The Mexico car rental market consists of companies providing car rental services for both leisure travelers as well as business trips. Rental cars provide flexibility and convenience of travel to individuals. Key services offered include hourly/daily rentals, chauffeur-driven services, rentals for one-way trips and partnerships with hotels.
The global Mexico Car Rental Market is estimated to be valued at US$ 1220.02 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of online service reservations is one of the key trends driving growth of the Mexico car rental market. Customers now prefer booking rental cars online due to convenience offered as compared to traditional phone bookings or counter reservations. Online reservations allow customers to compare rates, read reviews and choose from a variety of rental cars from the comfort of their homes or any place with internet access. This has significantly boosted overall demand and efficiency in the industry. Various players are focusing on enhancing their online platforms and mobile apps with advanced features like instant bookings and customized services to attract more customers and gain competitive edge in the market. This shift towards digitalization and online service model is expected to continue during the forecast period.
Segment Analysis
The Mexico car rental market can be segmented by vehicle type, into economy cars, compact cars, and luxury cars. The economy car segment dominates the market as economy cars are affordable and budget-friendly for customers. This segment accounts for over 35% of the total market share owing to increasing preference for economic and fuel-efficient vehicles among customers.
Key Takeaways
The global Mexico car rental market is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is US$ 1220.02 Mn.
Regional analysis: The central region of Mexico accounts for the largest market share currently. Mexico City being the capital and a major tourist destination experiences high demand for rental cars. Moreover, growing industrialization and business travel in cities like Querétaro, Toluca, and Puebla have boosted the car rental business in the central region.
Key players: Key players operating in the Mexico car rental market are National Car Rental, EUROPCAR GROUP S.A, MEX Rent a Car, Budget Rent A Car System Inc., Fox Rent A Car, Thrifty Car Rental Inc., THE HERTZ CORPORATION, Sixt SE, Avis Budget Group Inc., and Alamo. National Car Rental dominates the market due to its wide network and service portfolio catering to economy as well as luxury car rentals.
For more insights, read- https://www.ukwebwire.com/mexico-car-rental-market-trends-size-and-share-analysis/
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