The feeling of traveling from one place to another in a car designed for your ultimate satisfaction and comfort is incomparable. When you view exotic cars, you can easily conclude that the manufacturer spared no cost when designing them. The dream of riding in a luxury vehicle is an allure that a lot of people crave. However, only a few can satisfy it.
Some people desire to drive luxury cars because of the feel of the engine, while others love them due to their outstanding design. Irrespective of your reason for desiring riding in an exotic vehicle, luxury car rentals can give you the privilege to drive the exotic car of your dreams, without necessarily purchasing one.
In recent years, the luxury car rental market has been rapidly developing, driven by the growing demand for exotic vehicles among the growing affluent population. Let us now discuss what to anticipate from luxury car rentals in 2024.
Major Market Insights
The luxury vehicle rental market has been fast developing recently, and the market is projected to grow at a CAGR of 8.2% from 2021 to 2028. The growing trend of rising disposable sources of income, increasing tourism activities, and experiential travel are some of the major factors causing the market growth.
In other words, the exotic vehicle rental market is projected to grow from USD 11.6 billion in 2021 to USD 19.7 billion by 2028, at a CAGR of 8.2% during the period of forecast. The market is also expected to obtain benefits from the growing fame of exotic car rental services among millennials and the increasing demand for ecologically friendly luxury vehicles.
With the market drivers being the increasing demand for eco-friendly exotic vehicles and the growing trend of exponential travel, amongst other drivers that have earlier been stated, the following are the market restraints:
- Limited availability of luxury vehicles in certain regions
- High competition from local players
- High cost of exotic cars
Market Opportunities
- Growing demand for exotic electric vehicles
- The increasing popularity of self-drive exotic car rental services
- Growing demand for exotic vehicle rental services in rising economies
Market Dynamics
The luxury vehicle rental market is very dynamic and competitive, with various players vying for a share of the market. The market features the presence of both regional and global players who provide a wide range of exotic cars to clients.
Bear in mind that the growing demand for exotic cars among the rising affluent population is a major driver of the market growth, and the market is expected to obtain benefits from the rising trend of experiential travel, among others.
Regional Analysis
The exotic vehicle rental market has been segmented into Asia-Pacific, Europe, North America, and the rest of the world. North America is expected to have dominion in the market during the forecast period, as a result of the high demand for luxury vehicles in the region.
Furthermore, Europe is expected to witness apparent growth, driven by the growing fame of luxury vehicle rental services among millennials. Also, Asia-Pacific is projected to rise as a lucrative market, due to the growing demand for exotic cars in the region.
Competitive Landscape
As earlier stated, the exotic car rental market is very competitive, with various players having an eye on market share. Meanwhile, the target of the players is the expansion of their product portfolios, widening their geographical presence to gain a competitive edge in the market, as well as going into strategic partnerships.
Segmentation
The luxury vehicle rental market has been segmented according to the region, type of rental, and end-user. According to the kind of rental, the market has been segmented into chauffeur-driven and self-driven rentals. The segment of chauffeur-driven rental is expected to take over the market during the forecast season, due to the growing demand for luxury vehicles for special events, business trips, and weddings.
Based on end-users, the market has been segmented into corporate and individual. The individual segment is expected to take charge of the market as a result of the growing demand for luxury vehicles among the developing affluent population.
Category-Wise Insights
According to the kind of luxury vehicles, the rental market has been segmented into sedans, sports cars, SUVs, and others. The segment of SUV is projected to rule the market, due to the rising demand for luxury SUVs among clients. The sports car segment is also expected to see apparent growth, driven by the growing fame of high-performance sports vehicles among enthusiasts.
Future Outlook of the Luxury Car Rental Market
The exotic car rental market is projected to continue its growth trajectory during the forecast season, driven by the growing demand for luxury vehicles among the rising affluent population. Moreso, the market is expected to experience major growth in rising economies, due to the growing demand for exotic car rental services in various regions.
However, the players functioning in the rental market need to ensure that they concentrate on increasing their product portfolios and providing ecologically friendly exotic vehicles, so as to gain a competitive edge in the market.
The Future of Travel In Style
Luxury car rental can be described as the renting of sophisticated premium vehicles to clients for a limited period. It provides customers the liberty of utilizing luxury cars for unique occasions, leisure travel, business trips, and weddings.
You can rent many vehicles you may otherwise not be able to drive, and hiring those cars is an exciting way to experience them without buying them.
Although hiring an exotic vehicle involves extra logistics, the procedure is not specifically challenging, especially if you carry out your research well regarding the rental company you intend to patronize, the kind of car you wish to hire, as well as the car rental insurance.
It does not matter whether you are traveling for pleasure or business, selecting the appropriate luxury car rental will enable you to ride in style and comfort.
