Luxury car rental refers to the service that provides individuals or businesses with the temporary use of high-end, premium automobiles for a specified period. These car rentals cater to a range of occasions, including special events like weddings, corporate functions, executive travel, and leisure vacations where individuals desire a prestigious and comfortable mode of transportation without the long-term commitment of ownership. The rental terms for luxury cars may vary, offering flexibility to clients who wish to experience the pinnacle of automotive craftsmanship for a specific duration.
Businesses are increasingly recognizing the advantages of using high-end vehicles for corporate events and executive travel. The trend leans towards creating a modern image, and this demand fuels growth. As companies seek flexible and prestigious transportation options, the luxury car rental market responds by offering tailored services. The opportunity lies in aligning with these evolving trends, providing businesses with access to premium vehicles for a range of professional needs, thereby contributing to the overall boost in sales.
In China, the increasing demand for luxury car rentals is closely tied to the nation's booming tourism industry and the escalating focus on environmental consciousness. As China witnesses a surge in domestic and international tourism, individuals seek sophisticated and comfortable transportation options to enhance their travel experiences. The allure of exploring China's diverse landscapes in high-end vehicles contributes to the growing sales in the luxury car rental market. Additionally, leading automobile manufacturers are entering the luxury car rental market in the country, which, in turn, is anticipated to propel the growth of luxury car rental sales. For instance, on February 1, 2020, Toyota Motor launched luxury car rental services for tourists in China by setting up a new company to run their business.
The UK is witnessing a surge in luxury car rentals due to a combination of various factors including the interest of exploring historical landmarks and attractive landscapes in style contributes to increased demand. Additionally, as corporate events and upscale gatherings become more frequent, the need for prestigious transportation has risen, driving the luxury car rental market. Furthermore, leading companies operating in the UK luxury car rental market are introducing new dedicated electric vehicle (EV) luxury car rental online platforms. For instance, on February 10, 2020, Nexus Vehicle Rental, a car rental provider launched a dedicated online platform for electric vehicle (EV) car rental including luxury and non-luxury cars as part of its revamped IRIS V5 rental management system. In addition, this launch has helped the business to meet rising demand for alternatives, cleaner mobility solutions, and provides growth opportunities for players operating in the market.
In India, the increasing demand for luxury car rentals is closely tied to the nation's growing corporate events and business travel, along with the rising influence of social media. As India becomes a prominent destination for corporate activities, there is a heightened need for prestigious transportation options for business events and executive travel. The convenience and sophistication offered by luxury car rentals make them an attractive choice for corporate clients. Leading players operating in the India luxury car rental market are planning to introduce a large fleet of vehicle for self-drive car rental business, which is expected to boost the company’s business significantly.
In the LAMEA region, the charm of luxury and the increase in the number of high-profile events are creating robust opportunities for luxury car rentals. The region's growth in affluent population, coupled with a rise in luxury tourism, contributes to the demand for prestigious vehicles. As individuals seek to make a statement at events or experience the thrill of driving a high-end car, luxury car rental companies have the chance to meet these evolving preferences. By offering tailored services that cater to the specific desires of the market, companies in the LAMEA region can seize opportunities for increased sales and market expansion in the luxury car rental industry.
The luxury car rentals market is segmented by rental type, booking mode, end-user, and region. On the basis of rental type, the market is divided into business, and leisure. By booking mode, it is bifurcated into online and offline. By end-user, it is divided into self-driven, and chauffeur driven. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include Auto Europe, Avis Prestige, Budget Rent A Car System Inc., Enterprise Holdings Inc., Europcar, Hertz Dream Collection, Paddock Rent a Car, Red Fox Luxury Lifestyle Ltd., Sixt Luxury Cars, and Thrifty Car Rental.
Businesses are increasingly recognizing the advantages of using high-end vehicles for corporate events and executive travel. The trend leans towards creating a modern image, and this demand fuels growth. As companies seek flexible and prestigious transportation options, the luxury car rental market responds by offering tailored services. The opportunity lies in aligning with these evolving trends, providing businesses with access to premium vehicles for a range of professional needs, thereby contributing to the overall boost in sales.
