May 23, 2023

Drivers & Restraints: Escalating demand for transport services that are demand-responsive is projected to drive the luxury car rental market growth. Presence of numerous applications for making it easy to find such cars and compare the prices is expected to drive market. In February 2021, Humax announced that it would supply a mobility service platform the 'Auto Rent RAiDEA', which allow users to compare luxury car for rent, taxi, and ride-hailing prices companies. However, high rental and deposit cost of luxury rental cars is anticipated to hinder market development. COVID-19 Impact: Lockdowns and Restrictions During Pandemic Affected Market Growth Negatively The COVID-19 pandemic led to restrictions on tourism activities, which affected the demand for rental businesses of cars and affected the market. The market is expected to recover owing to ease of rules and regulations. As per AAA’s Leisure Travel Index, daily car rental rates almost doubled between June 2020 – July 2021 from USD 142 to USD 258. The rise in rental rates also led to lower demand among consumers. These factors impacted the overall luxury car rental market share. To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/luxury-car-rental-market-103652 Report Coverage: The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players. Segments: Business Segment to Lead Segment due to Growing Inclination from Corporate Consumers On the basis of rental type, the market is segmented into business and leisure. The business segment is expected to hold a major part of 53.47%. The dominance is due to demand from majority private and government enterprises for such luxury cars. It also facilitates firms not to have any additional inventory or fixed assets. The leisure segment is also expected to have a considerable growth due to desire for luxury car rental rather than owing or buying such cars. Owing to Demand from Millennials, Online Segment to be Key Segment Based on booking mode, the market is segmented into online and offline. The online segment is the prime segment by exhibiting a higher CAGR due to popularity from young consumers. The reservations made online are recorded and addressed directly. Advancement in technologies are also propel segment’s growth. Regional Insights: Asia Pacific to Lead Market Due to Preference to Rent Cars Asia Pacific is projected to govern the luxury car rental market share and is estimated to have highest part due to consumers choosing rental cars over buying. Increasing number of billionaires in the region is expected to drive market growth. In 2021, there has been an increase in the number of billionaires compared to previous year. Imported luxury cars have been costing more and the trend for renting is growing due to the COVID-19 outbreak. North America is expected to hold the second-largest position owing to surge in demand for luxury car rental, which is expected to increase the market share. Europe is anticipated to have a prominent share due to rising number of tourists in Spain and tourists have been spending more, which is anticipated to propel market size. Buy now this Report- https://www.fortunebusinessinsights.com/checkout-page/103652 Competitive Landscape: Key Players to Propel Market Owing to Expansion Strategies Primary players of the market have used strategic expansion strategies to gain market grip. Avis Budget Group is one of the major car leasing and rental companies that provides mobility solutions. This firm provides its services with a fleet of 1,65,000 linked cars and 5,000 mobility lab-connected autos. The company has strengthened its position in the exotic car rental industry. Key players have been focusing on the expansion of market share by increasing their customer reach. List of Key Players Covered in the Luxury Car Rental Market Report: • Avis Budget Group (U.S.) By Rental Type Key Industry Development: July 2022- Starr Luxury’ announced its plans for expansion in the U.S. by starting its operations in major cities such as Los Angeles, Miami, Houston, Atlanta, and Austin. It is one of the companies that will have collaboration with 5-star hotels Ask For Customization:  https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/luxury-car-rental-market-103652 About Us: Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Contact Us: US: +1 424 253 0390 UK: +44 2071 939123