we'll analyze how the product or service is being used in each geographic area, and what's influencing the market there. We'll also cover the competitive scene, ranking the major players and highlighting new product/service launches, partnerships, expansions, and acquisitions from the last five years. You'll get detailed company profiles with overviews, insights, product comparisons, and SWOT analysis for the key players. We’ll give you both the current and future outlook for the industry, considering recent developments, growth opportunities, and the challenges in both new and established regions. We’ll even dive deep with a Porter's Five Forces analysis to get different angles on the market. And we’ll provide insight through the Value Chain. Finally, you’ll get a look at market dynamics and growth opportunities down the road and 6-month post-sales analyst support.

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