Car rental services enable travelers to access an automobile on short notice with flexibility and convenience. Vehicles offered for rent range from economy cars suitable for daily commutes to luxury SUVs and sports cars for recreational use. This allows individuals and groups to fulfill transportation needs without long-term vehicle ownership commitments or high upfront costs.

The global Mexico Car Rental Market is estimated to be valued at US$ 1220.02 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growth of Mexico's car rental market is projected to accelerate on account of innovative mobility solutions being offered by industry players. Many companies have expanded their service offerings beyond traditional rental cars to include ride-sharing, car-pooling, and rental of electric vehicles. This allows customers to choose transportation alternatives suited to their traveling needs and preferences in an environmentally-conscious manner. Mobility-as-a-Service models are gaining traction as they provide "pay-per-use" convenience to users while improving vehicle utilization rates for operators. As more people embrace the sharing economy approach to transportation, the car rental industry in Mexico stands to gain significantly.

Segment Analysis
The Mexico car rental market is dominated by the airport segment owing to the rising air passenger traffic in the country. The airport segment accounts for nearly 40% share of the overall market due to the convenience offered to flyers. Car rentals provided at airports allow smooth transfers for passengers arriving via flights. Further, the increasing number of low-cost international carriers operating in Mexico is also boosting short-term rentals from airports.

Key Takeaways
The Global Mexico Car Rental Market Size is expected to witness high growth. The global Mexico Car Rental Market is estimated to be valued at US$ 1220.02 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030.

The car rental market in Mexico has been witnessing significant growth over the past few years supported by strong economic growth and increasing tourism activities. The tourism industry in Mexico has grown exponentially in the recent past owing to various factors such as vibrant culture, beautiful beaches, archaeological sites, and vibrant nightlife. The market is dominated by the central and southern regions of Mexico, which collectively account for around 65-70% of the overall car rentals.

Key players related content comprises Key players operating in the Mexico Car Rental Market are Cipla Ltd, Merck & Co., Inc., F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Bayer AG, Amgen Inc., Novartis AG, Sanofi S.A., Pfizer Inc., Johnson & Johnson.

 

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