Showing posts with label Australia Car Leasing Market Size. Show all posts
Showing posts with label Australia Car Leasing Market Size. Show all posts

Wednesday, May 13, 2020

Australia Car Leasing Fleets is Expected to Reach around 425K units by 2023: Ken Research

      • 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.
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: -
Related Reports by Ken Research: -
Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Wednesday, November 27, 2019

Australia Ride-hailing Market Research Report: Ken Research

How Ride-Hailing Market Is Positioned In Australia?
The ride-hailing market in Australia experienced strong growth accruing to the arrival of new players in the market, and a spike in demand for ride-sharing in the country. On the legal front, ride-sharing was legalized in every Australian state during the period 2017-2018 which led to a rise in the total driver registrations and the total number of rides taken. Overall fleet sales in the Australian market dominated vehicle sales and formed ~% of all new vehicle sales in the year 2017. SUVs overtook sedans to be the leading category in new vehicle sales in Australia in the year 2017, owing to low-interest rates on financing and tax relaxations for commercial vehicles.
Australia Cab Aggregator Market
Australia Ride-Hailing Market Segmentation
By Type of Ride (Sedan or Economy, SUV & Ute, and Luxury): Ride-hailing segment covers cab aggregators and ride-sharing services that primarily use the sedan or economy class of ride. Utes and SUVs are less popular among users and are hailed for company team outings and peer outings over the weekend.
By Hailing Purpose (Airport, Leisure and Office): Airport trip revenue dominated the purposes for ride-sharing in the country as inbound and outbound tourists formed a major revenue source for ride-sharing. The price of an airport ride is higher than leisure and an office ride; hence airport use earned more revenues for cab aggregators in the industry.  However, when looked at by a number of trips, leisure and office trips dominated the market.
By State (New South Wales, Victoria, Queensland, Western Australia, and the Other States): Major cities for ride-hailing in Australia included Sydney, Melbourne, Brisbane and Perth. Ridesharing was legalized in each state in Australia at a different time period which gave a major boost to the growth of ride-sharing in each state. New South Wales, Victoria, Queensland, and Western Australia were the major states where ride-sharing was popular in Australia due to the high number of small and medium enterprises operating in these states along with the high density of population in these states. Moreover, these states were travel hotspots with international overnight travelers and domestic overnight travelers forming major end-users of ride-sharing.
Competitive Landscape In Australia Car Leasing & Rental Market
The competition structure is vastly different across the three market segments of the Leasing and Rental market. Within the leasing market, fleet management organizations are the primary organization managing leases for car purchase and ownership. They compete on the basis of fleet size managed, location presence, lease prices, fleet management services offered and customer service. However, in the rental segment, the competition is split between 5-6 national operators and 1000+ city-based and regional operators. National operators operate through a franchisee and corporate model and dominate the rentals. They compete on the basis of car availability, waiting time, geographical presence, customer service, and accessibility. Ride-Hailing Market is relatively new in Australia and competition in the market is distributed among 6-7 key players. Location wide presence is one of the most important competing parameters in the high demand and supply-driven market. Cab aggregators compete on the basis of parameters such as availability, fare rates, driver behavior, ride experience, cab fleet and a number of drivers registered with the company.
Australia Car Rental Market
What Is The Future Of Car Leasing And Rental Market In Australia?
The Car Leasing market is expected to grow at a CAGR of ~% by fleet size and ~% by revenue over the period 2019-2023. A rise in the value-added and production by the mining industry is expected to be the major driving factor behind the growth. Moreover, there is expected to be growth in the number of small and medium enterprises in Australia, which will drive the leasing market, accruing to increasing demand for corporate and business lease in the market.
The Car Rental market is expected to register growth at a CAGR of ~% by fleet size and ~% by rental revenue over the period 2019-2023. Driven primarily by tourists, the rental market is expected to be driven up by growth in the number of inbound tourists primarily due to the government’s Tourism 2020 plan. The rise of car-sharing as an alternative mobility method poses a threat to the growth and popularity of car rental in the future.
The newly developed ride-hailing market is expected to register growth at a CAGR of ~% by fleet size and ~% by rental revenue over the period 2019-2023. Ride-Sharing as a service is expected to completely displace radio-based taxis as a service and point to point transport choice in Australia. The entry of new players in the future, as well as the rising penetration of ride-sharing services owing to the high number of Smartphone users in Australia, is expected to carry the market to greater heights, enhancing the popularity of ridesharing in Australia.
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:-
Australia Cab Aggregator Market
Australia Car Leasing Market Forecast
Australia Car Rental Market
Car Sharing Market in Australia
Australia ride-hailing market
Ride-hailing market in Australia
Inbound Tourism Market Growth in Australia
Ola Market Share in Australia
Ride Sharing Market Australia
Rented Vehicles Market in Australia
SUV Rental Market in Australia
To Know More, Click On The Link Below:-
Related Reports by Ken Research:-
Contact Us:-Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249