In China, the increasing demand for luxury car rentals is closely tied to the nation's booming tourism industry and the escalating focus on environmental consciousness. As China witnesses a surge in domestic and international tourism, individuals seek sophisticated and comfortable transportation options to enhance their travel experiences. The allure of exploring China's diverse landscapes in high-end vehicles contributes to the growing sales in the luxury car rental market. Additionally, leading automobile manufacturers are entering the luxury car rental market in the country, which, in turn, is anticipated to propel the growth of luxury car rental sales. For instance, on February 1, 2020, Toyota Motor launched luxury car rental services for tourists in China by setting up a new company to run their business.
The UK is witnessing a surge in luxury car rentals due to a combination of various factors including the interest of exploring historical landmarks and attractive landscapes in style contributes to increased demand. Additionally, as corporate events and upscale gatherings become more frequent, the need for prestigious transportation has risen, driving the luxury car rental market. Furthermore, leading companies operating in the UK luxury car rental market are introducing new dedicated electric vehicle (EV) luxury car rental online platforms. For instance, on February 10, 2020, Nexus Vehicle Rental, a car rental provider launched a dedicated online platform for electric vehicle (EV) car rental including luxury and non-luxury cars as part of its revamped IRIS V5 rental management system. In addition, this launch has helped the business to meet rising demand for alternatives, cleaner mobility solutions, and provides growth opportunities for players operating in the market.
In India, the increasing demand for luxury car rentals is closely tied to the nation's growing corporate events and business travel, along with the rising influence of social media. As India becomes a prominent destination for corporate activities, there is a heightened need for prestigious transportation options for business events and executive travel. The convenience and sophistication offered by luxury car rentals make them an attractive choice for corporate clients. Leading players operating in the India luxury car rental market are planning to introduce a large fleet of vehicle for self-drive car rental business, which is expected to boost the company’s business significantly.
In the LAMEA region, the charm of luxury and the increase in the number of high-profile events are creating robust opportunities for luxury car rentals. The region's growth in affluent population, coupled with a rise in luxury tourism, contributes to the demand for prestigious vehicles. As individuals seek to make a statement at events or experience the thrill of driving a high-end car, luxury car rental companies have the chance to meet these evolving preferences. By offering tailored services that cater to the specific desires of the market, companies in the LAMEA region can seize opportunities for increased sales and market expansion in the luxury car rental industry.
The luxury car rentals market is segmented by rental type, booking mode, end-user, and region. On the basis of rental type, the market is divided into business, and leisure. By booking mode, it is bifurcated into online and offline. By end-user, it is divided into self-driven, and chauffeur driven. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include Auto Europe, Avis Prestige, Budget Rent A Car System Inc., Enterprise Holdings Inc., Europcar, Hertz Dream Collection, Paddock Rent a Car, Red Fox Luxury Lifestyle Ltd., Sixt Luxury Cars, and Thrifty Car Rental.
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Key Market Segments
By End-User
- Self-driven
- Chauffeur-driven
By Rental Type
- Business
- Leisure
By Booking Mode Type
- Online
- Offline
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Budget Rent A Car System Inc.
- Europcar
- Paddock Rent a Car
- Auto Europe
- Hertz Dream Collection
- Red Fox Luxury Lifestyle Ltd.
- Avis Prestige
- Enterprise Holdings Inc.
- DTG Operations, Inc. (Thrifty Car Rental)
- Sixt Luxury Cars
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: LUXURY CAR RENTAL MARKET, BY RENTAL TYPE
CHAPTER 5: LUXURY CAR RENTAL MARKET, BY BOOKING MODE TYPE
CHAPTER 6: LUXURY CAR RENTAL MARKET, BY END-USER
CHAPTER 7: LUXURY CAR RENTAL MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Budget Rent A Car System Inc.
- Europcar
- Paddock Rent a Car
- Auto Europe
- Hertz Dream Collection
- Red Fox Luxury Lifestyle Ltd.
- Avis Prestige
- Enterprise Holdings Inc.
- DTG Operations, Inc. (Thrifty Car Rental)
- Sixt Luxury Cars
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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