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Major Growth Driver Identified in 2025 Luxury Tourism Vehicle Rental Market: Rise In Global Tourism Fueling The Growth Of The Market Due To Increasing Demand For Premium Travel Experiences
Luxury Tourism Vehicle Rental
Luxury Tourism Vehicle Rental Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for luxury transportation rental service within the travel sector has shown a robust growth trend in the past years. Projections suggest that it will expand from a size of $19.96 billion in 2024 to reach a scale of $21.57 billion by 2025, with an 8.1% compound annual growth rate (CAGR). Factors contributing to historical growth include urban expansion and formation of metropolitan regions, an escalating awareness and reputation of premier vehicle brands, increasing usage of smartphones and associated vehicle-booking applications, a rising trend in deluxe events like weddings and social gatherings that require upscale transport, in addition to an enhanced focus on top-tier customer service and a luxurious travel experience.
Luxury Tourism Vehicle Rental Market Size Forecast: What's the Projected Valuation by 2029?
The market for luxury travel vehicle rentals is projected to witness impressive expansion in the upcoming years, swelling to a size of $29.05 billion in 2029 with a 7.7% compound annual growth rate (CAGR). Factors contributing to this growth during the forecast period include enhanced worldwide disposable income and wealth, growing preference for superior and tailored travel experiences, the flourishing luxury tourism and top-tier travel sectors, an increase in international tourists opting for premium transportation and a rising trend towards hiring luxury vehicles with chauffeurs. Predicted trends in the forecast period consist of better digital platforms, superior vehicle safety features captivating high-end clients, the advent of inclusive travel packages coupling luxury vehicles with tours, improved GPS and navigation technologies for travel convenience, and the provision of adaptable rental plans and flexible booking options.
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What Are the Drivers Transforming the Luxury Tourism Vehicle Rental Market?
The luxury tourism vehicle rental market is projected to expand due to a surge in global tourism. Defined as the act of traveling and residing in areas outside one's customary surroundings for leisure, business, or other reasons, tourism's growth is primarily tied to the increasing accessibility and affordability of air travel. This has made international locations more accessible to a wider demographic, resulting in greater demand for upscale travel experiences. This includes luxury tourism vehicle rentals, which offer comfort, exclusivity, and convenience to travellers. For example, the World Tourism Organization, a Madrid-based specialized body, reported that about 975 million international tourists journeyed between January 2023 and September 2023, marking a 38% increase from the corresponding period in 2022. As such, the global tourism upswing is expected to stimulate the further development of the luxury tourism vehicle rental market.
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What Long-Term Trends Will Define the Future of the Luxury Tourism Vehicle Rental Market?
Key operators in the luxury tourism vehicle rental market, such as Avis Australia, are focusing on expanding their enterprises to achieve economies of scale. This expansion strategy is characterised by increased operations, wider market penetration and broadening product or service offerings to bolster market presence and profitability. In June 2022, Avis Australia, an Australian car hire company, established their high-end luxury rental brand, Avis Prestige. It offers an array of luxury vehicles, including but not limited to, models such as the Lamborghini Huracan, Rolls-Royce Ghost, McLaren 570S, Ferrari 488, and the Bentley Continental GT, providing customers with the option to hire sports cars, supercars, and premium luxury vehicles. This addition enhances the Avis Signature Series, Avis's existing premium rental line featuring Mercedes and BMW cars. Avis Prestige enhances customer satisfaction by offering delivery and pick-up at a location of the client's choosing.
Which Segments in the Luxury Tourism Vehicle Rental Market Offer the Most Profit Potential?
The luxury tourism vehicle rental market covered in this report is segmented -
1) By Vehicle Type: Luxury Cars, Sport Utility Vehicle, Limousines, Vans, Other Vehicle Types
2) By Booking Mode: Online, Offline
3) By Rental Duration: Short-Term, Long-Term
4) By End-User: Leisure Travelers, Business Travelers, Other End Users
Subsegments:
1) By Luxury Cars: Sedans, Coupes, Convertibles, Cabriolets, Roadsters
2) By Sport Utility Vehicle (SUV): Luxury Compact Sport Utility Vehicle, Luxury Mid-Size Sport Utility Vehicle, Luxury Full-Size Sport Utility Vehicle, Luxury Crossovers
3) By Limousines: Stretch Limousines, Sport Utility Vehicle Limousines, Hummer Limousines, Classic Limousines
4) By Vans: Luxury Passenger Vans, Luxury Minivans, Executive Vans
5) By Other Vehicle Types: Motorhomes, Private Jets, Yachts, Helicopters
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Which Firms Dominate the Luxury Tourism Vehicle Rental Market by Market Share and Revenue in 2025?
Major companies operating in the luxury tourism vehicle rental market are Europcar Selection, Beverly Hills Rent-A-Car, Turo Inc., Mackie Luxury Car Rental, Avis Prestige, Hertz Dream Cars, Dream Luxury Car Hire, Enterprise Exotic Car Collection, Sixt Luxury Cars, LUXURY RENTAL CARS, Prestige Car Hire Ltd, Blue Chip Car Hire, The Ultimate Drive, Porsche Drive, Los Angeles Luxury Rentals, Car Hire Marbella, Luxury & Exotic Car Rentals, VIP Luxury Car Hire, Supercar Experiences, Exotic Car Rental Miami
Which Regions Offer the Highest Growth Potential in the Luxury Tourism Vehicle Rental Market?
North America was the largest region in the luxury tourism vehicle rental market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury tourism vehicle rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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