12.08% CAGR growth by 2023 in Tourism Vehicle Rental Market| Major Vendors - CARZONRENT, EASYCAR, EUROPCAR, HERTZ, AVIS, EUROPE LUXURY CAR HIRE, KEMWEL, SIXT, ZOOMCAR, AUTOEUROPE, amongst others.

Market Analysis:

Asia-Pacific to Grow at Fast Rate

United States is the leader in the tourism vehicle rental market, but the market is saturated and will post modest gains. The major growth is expected to come from Asia-Pacific countries like Vietnam, Philippines, India, and China where tourism is expected to grow sharply.

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With increasing, environmental pollution vehicle rental players are considering electric vehicles are an ideal solution for the tourist industry. They are anticipated to play an important role in minimizing the greenhouse emissions by a significant percentage provided all the rental vehicles are converted to electrical vehicles. The already existing electrical vehicles for tourists can be fully utilized by them by increasing the awareness about their presence. The rental market for luxury vehicles will grow at the fastest pace during the forecast period due to increased travel budgets of tourists around the world. The entry of established players in the market has resulted in strong growth, as tourists are familiar with these global brands and are, therefore, more willing to choose this option.

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Market Segments:
Tourism Vehicle Rental Market is segmented by:
1. Vehicle Type: Budget, Mid-Level, Luxury
2. Booking Mode: Online, Offline
3. End User: Self Driven, Rental Agencies
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in Market:
• January 2018: North Carolina Hopes to Lure u2018EV Tourists' with Rural Charging Stations. North Carolina decides whether to spend $13.8 million on charging infrastructure from a settlement with Volkswagen for producing illegally-polluting vehicles.
• March 2018: Tourism Ireland has welcomed the announcement by Hainan Airlines of its new flight from Beijing to Dublin, commencing on 12 June 2018. This is the first ever flight from Mainland China to Ireland and will help to significantly boost tourism from China to Ireland.

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