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- Total number of small and medium enterprises in Australia is expected to positively grow thus, registering a CAGR of close to 2.8% during the forecast period 2019-2023. The gross value added by the mining industry in Australia is expected to grow at a CAGR of 3.9%, stimulated by the expected continuation of the mining boom during the period. This would be facilitated by a proportionate rise in the corporate demand for car leasing service in the country by the end of 2023.
- The car rental market is also expected to increase due to the rise in number of tourist arrivals in the country with an anticipated CAGR of 4.3% till 2023. The Tourism 2020 plan initiated by the Australian Tourism Industry is estimated to get completed by the year ending 2020.
- Growth in the ride hailing segment of the market is expected to come through with the entry of new players offering ride sharing services and increasing number of millennial populations in the country. The cab aggregator industry of Australia is also estimated to reach around a fleet size of 206,000 units and AUD 2,400.0 Million in terms of revenue by the year ending 2023.
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Australia car leasing and rental market growth will be facilitated by the increasing number of small and medium establishments, growing size of mining, construction, & logistics sector, increasing employment, growing number of tourist arrivals in the country and a low exchange rate with the USD. The market is still dominated by the corporate user segment owing to their bulk demand including a variety of cars for employee mobility and further company use. In terms of rental purpose, the business segment is forecasted to grow at CAGR of 6.1% in terms of revenue during 2019-2023. The individual demand is mainly supported by the tourist arrivals with inbound tourists dominating the demand. Demand for rental is highest during the summer months and the Chinese New Year in Australia.
New car rental companies as well as cab aggregators might enter the market in the coming years. Opportunity may also arise for car sharing service providers, due to their growing popularity as a disruptor of the overall mobility industry. Companies will look to focus on differentiating themselves on the basis of value-added services they could provide to their prospective clients, reducing the service cost, enhancing customer service and introducing newer models backed by technology into their fleet to capture a significant share in the independent markets.
In terms of regional demand, it is expected that the states of New South Wales, Victoria and Queensland will have high demand for car rental, leasing and ride hailing space owing to the high population in these states and the high concentration of small and medium enterprises in these states. Darwin, Adelaide and Hobart are cities where the penetration and reach of ride sharing, leasing and car rental is low and hence new players can target these cities for setting up operations in the near future.
Analysts at Ken Research within their latest publication “Australia Car Leasing and Rental Market Outlook to 2023 – By Type of Car, By Region, By End User, By Rental Booking Purpose, By Rental Booking Mode and Ride Hailing Market- By Type of Ride, By Hailing Purpose and By State” believe that the market is expected to register positive growth at CAGR of 1.6% in terms of operating leasing revenue; 1.8% in terms of fleet size in car rental segment, 3.3% in terms of rental revenue; and 10.6% in terms of fleet size in ride hailing segment and lastly, 11.5% in terms of ride hailing revenue during the forecasted period 2019-2023.
Key Segments Covered in Australia Car Rental and Leasing Market
Australia Car Leasing Market
By Type of Car
Ute
Sedan
SUV
Luxury
By Region
New South Wales
Victoria
Queensland
Western Australia
Other States (Tasmania and South Australia)
By End-User
Mining
Construction and Engineering
Government
Telecommunications
Others (Logistics and Utility Industry)
Australia Car Rental Market
By Type of Car
SUV
Ute and LCVs
Sedans
By Rental Purpose
Leisure
Business
By Booking Mode
Online
Offline
Australia Ride-Hailing Market
By Type of Ride
Sedan / Economy / Mini
SUV and Ute
Luxury
By Hailing Purpose
Airport
Leisure
Office
By State
New South Wales
Victoria
Queensland
Western Australia
Other States (Tasmania and South Australia)
Time Period Captured in the Report: –
Historical Period: 2013-2018
Forecast Period: 2019-2023
Key Target Audience
Car Rental Companies
Fleet Management Organizations
Cab Aggregators or Ride-Sharing Companies
Car Sharing Companies
Car Dealers
Consumer Finance Organizations
Automobile and Mobility Organizations
End-User Industries
Companies Covered: –
Car Leasing Companies
LeasePlan Australia
Eclipx Group
SG Fleet
Custom Fleet
Toyota Fleet Management
ORIX
Summit Fleet
Car Rental Companies
Avis Australia
Hertz Australia
Budget Australia
Thrifty Australia
Europcar Australia
Cab Aggregators
Uber
Ola
DiDi
GoCatch
Taxify (Bolt)
Key Topics Covered in the Report: –
Car Sharing Market in Australia
Passenger car rental and hire in Australia
Fleet market size Australia
Ride-Sharing Market Australia
Ridesharing Companies in Australia
Australia Cab Sharing Market
Avis Australia Car Rentals Market Share
Budget Australia Car Rental Market Competitors
Inbound Tourists Market Growth in Australia
InterCity Travel in Australia
Melbourne Car Leasing Market Share
Uber Australia Market Share
Airport car rentals Brisbane
Thrifty car rental Sydney airport
Car Hire Sydney Airport
Sedan Car Rental Industry Sydney
Ola Market Share in Australia
For More Information on the Research Report, Click On The Link Below: –
Australia Car Leasing and Rental Industry
Related Reports by Ken Research: –
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249