South Korea Car Rental Market Size & Outlook, 2023-2030
South Korea car rental market, 2018-2030 (US$M)
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South Korea car rental market highlights
- The South Korea car rental market generated a revenue of USD 5,644.1 million in 2023 and is expected to reach USD 13,006.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 12.7% from 2024 to 2030.
- In terms of segment, economy cars was the largest revenue generating vehicle type in 2023.
- Economy cars is the most lucrative vehicle type segment registering the fastest growth during the forecast period.
Car rental market data book summary
| Market revenue in 2023 | USD 5,644.1 million |
| Market revenue in 2030 | USD 13,006.0 million |
| Growth rate | 12.7% (CAGR from 2023 to 2030) |
| Largest segment | Economy cars |
| Fastest growing segment | Economy cars |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Luxury cars, Executive cars, Economy cars, SUVs, MUVs |
| Key market players worldwide | Avis Budget Group Inc, Carzonrent India Pvt. Ltd., Eco Rent A Car, Eurazeo SE, Localiza Rent A Car SA ADR, Hertz Global Holdings Inc Ordinary Shares (New), Sixt SE, AVR Van Rental, Enterprise Holdings |
Other key industry trends
- In terms of revenue, South Korea accounted for 4.3% of the global car rental market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China car rental market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 13,182.0 million by 2030.
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Car Rental Market Scope
Car Rental Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea car rental market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to car rental market will help companies and investors design strategic landscapes.
Economy cars was the largest segment with a revenue share of 33.52% in 2023. Horizon Databook has segmented the South Korea car rental market based on luxury cars, executive cars, economy cars, suvs, muvs covering the revenue growth of each sub-segment from 2018 to 2030.
Emerging car rental companies in the country are focusing on novel techniques such as long-distance services or cheaper overall pricing and improved safety. Furthermore, rising fuel prices, the growing popularity of ridesharing services, and increased environmental awareness are leading to the development of newer forms of transportation, providing greater flexibility and convenience for users, who can choose from a variety of transportation options based on their needs at any given time. These factors are expected to drive the country’s car rental market growth during the forecast period.
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Target buyers of South Korea car rental market databook
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Our clientele includes a mix of car rental market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea car rental market , including forecasts for subscribers. This country databook contains high-level insights into South Korea car rental market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea car rental market size, by vehicle type, 2018-2030 (US$M)
South Korea Car Rental Market Outlook Share, 2023 & 2030 (US$M)
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