With a CAGR of 2.4% from 2021 to 2028, the luxury car rental market is projected to rise from USD 32.7 billion in 2020 to USD 38.8 billion by 2028.
Market Overview
With a CAGR of 2.4% from 2021 to 2028, the luxury car rental market is projected to rise from USD 32.7 billion in 2020 to USD 38.8 billion by 2028.
For a larger price than conventional cars, a luxury car offers superior amenities, comfort, quality, performance, and status. The different types of luxury automobiles include compact luxury cars, full-size luxury cars, mid-size luxury cars, luxury SUVs, luxury crossovers, and minivans.
Impact Analysis for COVID-19
COVID-19 had a negative impact on the market for luxury car rentals. The luxury car rental industries have suffered as a result of lockdown in many nations. The new coronavirus outbreak had a significant impact on a number of factors, including travel restrictions and aircraft cancellations that made individuals stay at home and prevented them from travelling for work or pleasure. The car rental industry has been adversely impacted by this.
Growth Agents
Increased traffic congestion brought on by an increase in the number of vehicles on the road is expected to accelerate the growth of the luxury car rental industry worldwide. The booming travel and tourism sector in various nations, along with the increase in air pollution, would further encourage growth. Due to the worsening traffic conditions and their detrimental impact on our health, people are turning more and more to renting luxury cars than purchasing them.
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The Major Players in the Luxury Car Rental Market include: Goldcar, Aviz Budget, Hertz, Enterprise Holdings, Sixt, Localiza, Fox Rent a Car, Unidas, Movida, eHi car services, among others.
The Luxury Car Rental Market is segmented as follows:
By Type
- Business
- Leisure
By Distribution Channel
- Online
- Offline
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