The offline segment is expected to exhibit steady growth during the forecast period. While online bookings are gaining traction, some consumers still prefer in-person booking of luxury cars. This preference can be attributed to the convenience of renting cars in person instead of searching online. Unlike customers who book online, consumers who book in person can inspect and examine the exotic car and even ask questions with the staff. Therefore, the offline segment is expected to exhibit steady growth during the forecast period.
Improving standard of living will drive the market in the Asia-Pacific region.
The Asia-Pacific market reached USD 19.12 billion in 2024. The region is expected to dominate the global market due to consumers’ preference for renting rather than buying. The huge population of China and India, which together account for more than 38% of the world’s population, is a crucial factor for the growth of the market in the region. This growth can also be attributed to the growing number of billionaires in Asia-Pacific. According to Forbes, Asia-Pacific continues to lead the way, with a staggering 1,149 billionaires in 2022, 370 more than the previous year, mainly due to the influx of billionaires from China and India. Also according to Forbes, exotic car rental is still an emerging segment in the region, compared to Europe and North America; However, considering the aforementioned trends, significant growth is expected over the projected period. Imported luxury cars, priced above $90,830, are becoming increasingly popular in Japan among affluent individuals who are unable to travel abroad due to the coronavirus pandemic but are willing to spend money.