The Car Rental Market in Japan saw a dip in the growth rate in 2020 due to the Covid-19 pandemic, but post-pandemic as things have started going back to normal, the industry is expected to bounce back.
Japan Car Rental Market Overview: The Japan Car Rental Market is currently at the growth stage owing to the increase in travel expenditure, rising demand for rental cars, increased internet and smartphone penetration and rising population. Highest share of revenue is generated from organized sector, as most tourists prefer the organized sector as they look for legal documents and certifications of the vehicle to avoid security patrolling for safety measures.
Rising Preference of People: The growing demand for on-demand transportation services is driving the market growth. Increasing vehicle costs, shrinking parking lots, and high auto maintenance costs encourages people to use on-demand transportation services for trips and everyday commuting instead of having their own personal vehicle. As a result, the Car Rental Industry in Japan has grown due to consumers increased preference for on-demand transportation.
Impact of Covid-19 on Japan Car Rental Market: The nationwide growth of car rentals has been hampered by COVID-19's quick expansion. Domestic and international tourism saw a marked decline in 2020 due to travel restrictions and lockdowns, which impacted the car rental market. The nation-wide travel bans and quarantine regulations also had a negative impact on the Car Rental Industry in Japan. In comparison to 2019, the car rental business saw revenues drop by about ~% in 2020. The industry is, however, showing signs of a respectable recovery following the devastating COVID-19 pandemic outbreaks, as the market's revenue has increased by roughly ~% in 2022 compared to 2020.
Analysts at Ken Research in their latest publication “Japan Car Rental Market Outlook to 2027F - By Market Structure (Organized and Unorganized), By Type of Vehicle (Small Cars/ Hatchbacks, Sedans, SUVs and Others) and By Booking Mode (Online and Offline)” observed that Japan Car Rental 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 increase in travel expenditure, rising demand for rental cars, increased internet and smartphone penetration, rising population and increasing demand from tourists for business and leisure purposes hiring rental cars. The Car Rental Market in Japan is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.
Key Segments Covered
Japan Car Rental Market:
- By Market Structure
- Organized market
- Unorganized market
- By Type of Vehicles
- Small Cars/ Hatchbacks
- Sedans
- SUVs
- Others
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- By ICE/EV
- ICE (Internal Combustion Engine)
- Electric Vehicles
- By Region
- Central
- South
- North
- By Mode of Booking
- Online
- Offline
- By Client
- Business
- Leisure
- By Pick-up
- Off- Airport
- On-Airport
Key Target Audience
- Car Rental Service Providers
- Car Rental Companies aiming to establish in the Japan
- Japan 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: 2017-2022P
- Base Year: 2022P
- Forecast Period: 2022P– 2027F
Companies Covered:
- Toyota Rent-a-Car
- Nippon Rent-a-Car
- Orix Rent-a-Car
- Times Car Rental
- Nissan Rent-a-Car
- Smile Rental Car
- NicoNico Rent a Car
- JR Rent-a-Car
- Sky Rent-a-Car
Key Topics Covered in the Report
- Executive Summary
- Country Overview of the Japan
- Overview and Genesis of Car Rental Market in Japan
- Ecosystem of Japan Car Rental Market
- Business Cycle of Japan Car Rental Market
- Timeline of Major Players of Japan Car Rental Market
- Value Chain Analysis of Japan Car Rental Market
- Market Segmentations of Car Rental Market in Japan
- Snapshots on different Car Rental Markets in Japan
- SWOT Analysis of Japan Car Rental Market
- Growth Drivers of Japan Car Rental Market
- Government regulations of Japan Car Rental Market
- Trends and Developments of Japan Car Rental Market
- Challenges of Japan Car Rental Market
- End User Analysis of Car Rental Market in Japan
- Competitive Analysis of Car Rental Market in Japan
- Future Outlook and Projections of Car Rental Market in Japan
- Analyst Recommendations
- Research Methodology
For more information on the research report, refer to below link:
Japan Car Rental Market Outlook to 2027F
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