Brazil Car Rental Market Research Report, 2028

Brazil Car Rental Market Research Report, 2028

Actual Market Research 30-01-2023 57 Pages Figures : 5 Tables : 10 Region : South America Country : Brazil Category : Automotive & Transport Transportation

Brazil is expected to dominate the South American car rental market during the forecast period. Over the medium term, as life in the country returns to normal and international travel resumes, Brazil will be near the top of the tourist list. Because of the rich cultural heritage and natural scenery of the Amazon forests and beaches, the government is also taking steps to boost the country's tourism industry. Furthermore, due to the high cost of vehicle maintenance, residents are opting to rent vehicles rather than purchase them. These factors will drive growth in the Brazilian vehicle rental market during the forecast period. The increased concern and awareness about lower emissions has resulted in more rental car options. Furthermore, vehicle rental allows for greater mobility without the worry of incurring the costs associated with car ownership and maintenance. As a result of the vehicle shortage, there was a gap between demand and supply, prompting buyers to look for alternative vehicle options. Rental services provided by several companies were perceived as the best alternative and a viable option for private vehicle owners, resulting in an increase in demand for rental vehicles in Brazil. According to the research report, "Brazil Car Rental Market Research Report, 2028," published by Actual Market Research, the market is anticipated to add USD 0.54 Billion by the end of 2028. Economy cars had the largest market share in the car rental market. One of the most important factors to consider when renting a car is its fuel economy. because it has an effect on operating costs. Because of the low maintenance and procurement costs, most market players prefer economy cars for car rental services. Furthermore, economy cars are compact in nature and provide adequate comfort to the passengers. A significant increase in the number of people travelling for business and pleasure across the country is fueling demand for car rental services and propelling the industry's growth. Employees travelling to Brazil for business purposes increase demand for Brazil car rentals to familiarise themselves with locations and business details. Rising internet penetration across developing as well as developed countries has further helped companies in the market capture a larger customer base with the help of dedicated mobile apps for the convenience of customers. The availability of a wider range of car types for rental purposes, such as SUVs and MUVs, boosts demand for Brazil car rental. The convenience of booking cars offline by visiting car rental outlets or online through a website or app has increased the share of the Brazilian car rental market. The minimum age for renting a car in Brazil is 21 years old. Minimum and maximum car rental age requirements may vary between suppliers, and nearly all will charge an additional local fee for any car rentals for drivers under the age of 25, called a young driver surcharge. The young driver surcharge varies but is usually between $15 and $40 per day. Besides, with a higher level of informal employment, car rental is becoming an attractive way to earn an income for numerous Brazilians. Further, the Brazilian government is focused actively on expanding the country's tourism sector and laying out standard regulations for fleet managers in business operations. Hence, several market players are working on strengthening their car rental input and extending their scalability across the country. Key points like the expansion and progression of the travel and tourism industry, the incorporation of advanced digital technologies in car rental services, investment by global funds, and players opting for an aggregator-based business model are accelerating this market. However, factors like the negative impact of volatile prices of gasoline and petroleum products on expenditure in the car rental industry, immense traffic problems in metropolitan cities, and pollution's effect on the environment are hampering market growth. Quero Customers can rent cars by the hour or day from this company, which provides a car-sharing service. The service, which is available in several major Brazilian cities, aims to provide customers with a more affordable and flexible alternative to traditional car rental options. Mobi is a car-sharing service that provides customers with the ability to rent cars for short periods of time. The company operates in several Brazilian cities and aims to provide customers with a convenient and cost-effective alternative to traditional car rental options. Zarpo Car provides a car rental service in which customers can book vehicles online and pick them up at any of the company's locations throughout Brazil. The company's goal is to provide customers with a more convenient and flexible car rental experience, and it has already gained significant market traction. These are the few new entrants in the Brazilian car rental market. Considered in this report • Geography: Brazil • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Brazil Car Rental market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By car Type • Luxury car • Executive car • Economy car • Sports utility vehicle (SUV) car • Multi utility vehicle (MUV) car By application Type • Leisure/Tourism • Business The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to car rental industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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