The leisure segment is anticipated to exhibit the highest compound annual growth rate (CAGR) during the forecast period. Consumers want access to luxury cars rather than buy and own them, and they prefer to pay for the privilege of using them momentarily. This desire is expected to drive the growth of the luxury car rental market. For example, a few years ago, the percentage of new Hyundai, Ford, Kia and GM cars leased rather than bought was negligible, but now it stands at least 20 percent, according to research by J.D. Power & Associates. These factors are expected to drive the growth of the leisure segment during the forecast period.
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The online segment is expected to capture the largest market share due to high demand from consumers, especially those from the Millennial generation.
Based on the mode of booking, the market is segmented into online and offline.
The online segment is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. The online segment is gaining popularity among young consumers. The consumer has at his disposal a wide range of luxury cars to choose from through the online booking option. In addition, this type of car makes it easy to book 24/7 and be available all year round. It allows users to compare prices flexibly and provides information on the availability of luxury cars, conditions and associated offers, without the need for face-to-face consultation. The online booking system also allows business owners to easily manage all bookings. Bookings made online are recorded and handled directly. Therefore, technological advancements and increasing internet penetration among shoppers will drive the growth of the online segment.