Luxury Car Rental Market Research Report — Global Forecast till 2032

Luxury Car Rental Market Research Report Information By Rental Type (Business, and Leisure), By Booking Mode (Online, and Offline) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/AM/12520-HCR | 128 Pages | Author: Swapnil Palwe | February 2024         

Global Luxury Car Rental Market Overview


Luxury Car Rental Market Size was valued at USD 30.2 Billion in 2022. The Luxury Car Rental market industry is projected to grow from USD 32.62 Billion in 2023 to USD 60.37 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2023 - 2032). Digitization of the luxury car rental booking, payment, and management processes are the key market drivers boosting the expansion of the market.


Luxury Car Rental Market Overview


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Luxury Car Rental Market Trends




  • Increasing Amount of Air Travelers is driving the market growth




Market CAGR for luxury car rental is being driven by the increasing amount of air travelers. Services for hiring luxury cars include doing so for travel or business. Globally, people's standards of living have increased in tandem with population growth. The growing need for comfort, luxury, and upholding high standards has led to an expansion in the market for luxury car rentals. Hiring a car allows one to travel to their location without having to drive because these vehicles are chauffeur driven. The upcoming years will see a surge in this new rental business because of its many advantages, which include decreased traffic, lower air pollution, increased convenience when traveling, and economical methods.


The demand for automobile rental services at airports is expected to increase due to an increase in air travel due to falling airfares, rising disposable income, and the developing leisure and tourism industry throughout developed and emerging economies. Additionally, companies are growing internationally, which has an impact on the rise in business travel. The demand for luxury executive cars in the car rental sector is therefore rising due to the changing demographics of corporate or business travelers. Globally, this market is growing at a very quick pace. Through enhancing their operational effectiveness and implementing novel automated technologies, all industry players provide superior offerings and incentives to augment reservations. One of the automated technologies that is currently popular is digitization, which is having a big impact on all industry sectors, including the rental car sector.


Luxury passenger cars and charter cars with features like real-time feedback, vehicle tracking, and rating for end users are included in demand-responsive transport services. It is now simpler to locate luxury vehicles and compare costs with the many car rental businesses thanks to a plethora of mobile applications. Furthermore, as a result of digitalization, rental businesses have changed to become more profitable while enhancing client satisfaction. Software for managing rental cars is used by these companies to enhance customer service and streamline business processes. Additionally, operational efficiency is increased and management chores are decreased with automobile rental management software.


For instance, Global air travel could double to 8.2 billion people by 2037, according to an estimate made by the International Air Transport Association (IATA) in October 2018. Thus, result in driving the Luxury Car Rental market revenue.


Luxury Car Rental Market Segment Insights:


Luxury Car Rental Type Insights


The Luxury Car Rental Market segmentation, based on Rental Type includes Business, and Leisure. The business segment dominated the market. For many years, the majority of government and private companies have rented expensive cars to their top executives. Based on the employees' annual advancement and classification, the corporations change the cars that are rented to them. While enabling the executives to use these opulent vehicles for meetings and client trips, it also helps the company avoid having to add fixed assets and inventory costs.


Figure1: Luxury Car Rental Market, by Rental type, 2022&2032 (USD Billion)


Luxury Car Rental Market, by Rental type, 2022&2032


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Luxury Car Rental Booking Mode Insights


The Luxury Car Rental Market segmentation, based on Booking Mode, includes Online, and Offline. The online category generated the most income. The online market is becoming more and more popular with younger customers. The online booking option offers the customer a large selection of premium vehicles to pick from. Additionally, year-round availability and 24/7 booking are made possible by these autos.


Luxury Car Rental Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Luxury Car Rental market area will dominate this market. The demand for car rentals surged above pre-pandemic levels as the countries resumed travel and the markets opened up again.


Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.


Figure2: LUXURY CAR RENTAL MARKET SHARE BY REGION 2022 (USD Billion)


LUXURY CAR RENTAL MARKET SHARE BY REGION 2022


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Europe Luxury Car Rental market has the second-largest portion of the market. This is because the area is well-known for its tourism attractions and jobs. Further, the German Luxury Car Rental market had the biggest market share, and the UK Luxury Car Rental market was the European market with the quickest rate of growth.


The Asia-Pacific Luxury Car Rental Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. Another factor contributing to the growth is the rising number of billionaires in Asia Pacific. Moreover, China’s Luxury Car Rental market had the biggest market share, and the Indian Luxury Car Rental market was the Asia-Pacific region's fastest-growing market.


