“A steady increase in the demand for premium
category cars and an increase in migrants from China due to a Pro China Policy have
been driving the Car Rental Market in Philippines”.
Increase in the Number of Tourist Arrival: There has been an increase in the number of tourists arriving
in the country. From 4.7 million in 2013, the number of tourists arriving in
the country has increased to 7.1 million to 2018. Influx of higher number of
people has positively contributed to car rental business owing to increased
demand for rental cars for business trips, travel purpose and on/off airport
travel.
Monopolistic
Environment in the Cab Aggregator Market: Following the
acquisition of Uber by Grab, the market has been led by Grab with a dominant
share in the overall market. Although, new companies have recently entered the
cab aggregator market in the Philippines, it has been difficult for them to
capture the market due to the strong hold of Grab in the cab aggregator space.
Corporate Leasing: Market has witnessed increased demand
for leased vehicles by legal entities, as leasing provides many benefits
including low monthly payments, tax benefits, prestige of having new cars after
every few years and no maintenance fees.
Challenging Driving
Conditions: The market is hampered by the severe traffic problem
(especially in Metro Manila) and unsafe driving practices in the country. There
is also lack of space for parking the vehicles in the major metro cities. All
these factors have contributed to the rise in demand for car rental and cab
aggregator market in Philippines.
The report Titled “Philippines
Car Rental, Car Leasing, Cab Aggregator and Yellow Taxi Market Outlook to 2023 –
Driven by Planned Fleet Addition and Growth in Tourism and Construction Sector”
by Ken Research suggested that the car rental market in Philippines
has been growing due to increasing competition amongst the major domestic
players. Car Rental Industry Revenue is expected to grow at a CAGR of 7.2%. Car
leasing industry revenue is expected to grow at a CAGR of 6.9% and Cab
Aggregator market is expected to grow at a CAGR of 12% during the period
2018-2023.
Keywords:-
Philippines Car Rental Market Research Report
Car Leasing Market Philippines
Cab Aggregator Market Philippines
Philippines Yellow Taxi Industry
Uber Company Profile Philippines
Grab Philippines Fleet Size
Budget Philippines Fleet
Hirna Car Rental Market Philippines Revenue
Diamond Rental Car Market Philippines
Car Leasing Market Challenges Philippines
Car Leasing Revenue Philippines
Cab Aggregator Trends Philippines
Car Rental Market Issues Philippines
Philippines Cab Aggregator Market Future
Philippines Car Leasing Market Future
Key Segments Covered:-
Car Rental Market By
Purpose
of Hire
Leisure
Business
Insurance
Replacement
Region
Luzon
Visayas
Mindanao
Type of Car
Economy
SUV/AUV
Premium
Booking Type
Offline
Online and
App Booking
Car Leasing Market
Duration of Lease
First
Year
Second
Year
Third
Year
Four Year
or More
By Region
Luzon
Visayas
Mindanao
Sedans
Type of Car
Sedans
SUV/AUV
Premium
Cab Aggregator Market
Region
Metropolitan
Non
Metropolitan
Yellow Taxi (Key Parameters and Fleet Size)
Key Target Audience:-
Car
Rental Companies
Cab
Aggregator Companies
Car
Leasing Companies
Automobile
Companies
Tourism
Companies
Corporate
Sector
Hospitality
Sector
Time Period Captured
in the Report:-
Historical Period: 2013-2018
Forecast Period: 2018-2023E
Companies Covered:-
Avis
Budget
Nissan
Europcar
Hertz
Orix
Diamond
Rental
Grab
Owto
Hirna
Go Lag
U Hope
Micab
For More Information, Refer To Below
Link:-
Related Reports:-
Contact
Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
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