Singapore Car Rental Market - Forecasts from 2019 to 2024
Singapore car rental market is projected to grow at a CAGR of 3.71% during the forecast period to reach US$1.966 billion by 2024, from US$1.580 billion in 2018. The growth in the market is attributed to the rising cost of owning and maintaining a car in the country.
A car rental service rents automobiles for short periods of time for a fee. It is often organized with numerous local branches, and primarily located near airports or busy city areas and often complemented by a website allowing online reservations. The company provides services generally near busy streets and markets, tourist places, airports, and railway stations and generally allow online reservations along with added services like GPS, navigation systems, insurance and entertainment systems.
The market is expected to show significant growth during the given forecast period. The cost of owning and maintaining a car is rising in Singapore, thus, having a positive impact on the market. Favorable government policies will also boost the car rental market in the country. The price of the services is the same regardless of the market share that the company holds, has reduced the chances of the monopoly and pushes the provider to provide affordable services. In addition, the automating checkout and return processes reduce customer wait times, boost bottom-line performance and also enhances the customer experience.
By Car Type
By Car Type, the Singapore Car Rental market is segmented as economy cars, luxury cars, executive cars, SUVs and MUVs. Among car type, economy cars are expected to hold a significant share in the Singapore car rental market owing to their cost-effectiveness. However, MUVs will witness remarkable growth due to the emerging trend of carpooling and car-sharing services in the country.
By Mode of Booking
Based on the mode of booking, the Singapore Car Rental market has been segmented as online and offline. Online is expected to show significant growth during the given forecast period. The growth may be attributed to the rising number of smartphone users in the country coupled with the ease of booking a car from wherever the customer is.
By Rental Category
By Rental Category, the Singapore Car Rental market is segmented as local transport, airport transport, and outstation transport. Airport transport segment is expected to project a decent growth owing to the rising tourist influx in the country coupled with the rising air traffic.
Segmentation
The Singapore Car Rental market has been segmented by type, mode of booking and rental category.
A car rental service rents automobiles for short periods of time for a fee. It is often organized with numerous local branches, and primarily located near airports or busy city areas and often complemented by a website allowing online reservations. The company provides services generally near busy streets and markets, tourist places, airports, and railway stations and generally allow online reservations along with added services like GPS, navigation systems, insurance and entertainment systems.
The market is expected to show significant growth during the given forecast period. The cost of owning and maintaining a car is rising in Singapore, thus, having a positive impact on the market. Favorable government policies will also boost the car rental market in the country. The price of the services is the same regardless of the market share that the company holds, has reduced the chances of the monopoly and pushes the provider to provide affordable services. In addition, the automating checkout and return processes reduce customer wait times, boost bottom-line performance and also enhances the customer experience.
By Car Type
By Car Type, the Singapore Car Rental market is segmented as economy cars, luxury cars, executive cars, SUVs and MUVs. Among car type, economy cars are expected to hold a significant share in the Singapore car rental market owing to their cost-effectiveness. However, MUVs will witness remarkable growth due to the emerging trend of carpooling and car-sharing services in the country.
By Mode of Booking
Based on the mode of booking, the Singapore Car Rental market has been segmented as online and offline. Online is expected to show significant growth during the given forecast period. The growth may be attributed to the rising number of smartphone users in the country coupled with the ease of booking a car from wherever the customer is.
By Rental Category
By Rental Category, the Singapore Car Rental market is segmented as local transport, airport transport, and outstation transport. Airport transport segment is expected to project a decent growth owing to the rising tourist influx in the country coupled with the rising air traffic.
Segmentation
The Singapore Car Rental market has been segmented by type, mode of booking and rental category.
- By Car Type
- Economy Cars
- Luxury Cars
- Executive Cars
- SUVs
- MUVs
- By Mode of Booking
- Online
- Offline
- By Rental Category
- Local Transport
- Airport Transport
- Outstation Transport
1. INTRODUCTION
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SINGAPORE CAR RENTAL MARKET ANALYSIS, BY CAR TYPE
5.1. Introduction
5.2. Economy Cars
5.3. Luxury Cars
5.4. Executive Cars
5.5. SUVs
5.6. MUVs
6. SINGAPORE CAR RENTAL MARKET ANALYSIS, BY MODE OF BOOKING
6.1. Introduction
6.2. Online
6.3. Offline
7. SINGAPORE CAR RENTAL MARKET ANALYSIS, BY RENTAL CATEGORY
7.1. Introduction
7.2. Local Transport
7.3. Airport Transport
7.4. Outstation Transport
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Hertz
9.2. Budget
9.3. Roset
9.4. SIXT
9.5. Asia Express Car Rental Singapore
9.6. Avis Rent A Car System, LLC
10. APPENDIX
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SINGAPORE CAR RENTAL MARKET ANALYSIS, BY CAR TYPE
5.1. Introduction
5.2. Economy Cars
5.3. Luxury Cars
5.4. Executive Cars
5.5. SUVs
5.6. MUVs
6. SINGAPORE CAR RENTAL MARKET ANALYSIS, BY MODE OF BOOKING
6.1. Introduction
6.2. Online
6.3. Offline
7. SINGAPORE CAR RENTAL MARKET ANALYSIS, BY RENTAL CATEGORY
7.1. Introduction
7.2. Local Transport
7.3. Airport Transport
7.4. Outstation Transport
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Hertz
9.2. Budget
9.3. Roset
9.4. SIXT
9.5. Asia Express Car Rental Singapore
9.6. Avis Rent A Car System, LLC
10. APPENDIX
