“A steady increase in the demand for premium category cars and an increase in migrants from China due to a Pro China Policy have been driving the Car Rental Market in Philippines”.
Increase in the Number of Tourist Arrival: There has been an increase in the number of tourists arriving in the country. From 4.7 million in 2013, the number of tourists arriving in the country has increased to 7.1 million to 2018. Influx of higher number of people has positively contributed to car rental business owing to increased demand for rental cars for business trips, travel purpose and on/off airport travel.
Monopolistic Environment in the Cab Aggregator Market: Following the acquisition of Uber by Grab, the market has been led by Grab with a dominant share in the overall market. Although, new companies have recently entered the cab aggregator market in the Philippines, it has been difficult for them to capture the market due to the strong hold of Grab in the cab aggregator space.
Corporate Leasing: Market has witnessed increased demand for leased vehicles by legal entities, as leasing provides many benefits including low monthly payments, tax benefits, prestige of having new cars after every few years and no maintenance fees.
Challenging Driving Conditions: The market is hampered by the severe traffic problem (especially in Metro Manila) and unsafe driving practices in the country. There is also lack of space for parking the vehicles in the major metro cities. All these factors have contributed to the rise in demand for car rental and cab aggregator market in Philippines.
The report Titled “Philippines Car Rental, Car Leasing, Cab Aggregator and Yellow Taxi Market Outlook to 2023 – Driven by Planned Fleet Addition and Growth in Tourism and Construction Sector” by Ken Research suggestedthat the car rental market in Philippines has been growing due to increasing competition amongst the major domestic players. Car Rental Industry Revenue is expected to grow at a CAGR of 7.2%. Car leasing industry revenue is expected to grow at a CAGR of 6.9% and Cab Aggregator market is expected to grow at a CAGR of 12% during the period 2018-2023.
Philippines Car Rental Market Research Report
Car Leasing Market Philippines
Cab Aggregator Market Philippines
Philippines Yellow Taxi Industry
Uber Company Profile Philippines
Grab Philippines Fleet Size
Budget Philippines Fleet
Hirna Car Rental Market Philippines Revenue
Diamond Rental Car Market Philippines
Car Leasing Market Challenges Philippines
Car Leasing Revenue Philippines
Cab Aggregator Trends Philippines
Car Rental Market Issues Philippines
Philippines Cab Aggregator Market Future
Philippines Car Leasing Market Future
Key Segments Covered:-
Car Rental Market By
Purpose of Hire
Type of Car
Online and App Booking
Car Leasing Market
Duration of Lease
Four Year or More
Type of Car
Cab Aggregator Market
Yellow Taxi (Key Parameters and Fleet Size)
Key Target Audience:-
Car Rental Companies
Cab Aggregator Companies
Car Leasing Companies
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2018-2023E
For More Information, Refer To Below Link:-
Poland Car Rental Market By Market Structure (Organized And Unorganized Sector), By Mode Of Booking (Online And Offline), By Clients (Leisure And Business), By Pick-Ups (Airport And Off-Airport), By Car Type (Small, Medium And Large) And By Major Regions - Outlook To 2022
Kuwait Vehicle Leasing Market Outlook To 2023 - By Vehicle Type (Suv/Muv, Sedan, Pickups And Luxury Segment) And By End Users (Oil & Gas, Government, Construction, Logistics And Transportation, Telecom And Electrical And Others)
Ankur Gupta, Head Marketing & Communications