With the Covid’19 pandemic getting over and removal of travel restrictions, the market is again picking up and is expected to continue growing in the coming years as renting a car for travel is faster and more convenient than public transport or other means to get around the city.
Covid Impact on Market: Before the pandemic, between 2017 and 2019, the market was surging at a steady rate as the service was becoming more popular among users due to its affordability and convenience and higher internet penetration. Post pandemic, the market demand was highly impacted and negatively affected. The long duration of lockdowns forced companies to lay off the vehicles to reduce their loss and hence, the fleet size decreased.
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Demand from Tourist Activities: With the travel restrictions and safety concerns, the tourist movement completely stopped. Along with that, offices were operating remotely, hence there was not much demand in the market. With the removal of travel restrictions, the market is again picking up and is expected to continue growing in the coming years.
Increase in Disposable Income: With an increase in disposable income of people from the previous year, the paying capacity of people have increased. With this people has been spending more than earlier on renting cars.
Analysts at Ken Research in their latest publication “Philippines Car Rental Market Outlook to 2027F – Driven by the increase in tourism and business activities along with deeper internet penetration and adoption of digital services.” observed that the Philippines car sharing market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to increased internet penetration and the adoption of smartphones. The Philippines Car Rental Market is expected to grow at robust CAGR over the forecasted period 2022P -2027F.
Key Segments Covered in the report
Philippines car Rental Market
By Type of Booking
- Online market
- Offline market
By Type of Car
- Small Cars(PHP 3500-7500 / Per trip)
- Medium(PHP 3500-7500 / Per trip)
- Luxury(PHP 7500+)
By Purpose
- Leisure
- Business
Philippines Car Leasing Market
By Type of Region
- Manila
- Luzon
- Visayas
- Mindanao
By Time Duration
- 1 year
- 2 year
- 3 year
- 4 or more year
By Vehicle Price Range
- Sedan(PHP 20000-35000
- SUV(PHP 35000-50000)
- Premium(PHP 50000+)
By Type of End User
- Corporate
- Retail Individuals
Philippines Ride Hailing Market
By Type of Region
- Metropolitan
- Non Metropolitan
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Philippines Ride Sharing Market
By Point of Service
- Rest Area
- At Airport
By Type of Car
- Sedan
- SUV
By Type of Distance
- Short distance
- Long distance
Philippines Self-Drive Car Rental Market
By Type of Region
- Metro cities
- Non metro cities
By Type of Booking Channel
- Online
- Offline
By Usage
- Intercity
- Intracity
By Time Period
- 1-2 days
- A week
- A month
By Type of Car
- Standard (PHP 1500 + / per hour)
- Luxury (PHP 1000-4000/24hours)
By Type of Booking Period
- Weekend
- Weekdays
By Segment of Car
- Standard
- luxury
By Status of Ownership
- Owned
- Leased
By Point of Service
- At Airport
- Rest area
Key Target Audience
- Car Rental Service Providers
- Car Rental Companies aiming to establish in the Philippines
- Philippines Automotive Industries
- Government Bodies & Regulating Authorities
- Venture Capitalist targeting the car rental market
- Automotive industry association
- Car Manufacturers
- Existing Car Rental Companies
- OEM Dealerships
- New Market Entrants
- Investors
- Car Rental Associations
Time Period Captured in the Report:
- Historical Period: 2017-2022
- Base Year: 2022
- Forecast Period: 2022-2027
Companies Covered:
Car Rental
- Diamond Rent-a-Car
- Luxicar
- Voyg
- Rent a Car ECLPI
- Avis
- Hertz
- SafeRide
Self-Drive
- Europcar
- Thrifty
- Juzzr Car Rental
- Hertz
- Voyg
- SafeRide
- VPI
Ride Hailing
- Grab
- JoyRide
- Hirna
- Maxim
Ride Sharing
- Grab
- Hirna
Car Leasing
- Orix
- Avis
- Diamond Rent-a-Car
- Europcar
- Herts
- ECLPI Rent a Car
Key Topics Covered in the Report
- Overview and Genesis of Car Rental Market in Philippines
- Ecosystem of Philippines Car Rental Market
- Business Cycle of Philippines Car Rental Market
- Timeline of Major Players of Philippines Car Rental Market
- Value Chain Analysis of Philippines Car Rental Market
- Philippines Car Rental Market Sizing, 2017- 2022
- Market Segmentations of Car Rental Market in Philippines
- Snapshots on different Car Rental Markets in Philippines
- Industrial Analysis of Car Rental Market in Philippines
- Competitive Analysis of Car Rental Market in Philippines
- Future Outlook and Projections of Car Rental Market in Philippines
For More Insights On Market Intelligence, Refer to the Link Below: –
Philippines Car Rental Market Outlook to 2027
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