Luxury Car Rental Market Size, Statistics, Growth Trend Analysis, and Forecast Report, 2022 – 2032

Luxury Car Rental Market is segmented by Rental Type (Business, Leisure); By Booking Mode Type (Online, Offline); By End-use Outlook (Self-driven, Chauffeur-driven) By Rental Length (Short Term, Long Term); By Geography (North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Nordic Region, Rest of Europe), Asia Pacific (China, Japan, India, Australia, Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), Middle East & Africa (South Africa, Rest of the Middle East & Africa)

  • Report ID : MD2940
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  • Pages : 220
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  • Tables : 75
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  • Formats :

The Luxury Car Rental Market was valued at US $39.54 billion in 2022 and is projected to reach US $81.50 billion by 2032, growing at a CAGR of 7.55% during the forecast period.
A luxury automobile is more expensive than a conventional car and offers superior performance, levels of comfort, quality, and prestige. The word relates to both the cars features and the manufacturers brand awareness. Luxury automobile rentals are becoming increasingly popular. There are firms or groups who hire out high-end automobiles for a price. This arrangement may last an hour, a day, or even weeks, depending on the individual. Some of the key aspects driving exotic car rentals attractiveness include luxurious transportation, the option to pick from a number of models, and support in presenting a suitable image for specific events.

Digitalization in the Booking System, Payment Method, and Administration of Luxury Car Rental to Drive Market Growth
This market is quickly increasing on a worldwide basis. All market participants give improved services and discounts to promote reservations by increasing their efficiency and implementing new automated technology. One of the automated technologies that are now developing is digitization, which is having a huge influence on every industrial area, including the luxury car rental industry. Furthermore, as a result of digitization, rental organizations have changed to boost revenue while increasing client experience. Car rental management software is used by these firms to improve their services and automate their operations. Furthermore, automobile rental management software decreases management chores while increasing operational efficiency thus boosting the market growth for luxury car rental. Furthermore, management software provides advantageous payment management, fleet optimizations, and bespoke reports, which help these organizations grow. For example, two vehicle rental applications, Hertz and Fox Rent-a-car are generally the top candidates for accessing this information. As a result, the use of car rental management software provides a substantial potential opportunity for industry participants in the luxury car rental market.

Rise of Demand-Responsive Transportation to Provide Significant Growth for Luxury Car Rental Market
Demand-responsive transport services cover luxury passenger vehicles and charter vehicles fitted with amenities, such as real-time feedback, vehicle monitoring, and rating, to end users. Numerous smartphone applications make it easy to locate luxury vehicles and compare pricing with car rental businesses. For example, Humax stated in February 2021 that it will offer the WTC mobility service platform with the Auto Rent RAiDEA, which would allow users to compare neighboring taxi, luxury vehicle rental, and ride-hailing costs firms in a single app. Furthermore, GoAir has partnered with Eco Europcar to provide rental services in 100 Indian locations, including 25 airports, in April 2021. GoAir will also provide chauffeur-driven automobiles spanning from mid-range to premium car classes through Eco Europcar. Furthermore, such exotic automobile rental firms offer a variety of services to consumers. As a result, demand-responsive transportation is becoming more popular in the luxury car rental market.

High deposit and rental costs may limit the growth of the Luxury Car Rental Market.
The market requires a significant deposit ranging from USD 2,500 to USD 50,000, financial documents and vetting, and the installation of GPS trackers in automobiles to track them if something goes wrong during the rental. It also entails verifying to ascertain whether the renters have personal insurance coverage, which will safeguard liability and the cars worth or at least a piece of it. For example, fleet insurance on a USD 200,000 automobile can cost between USD 400 and USD 1,300 per month; however, many policies have exorbitant premiums and do not cover consumer theft. Furthermore, limited market share for these services hampers market expansion in several areas. As a result, these cost concerns are likely to limit the market growth of the luxury car rental business throughout the projection period.

