Philippines Car Rental Market Introduction and Overview
According to SPER Market Research, the Philippines Car Rental Market is estimated to reach USD 1244.7 million by 2033 with a CAGR of 7.91%.
The report includes an in-depth analysis of the Philippines Car Rental Market, including market size and trends, product mix, applications, and supplier analysis. The convenience and flexibility that automobile rentals provide for both business and pleasure travel has made them an indispensable part of contemporary travel. The need for rental cars is only going to grow as urbanization and tourism grow. Depending on their individual requirements, customers have access to a large selection of options, including specialty, luxury, and economy cars. Users may now compare rates and make bookings with ease since the development of mobile apps and online booking platforms, which have streamlined the rental process. Along with adding eco-friendly cars and improved customer care features, the sector has also adjusted to shifting consumer tastes. The automobile rental industry is expected to continue to develop, offering creative solutions that meet the various needs of consumers as a result of continuous technological improvements and greater awareness of sustainability.
- October 2023; Toyota has announced that it has acquired Ezi Car Rental, a well-known rental car company with its headquarters in New Zealand. Toyota's advancement of its mobility ecosystem in New Zealand necessitates the integration of Ezi, a significant Kiwi-owned and run rental car company. Toyota is now free to concentrate on automobile ownership and the changing nature of automobile use thanks to this calculated action.
- June 2023; As part of its Go-Get product presentation in London, Uber Technologies, Inc. declared that it will begin offering peer-to-peer car sharing in North America, with a focus on Toronto and Boston. Uber successfully established a carsharing service in Australia last year after purchasing the local firm Car Next Door; the business is now known as Uber Carshare.
Market Opportunities and Challenges
Opportunities- Renting an automobile is preferred as a convenient and effective mode of transportation due to the city's increasing congestion and rapid urbanization. In crowded urban locations, renting a car is a convenient substitute for owning a car. The market for car rentals is mostly driven by the growing trend of travel and tourism. Rental automobiles are becoming more and more necessary as more people travel to both domestic and foreign locations, allowing for more convenient and adaptable travel. The need for rental automobiles is fueled in part by the corporate sector's reliance on business travel. The growing popularity of car rentals among businesses is fueled by their employees' preference to borrow cars for conferences, client meetings, and business travel.
Challenges- The maintenance, insurance, gasoline, and personnel of car rental companies result in substantial operational expenditures. Variations in the cost of fuel and maintenance might have an effect on profit margins and jeopardize the overall financial stability of the industry. Various restrictions, such as licensing requirements, safety standards, and environmental regulations, apply to the car rental business. Companies in the sector face additional challenges as a result of the complicated and expensive nature of adhering to these rules. Manufacturers must consistently supply cars to car rental firms. The automotive supply chain can be disrupted in a number of ways, and production delays or shortages of components might result in a shortage of new cars for rental fleets.
Market Competitive Landscape
The Philippines Car Rental Market is a highly competitive arena due to the presence of multiple global and regional companies in the competitive environment. Leading companies in the industry are Avis, Budget Rent a Car, Europcar, Hertz, National Car Rental, Payless Car Rental, Sixt, Thrifty Car Rental, Viajero Car Rental, Zipcar and Others.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Booking Type, By Vehicle Type
|
| Regions covered | Eastern Philippines, Western Philippines, Northern Philippines, Southern Philippines
|
| Companies Covered | Avis, Budget Rent a Car, Europcar, Hertz, National Car Rental, Payless Car Rental, Sixt, Thrifty Car Rental, Viajero Car Rental, and Zipcar.
|
COVID-19 Impact on Philippines Car Rental Market
The COVID-19 epidemic and its containment measures have raised concerns and awareness, which has led to a large increase in the availability of rental cars. This change makes it easier to travel without having to worry about paying for a personal vehicle, preserving flexibility and safety for passengers. The tourism industry has been further strengthened by the increase of passenger transit choices, which has benefited the rental vehicle market directly. Furthermore, the growth of websites and other online platforms has changed how customers obtain rental services by simplifying the process of booking cars and comparing costs. The car rental industry in the Philippines has responded to these developments by providing a wide selection of vehicles to suit different purposes.
Key Target Audience:
- Tourists
- Business Travelers
- Expats
- Event Organizers
- Families
- Adventure Seekers
- Students
- Local Residents
- Corporate Clients
Our in-depth analysis of the Philippines Car Rental Market includes the following segments:
| By Booking Type: | Online OfflineOthers |
| By Vehicle Type: | Hatchbacks Sedans Sport Utility Vehicles Multi-purpose VehiclesOthers |
Key Topics Covered in the Report:
- Philippines Car Rental Market Size (FY’2024-FY’2033)
- Overview of Philippines Car Rental Market
- Segmentation of Philippines Car Rental Market By Booking Type (Online, Offline, Others)
- Segmentation of Philippines Car Rental Market By Vehicle Type (Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-Purpose Vehicles)
- Statistical Snap of Philippines Car Rental Market
- Expansion Analysis of Philippines Car Rental Market
- Problems and Obstacles in Philippines Car Rental Market
- Competitive Landscape in the Philippines Car Rental Market
- Impact of COVID-19 and Demonetization on Philippines Car Rental Market
- Details on Current Investment in Philippines Car Rental Market
- Competitive Analysis of Philippines Car Rental Market
- Prominent Players in the Philippines Car Rental Market
- SWOT Analysis of Philippines Car Rental Market
- Philippines Car Rental Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Philippines Car Rental Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Philippines Car Rental Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Philippines Car Rental Market
7. Philippines Car Rental Market, By Booking Type (USD Million) 2020-2033
7.1. Philippines Car Rental Market Size, Share and Forecast, By Booking Type, 2020-2026
7.2. Philippines Car Rental Market Size, Share and Forecast, By Booking Type, 2027-2033
7.3. Online
7.4. Offline
7.5. Others
8. Philippines Car Rental Market, By Vehicle Type (USD Million) 2020-2033
8.1. Philippines Car Rental Market Size, Share and Forecast, By Vehicle Type, 2020-2026
8.2. Philippines Car Rental Market Size, Share and Forecast, By Vehicle Type, 2027-2033
8.3. Hatchbacks
8.4. Sedans
8.5. Sport Utility Vehicles
8.6. Multi-purpose Vehicles
8.7. Others
9. Philippines Car Rental Market Forecast, 2020-2033 (USD Million)
9.1. Philippines Car Rental Market Size and Market Share
10. Philippines Car Rental Market, By Region, 2020-2033 (USD Million)
10.1. Philippines Car Rental Market Size and Market Share By Region (2020-2026)
10.2. Philippines Car Rental Market Size and Market Share By Region (2027-2033)
10.3. Eastern Philippines
10.4. Western Philippines
10.5. Northern Philippines
10.6. Southern Philippines
11. Company Profile
11.1. Avis
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Budget Rent a Car
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Europcar
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. Hertz
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. National Car Rental
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Payless Car Rental
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Sixt
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Thrifty Car Rental
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. Viajero Car Rental
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
