Luxury Car Rental Market Size to Grow Astonishingly by 2027; Fueled by Rising Concerns of Traffic Congestion to Drive Growth, Says Fortune Business Insights™

Top companies covered in the luxury car rental market are Aviz Budget, Goldcar, Enterprise Holdings, Hertz, Localiza, Sixt, Fox Rent a Car, Movida, Unidas, eHi car Services, and other key players

Pune, Nov. 05, 2020 (GLOBE NEWSWIRE) -- The global luxury car rental market is set to gain impetus from the increasing standard of living of people, as well as the rising demography. Fortune Business Insights™ presented this information in an upcoming report, titled, Luxury Car Rental Market Size, Share & Industry Analysis, By Rental Type (Business, Leisure), By Booking Mode Type (Online, Offline) and Regional Forecast 2020-2027.” The report further states that the rising urge to meet high standards and the rising demand for greater comfort would affect the growth of the market for luxury car rental positively.

The outbreak of the COVID-19 pandemic has affected a wide range of companies across the globe. Unless a vaccine is invented, we don’t know till how long this grave situation will persist. Healthcare institutes and clinics across the globe are falling short of beds for coronavirus positive patients. Our elaborate research reports will help you in better understanding the present scenario. Our team of highly skilled analysts has created a few vital strategies to help you regain business confidence and combat this pandemic.

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List of Top players Profiled in Luxury Car Rental Market are:

  • Aviz Budget
  • Goldcar
  • Enterprise Holdings
  • Hertz
  • Localiza
  • Sixt
  • Fox Rent a Car
  • Movida
  • Unidas
  • eHi car Services
  • Other key market players

Drivers & Restraints

Increasing Travel & Tourism Business Worldwide to Boost Growth

The rising concerns regarding traffic congestion backed by the increasing number of vehicles on roads is set to boost the luxury car rental market growth worldwide. Besides, the flourishing travel & tourism business in various countries, as well as increasing air pollution would accelerate growth. People nowadays are inclining rapidly towards luxury car rentals instead of purchasing their own cars owing to the rising traffic problems and its effects on health.

As these cars are chauffeur driven, one doesn’t have to take the effort to drive them to reach their destination. They also have several benefits, such as cost-effectiveness, greater traveling convenience, reduction in traffic volume, and low air pollution level. At the same time, hiring or renting a car helps in lowering multiple hidden costs that the owner often has to provide while owning a car. However, in emerging nations, the lack of awareness regarding luxury car rental services may hinder demand.

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Key Points Covered in This Research:

  • Business Opportunities
  • Commerce Challenges
  • Demand Insights
  • CAGR Values
  • Historic Analysis
  • Detailed Segmentation
  • Top Companies Data
  • Market Size
  • Supply Trend
  • Target Audience

Regional Analysis

North America to Remain at Forefront Stoked by Rising Technological Advancements

North America is expected to generate a significant luxury car rental market and retain its leading position in the coming years backed by the rising technological advancements in the region. Also, the presence of various renowned luxury car rental service providers in the region would spur growth.

Asia Pacific, on the other hand, is anticipated to remain in the second position in the coming years owing to the increasing craze of luxury cars in the region. In addition to that, the rising adoption of state-of-the-art technologies and higher production of passenger cars would augment growth in this region.

Key Questions Answered:

  • Why Choose Fortune Business Insights?
  • What are the key demands and trends shaping the market?
  • What are the key opportunities in the market?
  • What are the key companies operating in the market?
  • Which company accounted for the highest market share?
  • What is the market size and growth rate of the global and regional market by various segments?
  • What is the market size and growth rate of the market for selective countries?
  • Which region or sub-segment is expected to drive the market in the forecast period?
  • What Factors are estimated to drive and restrain the market growth?

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Competitive Landscape

Key Players Focus on Acquisition Strategy to Gain a Competitive Edge

The global market houses a large number of small and medium enterprises (SMEs) that are striving persistently to strengthen their positions by acquiring other local firms. Some of the others are helping ordinary people to list their cars up for rent and generate income.

Below are the two latest industry developments:

  • October 2020: RYDE, an innovative online and mobile luxury car rental platform acquired BookAclassic, a reputed online booking portal based in London. It will help the former to transform the car-sharing marketplace.
  • October 2020: MPH Club, a luxury car rental company headquartered in Florida has started enabling ordinary people to list their cars for rent. It is strengthening its position in this type of service as Miami is a popular vacation destination welcoming new customers on a daily basis.

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