The global Mexico Car Rental Market is estimated to be valued at US$ 1,108.1 Mn in 2022 and is expected to exhibit a CAGR of 10.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Mexico Car Rental market involves renting vehicles like cars, light trucks, SUVs, and more for short periods ranging from a few hours to few months. This allows travelers and locals to avail temporary transportation facilities as per their needs without purchasing vehicles. The service offers flexibility and convenience to users.
Market key trends:
Self-service rental models are gaining popularity in the Mexico market. This allows customers to locate, inspect, rent and return vehicles without visiting the rental counter. Customers can complete documentation and payment formalities online or via mobile apps. Self-service kiosks set up at airports, train stations and other locations enable contactless and faster rentals. This trend is driven by rising preference of customers for hassle-free and customized services. It also helps rental companies reduce operational costs and improve fleet utilization through efficient management.
Segment Analysis
The Mexico car rental market is segmented by car type into economy/budget cars, luxury cars, SUVs/crossovers, and others. Among these, the economy/budget cars segment dominated the market and held the largest market share of around 62.4% in 2022. The dominance of this segment can be attributed to the high demand for affordable rental cars from individuals looking to rent cars for traveling or leisure purposes at a low cost.
Key Takeaways
The Mexico car rental market is expected to witness high growth, exhibiting a CAGR of 10.1% over the forecast period of 2023-2030, due to increasing demand from domestic and international tourists visiting Mexico for leisure and business purposes. The global Mexico car rental market size is expected to reach US$ 2,308.3 Mn by 2030 from US$ 1,108.1 Mn in 2022.
Regional analysis
Centered around Mexico City and Cancun, Mexico has become one of the leading travel destinations globally. The central region, including Mexico City, dominated the Mexico car rental market and accounted for over 30% of revenue share in 2022.
Key players
Key players operating in the Mexico Car Rental Market are National Car Rental, EUROPCAR GROUP S.A, MEX Rent a Car, Budget Rent A Car System Inc., Fox Rent A Car, Thrifty Car Rental Inc., THE HERTZ CORPORATION, Sixt SE, Avis Budget Group Inc., and Alamo. National Car Rental is the dominant player owing to its wide network coverage and strong brand presence across the country
