Mexico Car Rental Market Analysis By Manufacturers Hertz , Sixt SE, Avis Budget Group, Alamo, National Car Rental, Europcar Group S.A., MEX Rent a Car

Car rental is a platform that offers renting vehicles/automobiles for specific periods, ranging from hours to a few weeks. This service is served by car rental agencies to the people who require a vehicle for the temporary and do not want to own a car. Car rental the agency also serves to the self-moving industry needs, by renting the vans, trucks, motorcycles or scooters. Along with the basic rental service, car rental agencies also serve value-added products such as global positioning system (GPS) navigation systems, insurance, mobile phones, entertainment systems, portable WiFi etc.

Market Estimates:

The Mexico car rental market is estimated to account for US$ 1,625 Mn in terms of value by the end of 2019.

Drivers:

Improving living of standard in Mexico and rising number of a manufacturing unit in the country is creating more employment which in turn resulting in increased disposable income. This has resulted in a rising number of trips by leisure travelers to leisure destinations is leading raise the demand for car rental service. Therefore, this is projected to propel the market growth of car rental in the Mexico. Moreover, the strong presence of major players such as Hertz, Avis, Alamo, Budget, Thrifty etc. in the country is also projected to boost the market growth.

Regional Insights:

Mexico City dominated the Mexico car rental market in 2018, accounting for 30.4% share in terms of value, followed by Cancun and Guadalajara, respectively.

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Mexico Car Rental | Coherent Market Insights

Market Restraints

The business is likely to get affected by various economic factors such as level of economic activity in the industry in which the player. Moreover, for a car rental agency, reduction in economic activity can results in decline both in business and leisure travel and ultimately a reduction in the volume of car rental service. Furthermore, car rental service can reduce the rate due to competitive pressure, which is projected to hamper market growth.

Market Opportunities

The advent of new business models has presented lucrative growth opportunities to the car rental services industry. For instance, the aggregator model offer rental companies to connect with actual car owners; this eases the renting process, and also add significantly benefits of cost and reduce the risk of in term of investment compared to the old business model which was followed by most of the car rental companies. Therefore, the rising introduction of advance approach for car rental agencies is expected to fuel the market growth over the forecast period.

Introduction of electric vehicle and Hybrid Vehicles due to rising implementation of strict emission regulations in order to reduce pollution is encouraging the transport companies to add electric and hybrid vehicles in their services. However, demand for these vehicles are currently low in the region, but it is projected to rise significantly over the forecast timeframe. Therefore, rising introduction of electric and hybrid vehicles is projected to offer immense growth opportunities to the market of car rental.

Mexico Car Rental | Coherent Market Insights

Segment Analysis:

Economy car segment was valued at US$ 378.4 Million in Mexico car rental market in 2018 and is expected to register a CAGR of 8.6% between 2019 and 2027.

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