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South Korea Car Rental Market Size, Share, Trends, Analysis: By Booking Type: Online Access, Offline Access; By Vehicle Type: Economy/Budget Cars, Luxury/Premium Cars, MUVs, SUVs; By Application: Business, Leisure/Tourism; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
South Korea Car Rental Market Outlook
The South Korea car rental market size was nearly 1.51 billion in 2023. The market is estimated to grow at a CAGR of 1.2% during 2024-2032, to reach 1.68 billion by 2032.
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
On the basis of booking type, the market is bifurcated into online access and offline access. Based on vehicle type, the market is divided into economy/budget cars, luxury/premium cars, MUVs, and SUVs. On the basis of application, the market is bifurcated into business and leisure/tourism.
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
- 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
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 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. 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. 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.
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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Booking Type |
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| Breakup by Vehicle Type |
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| Breakup by Application |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Car Rental Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Car Rental Historical Market (2018-2023)
8.3 Asia Pacific Car Rental Market Forecast (2024-2032)
8.4 Asia Pacific Car Rental Market Breakup by Country
8.4.1 China
8.4.2 Japan
8.4.3 South Korea
8.4.4 ASEAN
8.4.5 Australia
8.4.6 South Korea
8.4.7 Others
9 South Korea Car Rental Market Overview
9.1 Key Industry Highlights
9.2 South Korea Car Rental Historical Market (2018-2023)
9.3 South Korea Car Rental Market Forecast (2024-2032)
10 South Korea Car Rental Market by Booking Type
10.1 Online Access
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Offline Access
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 South Korea Car Rental Market by Vehicle Type
11.1 Economy/Budget Cars
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Luxury/Premium Cars
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 MUVs
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 SUVs
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
12 South Korea Car Rental Market by Application
12.1 Business
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Leisure/Tourism
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 The Hertz Corporation
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Avis Budget Group, Inc.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Enterprise Holdings, Inc.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Lotte Corporation
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Uber Technologies Inc.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Booking Holdings Inc.,
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 SK Networks Co. Ltd.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 AJ Networks Co., Ltd.
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Vacaciones eDreams S.L.U.
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Car Rental Market: Key Industry Highlights, 2018 and 2032
2. South Korea Car Rental Market: Key Industry Highlights, 2018 and 2032
3. South Korea Car Rental Historical Market: Breakup by Booking Type (USD Billion), 2018-2023
4. South Korea Car Rental Market Forecast: Breakup by Booking Type (USD Billion), 2024-2032
5. South Korea Car Rental Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
6. South Korea Car Rental Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
7. South Korea Car Rental Historical Market: Breakup by Application (USD Billion), 2018-2023
8. South Korea Car Rental Market Forecast: Breakup by Application (USD Billion), 2024-2032
9. South Korea Car Rental Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 1.51 billion.
The market is estimated to grow at a CAGR of 1.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 1.68 billion by 2032.
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.
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