DUBLIN--(BUSINESS WIRE)--The "Global Tourism Vehicle Rental Market - Analysis of Growth, Trends Progress and Challenges (2016 - 2021)" report has been added to Research and Markets' offering.
The Global Tourism Vehicle Rental Services Market is expected to grow at a CAGR of 12.08% during 2016-2021.
Vehicle Rental services are relatively developed in the industrialized economies and have been around for a long time. More importantly, the general public is comfortable with the concept, and because of proper procedures and insurance, there is little risk for the vehicle rental vendor. Previously, in the emerging economies, there existed several regulations, and high security deposit needed to be given by the customer to take a vehicle on rent. The market was also highly unorganized and was not regulated. Tourists who have little idea about the local conditions, need clarity and uniform rules that were not present earlier and was impeding the growth of the market But in the new decade, this sector, because of the entry of global brands into the emerging economies, has boomed. The entry of established players in the market has resulted in strong growth, as tourists are familiar with these global brands and would be more willing to choose this option.
With a total vehicle fleet size in excess of 2 million, United States is the leader in the tourism vehicle rental market, but the market is saturated and will post modest gains. The major growth will come from Asia Pacific countries like Vietnam, Philippines, India and China where tourism is expected to grow sharply. Organized vehicle rental services are still in the nascent stage in the emerging economies and offer big opportunities for growth. Tourism sector in Iran is expected to boom, following the lifting of sanctions. Iran has a rich cultural heritage and important monuments and tourist destinations, and the number of foreign tourists is expected to rise exponentially. The local vehicle rental market is underdeveloped, and it offers players tremendous opportunities.
The rental market for luxury vehicles will grow at the fastest pace, due to increased travel budgets of tourists around the world. Also tourists from developed nations and emerging markets who are increasingly exploring new destinations, prefer to rent luxury and high end cars, which will boost the market for these cars.
- Europe Luxury Car Hire
Key Topics Covered:
2. Executive Summary
3. Market Overview And Trends
4. Market Dynamics
5. Tourism Vehicle Rental Industry Market, By Vehicle Type
6. Tourism Vehicle Rental Industry Market, By Booking Mode
7. Tourism Vehicle Industry Market, By Booking Mode
8. Competitive Landscape
9. Key Vendor Analysis (Overview, Products & Services, Strategies)
10. Future Outlook Of The Market
For more information about this report visit https://www.researchandmarkets.com/research/6scrcs/global_tourism