#Philippines Car Leasing Lenders

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Philippines car rental market is in the growing stage, driven by the increase in disposable income and the rising demand from tourist activities: Ken Research

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With the Covid’19 pandemic getting over and removal of travel restrictions, the market is again picking up and is expected to continue growing in the coming years as renting a car for travel is faster and more convenient than public transport or other means to get around the city.

Covid Impact on Market: Before the pandemic, between 2017 and 2019, the market was surging at a steady rate as the service was becoming more popular among users due to its affordability and convenience and higher internet penetration. Post pandemic, the market demand was highly impacted and negatively affected. The long duration of lockdowns forced companies to lay off the vehicles to reduce their loss and hence, the fleet size decreased.

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Demand from Tourist Activities: With the travel restrictions and safety concerns, the tourist movement completely stopped. Along with that, offices were operating remotely, hence there was not much demand in the market. With the removal of travel restrictions, the market is again picking up and is expected to continue growing in the coming years.

Increase in Disposable Income: With an increase in disposable income of people from the previous year, the paying capacity of people have increased. With this people has been spending more than earlier on renting cars.

Analysts at Ken Research in their latest publication “Philippines Car Rental Market Outlook to 2027F - Driven by the increase in tourism and business activities along with deeper internet penetration and adoption of digital services.” observed that the Philippines car sharing market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to increased internet penetration and the adoption of smartphones. The Philippines Car Rental Market is expected to grow at robust CAGR over the forecasted period 2022P -2027F.

Key Segments Covered in the report

Philippines car Rental Market

By Type of Booking

Online market

Offline market

By Type of Car

Small Cars(PHP 3500-7500 / Per trip)

Medium(PHP 3500-7500 / Per trip)

Luxury(PHP 7500+)

By Purpose

Leisure

Business

Philippines Car Leasing Market

By Type of Region

Manila

Luzon

Visayas

Mindanao

By Time Duration

1 year

2 year

3 year

4 or more year

By Vehicle Price Range

Sedan(PHP 20000-35000

SUV(PHP 35000-50000)

Premium(PHP 50000+)

By Type of End User

Corporate

Retail Individuals

Philippines Ride Hailing Market

         By Type of Region

Metropolitan

Non Metropolitan

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Philippines Ride Sharing Market

By Point of Service

Rest Area

At Airport

By Type of Car

Sedan

SUV

By Type of Distance

Short distance

Long distance

Philippines Self-Drive Car Rental Market

By Type of Region

Metro cities

Non metro cities

By Type of Booking Channel

Online

Offline

By Usage

Intercity

Intracity

By Time Period

1-2 days

A week

A month

By Type of Car

Standard (PHP 1500 + / per hour)

Luxury (PHP 1000-4000/24hours)

By Type of Booking Period

Weekend

Weekdays

By Segment of Car

Standard

luxury

By Status of Ownership

Owned

Leased

By Point of Service

At Airport

Rest area

Key Target Audience

Car Rental Service Providers

Car Rental Companies aiming to establish in the Philippines

Philippines Automotive Industries

Government Bodies & Regulating Authorities

Venture Capitalist targeting the car rental market

Automotive industry association

Car Manufacturers

Existing Car Rental Companies

OEM Dealerships

New Market Entrants

Investors

Car Rental Associations

Time Period Captured in the Report:

Historical Period: 2017-2022

Base Year: 2022

Forecast Period: 2022-2027

Companies Covered:

Car Rental

Diamond Rent-a-Car

Luxicar

Voyg

Rent a Car ECLPI

Avis

Hertz

SafeRide

Self-Drive

Europcar

Thrifty

Juzzr Car Rental

Hertz

Voyg

SafeRide

VPI

      Ride Hailing

Grab

JoyRide

Hirna

Maxim

     Ride Sharing

Grab

Hirna

      Car Leasing

Orix

Avis

Diamond Rent-a-Car

Europcar

Herts

ECLPI Rent a Car

Key Topics Covered in the Report

Overview and Genesis of Car Rental Market in Philippines

Ecosystem of Philippines Car Rental Market

Business Cycle of Philippines Car Rental Market

Timeline of Major Players of Philippines Car Rental Market

Value Chain Analysis of Philippines Car Rental Market

Philippines Car Rental Market Sizing, 2017- 2022

Market Segmentations of Car Rental Market in Philippines

Snapshots on different Car Rental Markets in Philippines

Industrial Analysis of Car Rental Market in Philippines

Competitive Analysis of Car Rental Market in Philippines

Future Outlook and Projections of Car Rental Market in Philippines

For More Insights On Market Intelligence, Refer to the Link Below: –

Philippines Car Rental Market Outlook to 2027

Related Reports by Ken Research: –

Vietnam Car Rental Market Outlook to 2027F

Belgium Car Rental Market Outlook 2027F

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The increase in internet penetration and adoption of smart phones in the country will boost Philippines Car Rental Market: Ken Research

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1.With increase in internet penetration and digital adoption in the country, car rental services are shifting to online platforms for direct bookings and confirmations.

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With the increase in internet penetration and adoption of smart phones, the market for car rental services has expanded, hence becoming easier for people to access.  Ongoing developments in the Philippines car rental market such as integrating Services with Internet of Things, Online Bookings, Unique Business Models, Reliable Personal Identification Process, and Scanned Fingerprints are helping the car rental market to grow. Car rental companies are moving to online platforms for direct bookings and confirmations as internet usage and digital adoption rise throughout the nation. As a result, the procedure is hassle-free and contactless.

2.In the last few years, the mode of booking for car rental services has shifted from offline to online platforms

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In the last few years, the mode of booking for car rental services has shifted to online platforms with 60% bookings being made online. This can be attributed to the increasing internet penetration and familiarity of online bookings across the country along with the easy booking process and time saving benefits of online bookings.

3.The household distribution of vehicle ownership (car/ jeep/ van) is less than 10%.

The household distribution of vehicle ownership (car/ jeep/ van) is less than 10% due to high vehicle ownership costs, maintenance costs and increasing traffic and congestion in urban areas. This provides the car rental industry with a bright future and big potential market to capture.