“Low Australian dollar (AUD) exchange rate, rising number of millennial and growing tourism are some of the key factors that will collectively drive the growth within Australia Car Leasing and Rental Market”
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.
Growing Workforce: The working professionals primarily drive the demand for car leasing, rental, and ride-hailing in Australia. The working population of Australia grew at a CAGR of 1.5% during the period 2013-2018. In terms of individual demand, Sedan and SUVs are the most preferable category.
Increasing Number of Establishments: SMEs and Corporates are the major users of the car rental and leasing services in Australia. They tend to require cars for long term use which they procure through leasing. Additionally, they require cars for company trips and site visits which they source through car rental. The total number of Small and Medium establishments in Australia grew at a CAGR of 2.4% during the period 2013-2018, stimulated by the expansion of end-user industries as well as the entry of new industrial players in the country during the period.
Tourism Industry: The demand for car rental in Australia has enhanced in the past few years with the rise in inbound and domestic tourist arrivals. The Tourism 2020 plan launched by Tourism Australia with the aim of improving tourism conditions and achieving more than AUD 115 billion in tourist overnight spend and the falling value of the Australian Dollar was, in particular, the main reason behind the rise in car rentals. Inbound tourists in Australia grew at a CAGR of 7.4% over the period 2013-2018.
The car rental and leasing market of Australia is currently on the verge of reaching Maturity in its growth. The market houses approximately 1,200 players overall with majorly 5-6 national operators, while the rest operate within cities and have localized presence. The competition in the industry is divided between national operators and regional operators with service offerings differing from one operator to another. National operators include Avis, Budget, and Hertz, Thrifty and Europcar and others. Also, national operators have a large chunk of their stores and locations at airports, where the majority of the demand arises from inbound tourists. They derive the right to operate at airports by primarily obtaining concessions.
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
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
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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