Global Luxury Car Rental Market to Grow with a CAGR of 12.5% through 2028
Increasing disposable income and affluence, expanding
tourism industry, and expanding fleet of luxury vehicles is driving the Global
Luxury Car Rental Market in the forecast period 2024-2028.
According to TechSci Research report, “Luxury Car
Rental Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Luxury Car Rental Market stood at
USD 30 billion in 2022 and is anticipated to grow with a CAGR of 12.5% in the
forecast period, 2024-2028.
A luxury automobile is more expensive than a
conventional car, but it provides higher performance, comfort, quality, and
prestige. The word relates to both the car's attributes and the manufacturer's
brand awareness. Luxury automobile rentals are becoming increasingly popular.
There are businesses or organizations that lend 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
several models, and support in presenting the suitable image for specific
events. Premium
automobile rental services include renting premium cars for business or
pleasure. Globally, as population growth has grown, so has people's level of
life. The rise in demand for comfort, luxury, and the need to satisfy high
standards is driving the expansion of the luxury automobile rental sector.
Hiring a car eliminates the need to drive to the target location, since these
automobiles are chauffeur driven. This innovative rental business is projected
to blossom in the next years because to its numerous benefits, including
reduced traffic congestion, reduced air pollution, increased travel
convenience, and cost-effective ways.
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The global Luxury Car Rental market represents a
distinct segment within the broader automotive leasing industry, catering to
individuals and businesses seeking access to high-end, prestigious vehicles
without the long-term commitment of ownership. This market has experienced
steady growth in recent years, driven by a combination of consumer preferences,
economic factors, and shifts in mobility trends.
Luxury Car Rental is characterized by the availability
of top-tier vehicles from renowned automakers such as BMW, Mercedes-Benz, Audi,
Jaguar, and Porsche, among others. These vehicles are often equipped with the
latest in automotive technology, offering a blend of performance, comfort, and
advanced features that set them apart from mass-market cars.
One of the primary factors driving the Luxury Car
Rental market is the changing mindset of consumers, especially among younger
demographics. Ownership is no longer considered the only way to enjoy the
prestige and status associated with luxury vehicles. Leasing allows individuals
to experience these cars without the burdens of long-term commitments,
maintenance hassles, or concerns about depreciation.
Additionally, economic factors play a role in the
market's growth. Luxury cars typically have high upfront costs and rapid
depreciation rates. Leasing provides an attractive alternative, allowing
customers to enjoy these vehicles without a substantial capital outlay.
Moreover, leasing often comes with lower monthly payments compared to
traditional auto loans, making luxury cars more accessible to a broader range
of consumers.
The concept of Luxury Car Rental has gained popularity
not only among individual consumers but also within the corporate sector. Many
businesses opt for leasing luxury vehicles as part of their corporate fleet
solutions. This allows companies to maintain a prestigious image and provide top-of-the-line
vehicles to their executives and employees without the financial burden of
ownership.
The Luxury Car Rental market is not limited to any
specific region, with demand coming from both mature markets, such as North
America and Europe, and emerging markets in Asia-Pacific and the Middle East.
The growing affluence in emerging economies has fueled the desire for luxury
vehicles, and leasing offers an appealing entry point into this market segment.
However, the Luxury Car Rental market also faces
challenges and considerations. The ongoing transition to electric and hybrid
luxury vehicles presents a need for leasing companies to adapt their offerings
to cater to environmentally conscious consumers. The availability of charging
infrastructure and the potential for battery technology advancements are key
factors that will influence the market's direction in this regard.
Furthermore, the regulatory landscape can
significantly impact the Luxury Car Rental market. Emission standards, taxation
policies, and import/export regulations all play a role in the types of
vehicles available and the overall cost of leasing. For example, incentives for
electric vehicles may encourage more leasing of luxury electric cars.
Another noteworthy trend in the Luxury Car Rental market
is the inclusion of various value-added services and flexible leasing terms.
Leasing companies are increasingly offering packages that cover maintenance,
insurance, and even concierge services, elevating the overall customer
experience. Additionally, flexible lease terms, such as shorter durations and
mileage options, cater to customers with diverse needs.
Major companies operating in
Global Luxury Car Rental Market are:
- Avis Budget Group
- Sixt
- Enterprise Holdings
- Movida
- Hertz
- Localiza
- Europcar Mobility Group
- Car Inc.
- Unidas
- Glodcar.
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“The global Luxury
Car Rental market is a thriving niche within the automotive industry, offering
individuals and businesses access to prestigious vehicles without the long-term
commitment of ownership. This market's growth is driven by evolving consumer
preferences, economic considerations, and the desire for high-end automotive
experiences. Luxury Car Rental provides the opportunity to enjoy top-tier
vehicles from renowned automakers like Mercedes-Benz, BMW, Audi, and Porsche,
characterized by cutting-edge technology and luxurious features. It aligns with
the changing mindset of consumers, particularly younger generations, who
prioritize experiences over possessions. Additionally, affordability factors,
such as lower upfront costs and predictable monthly payments, have expanded the
market's appeal. Moreover, the corporate sector increasingly embraces Luxury
Car Rental as part of corporate fleet solutions, further driving market growth,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Luxury Car Rental Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Rental Type
(Business and Leisure), By Booking Type (Online and Offline), By End User (Self
Driven and Chauffer Driven), By Region, By Competition.”, has evaluated
the future growth potential of Global Luxury Car Rental Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Luxury Car Rental Market.
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