Passenger Car Rental and Hiring in New Zealand - Industry Market Research Report

Rental getaway car: An appreciating NZ dollar will be a pothole on the road back to revenue growth

Passenger car rental and hire companies were rocked by the COVID-19 pandemic. The Central Government's (Te Kawanatanga o Aotearoa) response to the pandemic involved closing international borders to non-citizens in March 2020. As a result, many operators that principally catered to the international tourist market faced financial difficulty, particularly over the last three years through 2022-23. The pandemic also caused significant fluctuations in consumer sentiment - and ultimately reduced it to a negative state - which further subdued demand for industry services. Industry revenue has toppled by at an annualised rate of 9.5% over the five years though 2022-23, to $1.2 billion. Industry companies are involved in leasing, hiring or renting out passenger cars without drivers. This includes vehicles rented on a short-term basis, or leased in the long-term over several years. Passenger cars include sedans, hatchbacks, station wagons, SUVs and minibuses. The industry does not include funding provided by leasing firms to finance leases for car purchases. Finance leasing is included in other finance-related industries. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.