Luxury Car Rental Market to Grow Significantly Due to Rise in Consumer Disposable Incomes

The global luxury car rental market size is anticipated to show strong advancement by reaching USD 65.42 billion by 2029. Fortune Business Insights™ in its report titled “Luxury Car Rental Market Size, Share & COVID-19 Impact Analysis, By Rental Type (Business and Leisure), By Booking Mode (Online and Offline), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 29.95 billion and is expected to reach 39.54 billion in 2022. The market is expected to witness a strong CAGR of 7.5% during 2022-2029. Change in the preference to luxury cars from normal cars is projected to drive market growth. Growing demand for responsive transport will increase market expansion.

Lockdown Restrictions During COVID-19 Affected Luxury Car Rental Demand Worldwide  

The COVID-19 pandemic led to restrictions on travel-related activities, which had an impact on consumer demand for luxury car rentals, negatively impacting the industry demand. However, with the ease of government restrictions, the market is set to recover in the forthcoming years.

New Premium Electric Car Service by Uber to Facilitate Market Progress

In July 2022, a new premium electric car service by Uber called Uber Comfort Electric announced its expansion in many cities of the U.S. The expansion is set to be in cities such as Las Vegas, Portland, Seattle, Denver, Baltimore, Austin, and Philadelphia. This new plan for expansion is expected to drive the luxury car rental market growth. It is anticipated to facilitate market progress during the forecast period.

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Rise in the Number of Air Travelers to Fuel Market Expansion

Rise in the number of air travelers owing to decrease in the rates of fares and increase in disposable income is expected to aid market growth. The growing tourism industry and expansion of leisure activities are projected to surge the demand for luxury car rental. Expansion of businesses globally has led to influence the demand in various demography, which is anticipated to propel market growth. Rising demography of corporate and business travelers is estimated to push the demand for the service.

 Market Players have Launched New Services to Support their Service Portfolio

Key players of the market have been opted for new product development and new service launch strategies. For example, in November 2021, Alenia Exotic Rentals announced the launch of its new exotic car rental business. It offers various options such as McLaren, Lamborghini, Mercedes, Maybach, Ferrari, BMW, Aston Martin, Cadillac, Rolls Royce, and Audi that can be accessed. Furthermore, companies have taken up various strategies of enhancing their existing process to expand the service demand efficiently to propel their market growth.

Notable Industry Development

• September 2021: The Corsa HQ partnered with with Ritz-Carlton in Orlando, Grande Lakes to offer luxury automobiles on rental. The service portfolio includes Lamborghini, Rolls-Royce, Ferrari, and Bentley.

List of Key Companies Profiled in the Report:

• 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)

Further Report Findings

• The market in Asia Pacific stood at USD 11.40 billion in 2021 due to increasing number of billionaires, which is expected to increase the global market share during the forecast period.


• Huge population in countries, such as China and India, which accounts for more than 38% of the global population, is estimated to increase the market share across the region.


• North America is set to hold the second-largest position in the market due to a resurgence in travel activities in the region which has increased the demand for luxury cars. Porsche Cars North America and Wheels Up collaborated with road-to-sky VIP service to provide high-end customers with special lifestyle experiences. The partnership allows members of Wheels Up to get on-demand vehicle subscription and 10% discount on short-term rentals in Porsche Drive.

Table of Segmentation