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Luxury car rental services include renting luxury cars for business or leisure purposes. Globally, with the rising demography, the standard of living of the people has also increased. The surge in demand for comfort, luxury, and urge to meet high standards is leading the growth of the luxury car rental market.
Furthermore, owing to the increased number of vehicles with growing traffic congestion, growing travel and tourism business, rising air pollution are the main reasons for the growth of the luxury car rental market across the globe. People are moving towards rental cars than buying private cars with rising traffic problems and its adverse health effects.
By hiring a car, one does not need to drive to reach the desired destination, as these cars are chauffeur driven. This new rental service is expected to boom in the coming years owing to its various benefits such as the reduction in traffic volume, curbing air pollution level, greater traveling convenience, and cost-efficient means. Renting or hiring a car reduces the hidden cost that the owner has to incur when owning a car, as well as maintenance and responsibility.
Key Market Driver -
Surge in the demand for luxury, comfort, rising pollution and rise in traffic congestion is driving the growth of the market.
Key Market Restraint -
High rental cost, deposits and lack awareness among people in emerging countries can hinder the growth of the market.
The luxury car rental market has been segmented by rental type, by booking mode type, and by region By rental type, the market is further segmented into business rental and leisure rental. The business rental services are widely used by individuals or groups of people for traveling for meetings, seminars, conferences, and even in regular workplaces. The leisure rental cars are used for weddings, occasions, outings, parties, or road tripping with friends or family.
By booking mode type, there are two ways to book a luxury rental car that is by online method or offline method. The online booking method is expected to hold the largest market share of the luxury car rental market owing to advancement in technology, development in internet connectivity, smooth and precise operating apps, one-clink booking procedures, and time-saving method.
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Geographically, the luxury car rental market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. North America has a significant share in the global luxury car rental market and is expected to dominate the luxury car rental market in the forecast period owing to major luxury car companies in this region, and advancement in technology. The Asia Pacific is the second-largest market of luxury car rental across the globe owing to its high production of passenger cars, adoption of technology, rise in the standard of living, and growing craze for luxury cars in this region.
By Rental Type
By Booking Mode Type
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