Press release
Philippines car rental market is estimated to grow more than USD 400 Mn by 2027 owing to the increase in internet penetration and adoption of smart phones in the country: Ken Research
There are five markets in this report: Car Rental, Car leasing, Ride Sharing, Ride Hailing and Self Drive. The Philippines car rental market and self-drive market is highly fragmented with Avis and Diamond Rent-a-Car hold the major share respectively. Philippines car leasing market is moderately consolidated and Orix, is the market leader. Philippines ride hailing market and ride sharing market are highly consolidated where Grab is the market leader.
Key Market Findings:
• Leisure travel is estimated to continue being the highest revenue generating segment with the increase in tourism across the country.
• Tourists and Corporate Clients are majority of the customers of the market.
• Players are looking to expand their fleet size to premium cars to offer comfort and luxury to customers.
Online Bookings: With increase in internet penetration and digital adoption in the country, car rental services are shifting to online platforms for direct bookings and confirmations. This makes the entire process hassle-free and contactless.
Unique Business Models: Year-on-Year with the help of technology, unique business models and features are coming up in the market like allowing private car owners to give out their spare vehicles on lease or rent. Ultimately, car rental services are becoming more accessible to customers.
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Increasing Traffic and Congestion in Crowded Areas: The parking issues in urban cities is increasing due to limited space and increase in population, expecting the passengers to use more of ride hailing and ride sharing services.
Increase in Tourism: Lately, the international tourism sector is again increasing in Philippines with more than ~1500% increase in tourist arrivals from 2021 to 2022P. With that, there's only an expectation of the demand to grow in future by tourists.
Analysts at Ken Research in their latest publication "Philippines Car Rental Market Outlook to 2027 - Driven by the increase in tourism and business activities along with deeper internet penetration and adoption of digital services." observed that the Philippines car sharing 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 increased internet penetration and the adoption of smartphones. The Philippines Car Rental Market is expected to grow at robust CAGR over the forecasted period 2022 -2027.
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Key Segments Covered in the report
Philippines car Rental Market
By Type of Booking
• Online market
• Offline market
By Type of Car
• Small Cars(PHP 3500-7500 / Per trip)
• Medium(PHP 3500-7500 / Per trip)
• Luxury(PHP 7500+)
By Purpose
• Leisure
• Business
Philippines Car Leasing Market
By Type of Region
• Manila
• Luzon
• Visayas
• Mindanao
By Time Duration
• 1 year
• 2 year
• 3 year
• 4 or more year
By Vehicle Price Range
• Sedan(PHP 20000-35000
• SUV(PHP 35000-50000)
• Premium(PHP 50000+)
By Type of End User
• Corporate
• Retail Individuals
Philippines Ride Hailing Market
By Type of Region
• Metropolitan
• Non Metropolitan
Philippines Ride Sharing Market
By Point of Service
• Rest Area
• At Airport
By Type of Car
• Sedan
• SUV
By Type of Distance
• Short distance
• Long distance
Philippines Self-Drive Car Rental Market
By Type of Region
• Metro cities
• Non metro cities
By Type of Booking Channel
• Online
• Offline
By Usage
• Intercity
• Intracity
By Time Period
• 1-2 days
• A week
• A month
By Type of Car
• Standard (PHP 1500 + / per hour)
• Luxury (PHP 1000-4000/24hours)
By Type of Booking Period
• Weekend
• Weekdays
By Segment of Car
• Standard
• luxury
By Status of Ownership
• Owned
• Leased
By Point of Service
• At Airport
• Rest area
Key Target Audience
• Car Rental Service Providers
• Car Rental Companies aiming to establish in the Philippines
• Philippines 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
Time Period Captured in the Report:
• Historical Period: 2017-2022
• Base Year: 2022
• Forecast Period: 2022-2027
Companies Covered:
Car Rental
• Diamond Rent-a-Car
• Luxicar
• Voyg
• Rent a Car ECLPI
• Avis
• Hertz
• SafeRide
Self-Drive
• Europcar
• Thrifty
• Juzzr Car Rental
• Hertz
• Voyg
• SafeRide
• VPI
Ride Hailing
• Grab
• JoyRide
• Hirna
• Maxim
Ride Sharing
• Grab
• Hirna
Car Leasing
• Orix
• Avis
• Diamond Rent-a-Car
• Europcar
• Herts
• ECLPI Rent a Car
Key Topics Covered in the Report
• Overview and Genesis of Car Rental Market in Philippines
• Ecosystem of Philippines Car Rental Market
• Business Cycle of Philippines Car Rental Market
• Timeline of Major Players of Philippines Car Rental Market
• Value Chain Analysis of Philippines Car Rental Market
• Philippines Car Rental Market Sizing, 2017- 2022
• Market Segmentations of Car Rental Market in Philippines
• Snapshots on different Car Rental Markets in Philippines
• Industrial Analysis of Car Rental Market in Philippines
• Competitive Analysis of Car Rental Market in Philippines
• Future Outlook and Projections of Car Rental Market in Philippines
For More Insights On Market Intelligence, Refer to the Link Below: -
https://www.kenresearch.com/industry-reports/philippines-car-rental-market
Related Reports by Ken Research: -
Vietnam Car Rental Market Outlook to 2027F
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/vietnam-car-rental-market-outlook-to-2027/596323-100.html
Belgium Car Rental Market Outlook 2027F
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/c-outlook-2027/596237-100.html
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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.
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