United States/WA: Economy car segment was valued at US$ 378.4 Million in Mexico car rental market in 2018 and is expected to register a CAGR of 8.6% between 2019 and 2027.
Report Pages:[90 Pages]
Major Key Companies Involving in Mexico Car Rental Market:
Hertz Corporation, Sixt SE, Avis Budget Group Inc., Alamo, National Car Rental, Europcar Group S.A., MEX Rent a Car, Budget Rent A Car System, Inc., Fox Rent A Car, and Thrifty Car Rental, Inc.
A car rental, vehicle hire, or car rental service is a privately owned company that leases cars to the general public, usually ranging from several days to a couple of months. Car rentals are available in almost every city, state, and country throughout the world. Car rental services are very popular throughout the world. Since most people prefer renting rather than buying a new vehicle, car rental companies have grown rapidly over the years and can be found in just about every city, town, and country.
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Key Market Drivers:
Improving living of standard and growing number of leisure travelers in Mexico is driving growth of the Mexico car rental market. Thus, expanding travel & tourism will also favor growth of the market. According to the Mexican Embassies Abroad, in the first trimester of 2021, U.S. nationals represented 75% of all passengers arriving in Mexico by air travel. Of all arrivals, Canadians represented 1.6%, Europeans 7.1%, and South Americans 11.6% (mainly from Colombia 2.8% and Brazil 2.2%).
Growing adoption of growth strategies such as mergers & acquisitions by key players is expected to foster growth of the market. For instance, in August 2021, Hyatt Hotels Corporation announced that Hyatt has entered into a definitive agreement to acquire Apple Leisure Group (ALG), a luxury resort-management services, travel, and hospitality group, from affiliates of each of KKR and KSL Capital Partners, LLC for $2.7 billion in cash.
- The Mexico car rental market is expected to exhibit a CAGR of XX % over the forecast period, owing to the increasing launch of advanced approaches for car rental agencies in Mexico.
- A growing number of partnerships and collaboration for expanding customer reach is fostering growth of the market. For instance, in June 2017, HTZ announced that its subsidiary The Hertz Corporation has inked a deal with Hertz Mexico (operated by Avasa) and leading Mexican airline – Aeroméxico.
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Covid-19 Impact Analysis
The spread of Covid-19 has enormously impacted the travel & tourism industry due to travel restrictions. The negative effect on travel & tourism has impacted the car rental market parallelly. With the implementation of containment rules & regulations, there was low demand for rental cars near airports. This has negatively impacted growth of the car rental market in Mexico.
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