Improving Living Standards to Drive the Asia Pacific Luxury Car Rental Market
In 2021, the Asia Pacific market was worth USD 11.40 billion. Because people choose to rent rather than buy, the area is anticipated to dominate the worldwide market. The regions market growth is being driven by the regions large population, which accounts for more than 38% of the worlds population. The rising number of billionaires in the Asia Pacific can also be related to the expansion. According to Forbes, Asia Pacific remains the forerunner, with 1,149 billionaires in 2021, 370 more than the previous year, thanks primarily to Chinese and Indian entries. According to Forbes, exotic automobile rental is still a new business sector in the region in comparison to Europe and North America; however, given the tendencies indicated above, it is predicted to grow greatly during the projected time. Imported luxury automobiles costing more than USD 90,830 are becoming more popular in Japan among rich persons who are unable to go outside of Japan due to the coronavirus epidemic but are willing to spend money. North America is the markets second-largest region. The market in North America struggled during the epidemic and sold most of its automobiles during the lockdowns due to COVID-19. However, once nations resumed travel activities and the market reopened, demand for automobile rental soared above pre-pandemic levels. Europe now has the third-largest share of the luxury automobile rental market, but it is predicted to have the greatest CAGR throughout the projection period. Europe likewise had the challenge of selling the inventories during pandemic despite increased demand following the outbreak.

Top Companies and Recent Strategic Developments in the Luxury Car Rental Market
• In July 2022, Starr Luxury, Ikenna Ordors luxury automobile rental brand, announced its entrance into the United States. It announced the launch of its services in major cities like Los Angeles, Miami, Houston, Atlanta, and Austin. Starr Luxury is noted for being one of the few firms of its sort in the world to have a relationship with five-star hotels.
• In July 2022, Uber Comfort Electric, the companys premium electric car service, has announced its expansion into new cities in the United States, including Las Vegas, Portland, Seattle, Denver, Baltimore, Austin, and Philadelphia.
• In December 2021, The UAEs Ajman Public Transport Authority (APTA) has announced the availability of car rental services in order to help federal institutions in establishing an equal and comprehensive transportation system as part of the Emirates Vision 2021. The adjustment is meant to make it easier for clients to receive high-quality services. This service was established by the Transport Authoritys Car Rental Section as part of the premium vehicle rental services.
• In June 2021, Amazon began offering online auto rental services in the UAE, including premium vehicles. Customers may hire automobiles from the worlds largest e-commerce corporation in Abu Dhabi, Dubai, Ajman, Sharjah, and Ras Al Khaimah. The rent will range from one day to one month, with deliveries to the specified place taking as little as two to three hours from the time of reservation.
• In September 2021, Corsa HQ, an exotic automobile rental firm, has teamed with the Ritz-Carlton, Grande Lakes in Orlando. During their visit, guests may rent premium vehicles from the Corsa HQ collection, including Lamborghini, Rolls-Royce, Ferrari, and Bentley. A $50 Ritz-Carlton gift card is included with premium SUV rentals, and a $100 Ritz-Carlton gift card is included with exotic luxury rentals.

Years considered for this report
• Historical Years: 2019-2022
• Base Year: 2021
• Forecast Period: 2022-2032

Luxury Car Rental Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for application Industries (2022 - 2032)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies

Luxury Car Rental Market Segmentation and Revenue Breakdown
By Rental Type (Revenue, USD Billion, 2022 -2032)
• Business
• Leisure

By Booking Mode Type (Revenue, USD Billion, 2022 -2032)
• Online
• Offline

By End-use Outlook (Revenue, USD Billion, 2022 -2032)
• Self-driven
• Chauffeur-driven

By Rental Length (Revenue, USD Billion, 2022 -2032)
• Short Term
• Long Term

By Geography Outlook (Revenue, USD Billion, 2022 -2032)
• North America (U.S., Canada)
• Europe (Germany, France, U.K., Italy, Spain, Nordic Region, Rest of Europe)
• Asia Pacific (China, Japan, India, Australia, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, Rest of the Middle East & Africa)

Key Companies
• Avis Budget Group
• Sixt
• Enterprise Holdings
• Movida
• Hertz
• Localiza
• Europcar Mobility Group
• Car Inc.

Available Versions of Global Luxury Car Rental Market Report:

The United States Luxury Car Rental Market Report
Europe Luxury Car Rental Market Report
Asia Pacific Luxury Car Rental Market Report
India Luxury Car Rental Market Report


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