Mexico Car Rental Market Set for Strong Growth Through 2031

Mexico Car Rental Market Demand

Mexico Car Rental Market is anticipated to witness steady expansion owing to growing tourism and business travel industries. The market overview paragraph describes the market, its key products and services along with highlighting the need and advantages.

The Global Mexico Car Rental Market is estimated to be valued at US$ 1405.47 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Mexico Car Rental market are Eversman Corporation, ABI Equipment, TEXOMA Augers, Agritech, Morris Industries, G P Industries, Tricon Manufacturing, Agri Drill, Avant Tecno, Caterpillar, Paladin Power, Auger Torque, Little Beaver, Danuser, Blue Diamond Attachments, Erskine Attachments, Macfarlane Augers, Terex, Bobcat, Dando Drilling International. The Mexican car rental market offers opportunities for market expansion through renting of luxury and exotic cars. Major players are focusing on global expansion through mergers, acquisitions and partnership strategies to grab greater market share.

Market Drivers and Restraints

The key driver for the Mexico Car Rental Market Demand is the robust growth of the tourism industry in the country. Mexico receives millions of visitors each year, driving the demand for rental cars. Moreover, the rise in business travel has also boosted the market. However, price fluctuations in fuel costs act as a major market restraint. High insurance and maintenance costs associated with rental car fleets pose a challenge to industry profitability. Stringent government regulations regarding vehicle age could hamper fleet expansion plans of rental companies.
Segment Analysis

Mexico car rental market is dominating by mini and economy car segments. Mini and economy car segments together hold more than 60% share of the overall Mexico car rental market due to affordability and suitability for short distance travel within cities. Mini and economy car segments cater to individual travelers and travelers on a budget. Luxury car rental segment is also gaining traction among corporate travelers and travelers who wants comfort and style during travel. However, its market share is around 15% due to higher rental cost of luxury cars. SUV segment is growing steadily owing to increasing popularity of SUV vehicles and availability of multiple options within compact and mid-size SUV categories.

Global Analysis

Regionally, Mexico car rental market is dominating by Central Mexico region which consist of Mexico City and surrounding areas. Central Mexico region holds around 35% share of the overall Mexico car rental market due to business travel, tourism and events in Mexico City. North Mexico region consisting of cities like Tijuana, Mexicali is the fastest growing region and is expected to witness a CAGR of 8.5% during the forecast period. Growing cross-border travel from US and events in the region is driving the growth of car rental market in North Mexico region. Southern Mexico region has moderate market share and is expected to grow at a moderate pace during the forecast period.

Get More Insights on- Mexico Car Rental Market

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