Luxury Car Rental Key Market Players& Competitive Insights


Leading market players are making significant investments in R&D to broaden their product ranges, which will contribute to the growth of the luxury car rental sector. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Luxury Car Rental industry must provide reasonably priced goods.


One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global Luxury Car Rental industry to help customers and expand the market segment. In recent years, the Luxury Car Rental industry has provided some of the biggest benefits to medicine. Major players in the Luxury Car Rental market, including Sixt (Germany), Enterprise Holdings (U.S.), Movida (Brazil), Hertz (U.S.), Avis Budget Group (U.S.), Localiza (Brazil), Car Inc. (China)., Europcar Mobility Group (France), and others, are engaging in research and development activities in an effort to boost market demand.


Avis Budget Group is based in Parsippany, New Jersey, and operates rental cars. Avis Car Rental, Budget Rent a Car, Budget Truck Rental, Payless Car Rental, and Zipcar are just a few of the brands that it is the parent business of.  The business also manages a number of smaller, regional brands, such as TurisCar, TurisPrime, Maggiore Group, AmicoBlue, France Cars, ACL Hire, and Apex Car Rentals. It is one of the three major holding companies for rental cars in the US. It was trailing both Hertz Global Holdings and Enterprise Holdings in 2021 with a 26% market share.


Founded in Paris in 1949, Europcar Mobility Group is a French automobile rental firm. The headquarters of the holding company, Europcar Group S.A., are located in Voisins-le-Bretonneux (Saint Quentin en Yvelines), France, in the Val Saint-Quentin industrial park. Currently, Europcar is present in 140 nations in Western Asia, Africa, North America, and Europe. Green Mobility Holding, S.A., a group headed by the Volkswagen Group, Attestor, and Pon Holdings, has been the owner of Europcar since July 2022. The Europcar recreational rental sub-brand is called Keddy.


Key Companies in the Luxury Car Rental market include



  • Avis Budget Group (U.S.)

  • Sixt (Germany)

  • Enterprise Holdings (U.S.)

  • Movida (Brazil)

  • Hertz (U.S.)

  • Localiza (Brazil)

  • Europcar Mobility Group (France)

  • Car Inc. (China)


Luxury Car Rental Industry Developments


July 2022: Starr Luxury, Ikenna Ordor's luxury car rental brand, has announced its U.S. expansion. Major cities like Los Angeles, Miami, Houston, Atlanta, and Austin were the places where it declared the beginning of its operations.


July 2022: Uber Comfort Electric, the company's premium electric vehicle service, has announced plans to expand into additional US cities, including Portland, Seattle, Las Vegas, Denver, Austin, Baltimore, and Philadelphia.


December 2021: Ajman Public Transport Authority (APTA) has declared that car rentals are now available in order to fulfill the Emirate's Vision 2021 of assisting federal institutions in creating a fair and all-encompassing transportation network.


Luxury Car Rental Market Segmentation:


Luxury Car Rental Rental type Outlook



  • Business

  • Leisure


Luxury Car Rental Booking Mode Outlook



  • Online

  • Offline


Luxury Car Rental Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size2022 USD 30.2 Billion
Market Size 2023 USD 32.62 Billion
Market Size2032 USD 60.37 Billion
Compound Annual Growth Rate (CAGR) 8.00% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Rental type, Booking Mode, and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil
Key Companies Profiled  Enterprise Holdings (U.S.), Sixt (Germany), Movida (Brazil), Hertz (U.S.), Avis Budget Group (U.S.), Localiza (Brazil), Car Inc. (China), Europcar Mobility Group (France),
Key Market Opportunities ·       Growing Air Traveler Population to Drive Market Growth
Key Market Dynamics ·       Digitization of the Luxury Car Rental Booking, Payment, and Management Processes to Drive Market Growth




Frequently Asked Questions (FAQ) :

In 2022, the size of the Luxury Car Rental Market was estimated to be USD 30.2 billion.

From 2023 to 2032, At a CAGR of 8.00%, the global market is anticipated to rise.

North America held the most market share worldwide.

The leading companies in the industry include Hertz (USA), Movida (Brazil), Avis Budget Group (USA), Sixt (Germany), Enterprise Holdings (USA), Localiza (Brazil), Europcar Mobility Group (France), and Car Inc. (China).

In 2022, the market was dominated by the Business category.

The global market's largest share belonged to the online segment.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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