Wiseguyreports.Com Publish New Research Report On-“Luxury Car Rental Market 2019 Global Analysis, Size, Share, Trends, Opportunities and Growth, Forecast 2025”
PUNE, INDIA, December 6, 2019 /EINPresswire.com/ —
The global luxury car rental market is expected to witness a rapid growth in the coming years. In the year 2016, this market registered revenue of 10 billion dollars and by the end of 2022 the luxury car rental market is expected to reach almost 22.5 billion dollars. The CAGR at which this market is expected to grow between 2016 and 2022 is 14.5%. Over the next five years, the market will register CAGR of almost 20% and reach an astounding figure of 34000 million dollars in 2024 from 11400 million dollars in the year 2019.
Market by Top Luxury Car Rental Companies, this report covers
eHi Car Services
Fox Rent A Car
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The expansion of the global luxury car rental is attributed to the increased travel and tourism business across the globe. The increase in air traffic and rail traffic makes renting cars the easiest and the most convenient means of road transportation. By renting a car, one does not need to drive through traffic and reach a specific destination. Luxury car rental entails renting luxury cars that are chauffeur-driven and transport people from a location to the destination they want to reach.
Luxury car rental also aims to curb pollution levels as it reduces the traffic volumes. Most luxury car rental services allow several people to rent a car on a sharing basis to reach a particular destination. In addition, car rental offers a convenient and cost-effective means of road transportation. This is driving the growth of this market.
The global luxury car rental market can be segmented by Type and Application
The market by Type can be split into Business Rental and Leisure Rental. Luxury cars can be rented for business purposes or leisure purposes. For business purposes, luxury cars can be rented to travel for meetings, conferences, seminars and even to workplaces by individuals or groups of people. These car rentals ensure that those renting the cars reach the destination in time and do not have to suffer any delays. For leisure purposes, the luxury cars can be rented for parties, celebrations or for travelling for holidays. These rented cars ensure safe and comfortable travel to those who rent the cars.
On the basis of application, luxury cars can be rented at airports and even from other locations. The airport luxury car rental segment dominates the market share because most people travelling by air want to reach their destination in an easy and convenient manner by hiring the luxury cars available at the airports.
North America dominated the global market for luxury car rentals with a share of almost 50%. Europe contributes approximately 29% to the market share of the global luxury car rental market. Middle East and Asia Pacific also contribute to the market share significantly. Asia Pacific is expected to witness a boom in the market share because of the increasing tourism.
Recently, Luxury car rental company Hype has joined hands with CRED, informed the company in a release. Under this partnership, the company will offer discounts and gift cards to GoHype customers. Also, the company informs that there will be Rs 5,000 worth gift cards for the CRED users who will book Hype luxury cars.
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Table of Contents –Analysis of Key Points
1 Luxury Car Rental Market Overview
2 Manufacturers Profiles
3 Global Luxury Car Rental Market Competition, by Players
4 Global Luxury Car Rental Market Size by Regions
5 North America Luxury Car Rental Revenue by Countries
6 Europe Luxury Car Rental Revenue by Countries
7 Asia-Pacific Luxury Car Rental Revenue by Countries
8 South America Luxury Car Rental Revenue by Countries
9 Middle East and Africa Revenue Luxury Car Rental by Countries
10 Global Luxury Car Rental Market Segment by Type
11 Global Luxury Car Rental Market Segment by Application
12 Global Luxury Car Rental Market Size Forecast (2019-2024)
13 Research Findings and Conclusion
List of Tables and Figures
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Source: EIN Presswire