Automobile rental is the process of hiring an automobile from a company or agency for a certain time. For a set amount of time, which can be a few hours, several days, weeks, or months, it allows people to use a car. Some of the factors propelling the market growth are the rapid urbanisation, technological improvements, and rise of the travel and tourist industry.
According to SPER market research, ‘South Korea Car Rental Market Size- By Vehicle Type, By Booking Type, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the South Korea Car Rental Market is predicted to reach USD 1.7 Billion by 2033 with a CAGR of 1.2%.
The rise of the South Korean vehicle rental business is being aided by the country's tourism industry. Travellers and tourists now days prefer to rent automobiles for quick excursions. The market expansion is being supported by the strategic placement of vehicle rental businesses, which includes locations close to airports and in popular urban areas, as well as the availability of online booking.
The use of smartphones and the internet is becoming more widespread as technology advances. Nowadays, businesses can more easily entice potential clients with their mobile apps and websites. Customers can also choose from a variety of rental automobile service providers, giving them the opportunity to select the service that best suits their needs and take advantage of attractive deals and discounts.
The industry growth is also being aided by the providers of rental car services offering a large selection of automobiles. It gives clients the option to select from a range of automobiles, including luxury and affordable models. Renting a car can fit a buyer's needs and preferences, which improves their experience in general.
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In the South Korean car rental industry, problems still exist, most notably the dominance of well-established companies that may limit market expansion and make it more difficult for new players to enter the market. Complicating issues are government rules that are impacted by environmental concerns and traffic, as well as changes in fuel prices and economic uncertainty. Maintaining the industry's growth over time will require finding a balance between these difficulties and creative collaborations and initiatives.
COVID Impact: Travel bans and security concerns caused a precipitous drop in demand, which had a major effect on the South Korean automobile rental industry during the COVID-19 epidemic. Bookings at rental agencies decreased as a result of a decrease in both domestic and foreign travellers. Many rental businesses had to deal with temporary closures or shortened hours of operation, especially those close to airports and popular tourist destinations. Further reducing the necessity for short-term car rentals was the move towards remote work and virtual meetings. The market is still facing difficulties in light of the lingering pandemic uncertainty, despite slow recovery attempts.
Additionally, some of the market key players are AJ Networks Co., Ltd., Avis Budget Group, Inc., Booking Holdings Inc., Enterprise Holdings, Inc., Others.
South Korea Car Rental and Leasing Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, South Korea Car Rental Market is segmented as; Economy/Budget Cars, Luxury/Premium Cars, MUVs, SUVs.
By Booking Type: Based on the Booking Type, South Korea Car Rental Market is segmented as; Online Access, Offline Access.
By Application: Based on the Application, South Korea Car Rental Market is segmented as; Business, Leisure/Tourism.
By Region: This research also includes data for Busan, Daegu, Incheon, Seoul, Ulsan.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: -
South Korea Car Rental and Leasing Market Future Outlook
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