The Japan Car Rental Industry has grown in the last five years even after seeing a drop during the lockdown: Ken Research

The Car Rental Market in Japan saw a dip in the growth rate in 2020 due to the Covid-19 pandemic, but post-pandemic as things have started going back to normal, the industry is expected to bounce back.

Japan Car Rental Market Overview: The Japan Car Rental Market is currently at the growth stage owing to the increase in travel expenditure, rising demand for rental cars, increased internet and smartphone penetration and rising population. Highest share of revenue is generated from organized sector, as most tourists prefer the organized sector as they look for legal documents and certifications of the vehicle to avoid security patrolling for safety measures.

Rising Preference of People: The growing demand for on-demand transportation services is driving the market growth. Increasing vehicle costs, shrinking parking lots, and high auto maintenance costs encourages people to use on-demand transportation services for trips and everyday commuting instead of having their own personal vehicle. As a result, the Car Rental Industry in Japan has grown due to consumers increased preference for on-demand transportation.

Impact of Covid-19 on Japan Car Rental Market: The nationwide growth of car rentals has been hampered by COVID-19's quick expansion. Domestic and international tourism saw a marked decline in 2020 due to travel restrictions and lockdowns, which impacted the car rental market. The nation-wide travel bans and quarantine regulations also had a negative impact on the Car Rental Industry in Japan. In comparison to 2019, the car rental business saw revenues drop by about ~% in 2020. The industry is, however, showing signs of a respectable recovery following the devastating COVID-19 pandemic outbreaks, as the market's revenue has increased by roughly ~% in 2022 compared to 2020.

Analysts at Ken Research in their latest publication "Japan Car Rental Market Outlook to 2027F - By Market Structure (Organized and Unorganized), By Type of Vehicle (Small Cars/ Hatchbacks, Sedans, SUVs and Others) and By Booking Mode (Online and Offline)" observed that Japan Car Rental Market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to increase in travel expenditure, rising demand for rental cars, increased internet and smartphone penetration, rising population and increasing demand from tourists for business and leisure purposes hiring rental cars. The Car Rental Market in Japan is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.

Key Segments Covered

     Japan Car Rental Market:

By Market Structure
Organized market
Unorganized market
By Type of Vehicles
Small Cars/ Hatchbacks
Sedans
SUVs
Others

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By ICE/EV
ICE (Internal Combustion Engine)
Electric Vehicles
By Region
Central
South
North
By Mode of Booking
Online
Offline
By Client
Business
Leisure
By Pick-up
Off- Airport
On-Airport

Key Target Audience

Car Rental Service Providers
Car Rental Companies aiming to establish in the Japan
Japan automotive industries
Government Bodies & Regulating Authorities
Venture Capitalist targeting the car rental market
Automotive industry association
Car Manufacturers
Existing Car Rental Companies
OEM Dealerships
New Market Entrants
Investors
Car Rental Associations

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Time Period Captured in the Report:

Historical Period: 2017-2022P
Base Year: 2022P
Forecast Period: 2022P- 2027F

Companies Covered:

Toyota Rent-a-Car
Nippon Rent-a-Car
Orix Rent-a-Car
Times Car Rental
Nissan Rent-a-Car
Smile Rental Car
NicoNico Rent a Car
JR Rent-a-Car
Sky Rent-a-Car

Key Topics Covered in the Report

Executive Summary
Country Overview of the Japan
Overview and Genesis of Car Rental Market in Japan
Ecosystem of Japan Car Rental Market
Business Cycle of Japan Car Rental Market
Timeline of Major Players of Japan Car Rental Market
Value Chain Analysis of Japan Car Rental Market
Market Segmentations of Car Rental Market in Japan
Snapshots on different Car Rental Markets in Japan
SWOT Analysis of Japan Car Rental Market
Growth Drivers of Japan Car Rental Market
Government regulations of Japan Car Rental Market
Trends and Developments of Japan Car Rental Market
Challenges of Japan Car Rental Market
End User Analysis of Car Rental Market in Japan
Competitive Analysis of Car Rental Market in Japan
Future Outlook and Projections of Car Rental Market in Japan
Analyst Recommendations
Research Methodology

For more information on the research report, refer to below link:

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/japan-car-rental-market-outlook-to-2027/596215-100.html

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