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Report Overview

The South Korea car rental market size was nearly USD 1.51 Billion in 2024. The market is estimated to grow at a CAGR of 1.20% during 2025-2034, to reach USD 1.70 Billion by 2034.

2024

Base Year

2018-2024

Historical Period

2025-2034

Forecast Period

Compound Annual Growth Rate

1.2%

Value in USD Billion

2025-2034


South Korea Car Rental Market Outlook

*this image is indicative*

Key Trends in the South Korea Car Rental Market

Car rental is the process of provisionally renting a vehicle from a car rental agency or company. It gives individuals access to a car for a specified period of time, ranging from a few hours to several days, weeks or months. Rapid urbanisation, technological advancements, and expansion of the travel and tourism sector are some of the factors driving the market growth.

  • The expansion of the tourism sector in the country is aiding the South Korea car rental market growth. Nowadays, tourists and travellers prefer renting cars for short trips. The strategic location of car rental agencies, including busy urban areas and near airports, coupled with the availability of online booking are supporting the market expansion.
  • With the progress of technology, the penetration of mobile phones and internet is on the rise. It has now become easier for companies to captivate prospective customers through their websites and mobile applications. Additionally, customers can choose from a wide range of rental car service providers, allowing them to select the service most suitable to their requirements and avail lucrative discounts and offers.
  • The availability of a wide range of cars by rental car services providers is further supporting the market expansion. It allows customers to choose from a variety of vehicles, ranging from economical cars to luxury cars. Buyers can rent vehicles as per their preferences and requirements, which helps enhance their overall experience.

South Korea Car Rental Market Segmentation

The EMR’s report titled “South Korea Car Rental Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Booking Type

  • Online Access
  • Offline Access

Market Breakup by Vehicle Type

  • Economy/Budget Cars
  • Luxury/Premium Cars
  • MUVs
  • SUVs

Market Breakup by Application

  • Business
  • Leisure/Tourism

South Korea Car Rental Market Share by Booking Type

As per the South Korea car rental market analysis, online access accounts for a significant share of the market. Online booking of rental cars eliminates the hassle associated with offline bookings and allows customers to browse and book cars through websites or mobile applications. The convenience offered by these services coupled with the availability of pre-booking options is supporting the segment growth. The availability of various discounts and offers across online channels is further boosting their popularity in South Korea.

South Korea Car Rental Market Share by Vehicle Type

Economy cars account for a significant South Korea car rental market share. Economy/budget cars are smaller and cost efficient in nature. They are generally compact, lightweight, and inexpensive to both producers and consumers. Due to the low maintenance and procurement costs associated with economy cars, their popularity is increasing in the car rental sector in South Korea. The increased footfall of domestic and international tourists in South Korea is further supporting the segment growth and boosting the South Korea car rental market demand.

Competitive Landscape

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in South Korea car rental market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

The Hertz Corporation

The Hertz Corporation is a car rental agency located in Seoul, South Korea. The company is known to offer 24x7 services and provides a wide variety of economy, luxury, and SUV rental cars which are suitable for any budget and occasion. The car range includes Nissan Versa, Toyota Corolla, and Chevrolet Impala, among others.

Enterprise Holdings, Inc.

Enterprise Holdings, Inc. is an American private holding company headquartered in Missouri, United States. It is the parent company of various car rental agencies, including National Car Rental, Enterprise Rent-A-Car, and Alamo Rent a Car. It also provides commercial fleet management services and sells used cars.

Avis Budget Group, Inc.

Avis Budget Group, Inc. is an American car rental agency headquartered in New Jersey, United Staes.  The company offers a wide range of rental cars including electric cars, luxury cars, SUV rentals, and van rentals, among others.

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other key players in the South Korea car rental market are Lotte Corporation, Uber Technologies Inc., Booking Holdings Inc., SK Networks Co. Ltd., AJ Networks Co., Ltd, and Vacaciones eDreams S.L.U., among others.

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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, the market reached an approximate value of USD 1.51 Billion.

The market is estimated to grow at a CAGR of 1.20% between 2025 and 2034.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach a value of around USD 1.70 Billion by 2034.

The market is being driven by various factors such as the rapid urbanisation, expansion of online booking channels, and the growth of the travel and tourism sector in South Korea.

The key trends aiding the market expansion include rapid technological advancements and the availability of a range of options under car rental services to meet evolving customer demands.

The different types of booking include online access and offline access.

The different types of vehicles include economy/budget cars, luxury/premium cars, MUVs, and SUVs.

The key players in the market are The Hertz Corporation, Avis Budget Group, Inc., Enterprise Holdings, Inc., Lotte Corporation, Uber Technologies Inc., Booking Holdings Inc., SK Networks Co. Ltd., AJ Networks Co., Ltd, and Vacaciones eDreams S.L.U., among others.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Booking Type
  • Vehicle Type
  • Application
Breakup by Booking Type
  • Online Access
  • Offline Access
Breakup by Vehicle Type
  • Economy/Budget Cars
  • Luxury/Premium Cars
  • MUVs
  • SUVs
Breakup by Application
  • Business
  • Leisure/Tourism
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • The Hertz Corporation
  • Avis Budget Group, Inc.
  • Enterprise Holdings, Inc.
  • Lotte Corporation
  • Uber Technologies Inc.
  • Booking Holdings Inc.,
  • SK Networks Co. Ltd.
  • AJ Networks Co., Ltd.
  • Vacaciones eDreams S.L.U.
  • Others

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