The car rental market in Mexico has grown significantly over the past few years owing to increasing urbanization, rising disposable incomes, and growing tourism industry. Car rentals provide flexibility and convenience to customers for local and inter-city transportation needs. The ease of online booking and flexible rental durations have further augmented the demand for car rentals in Mexico.
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 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expansion of e-commerce and mobility as a service trend has been a major factor driving the growth of the Mexico car rental market. Customers increasingly prefer the convenience of booking rental cars online on their mobiles and laptops from the comfort of their homes. This has encouraged car rental companies to invest in improving their online and mobile booking platforms. The mobility as a service trend has also gained popularity where customers can opt for subscription-based rental packages for their temporary transportation needs. This allows customers hassle-free access to a fleet of rental cars as per their usage requirements and is a new revenue stream for car rental companies.
Segment Analysis
The Mexico car rental market is dominated by the economy car rental segment. This segment accounts for over 40% of the total market share due to high demand for affordable rental options from business and leisure travelers. Economy car rentals provide basic features and functionalities at low prices making them attractive for travelers with limited budgets.
Key Takeaways
The Global Mexico Car Rental Market Demand is expected to witness high growth. The market is projected to generate revenue worth over US$ 2000 Mn by 2030 owing to rising tourism along with increasing business activities in the country.
Regional analysis
The Mexico car rental market in Central Mexico region currently holds the largest share and is expected to maintain its dominance during the forecast period. The presence of major tourist destinations such as Mexico City and growing business conglomerations in the region has led to higher demand for car rentals.
Key players
Key players operating in the Mexico Car Rental market are Cipla Ltd, Merck & Co., Inc., F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Bayer AG, Amgen Inc., Novartis AG, and Sanofi S.A., Pfizer Inc., Johnson & Johnson.
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