Singapore Car Rental and Leasing Market Introduction and Overview
According to SPER Market Research, the Singapore Car Rental and Leasing Market is estimated to reach USD XX billion by 2033 with a CAGR of XX%.
The report includes an in-depth analysis of the Singapore Car Rental and Leasing Market, including market size and trends, product mix, distribution channels, and supplier analysis. A car rental service enables clients to rent a vehicle for a set period of time, usually a few hours, a day, or even a few weeks. The same applies to renting cars from a car rental company as it does to borrowing books from a library. If you need an automobile for a certain purpose, like traveling, or if your own car isn't available, this is a helpful substitute. Vehicle leasing is not the same as vehicle renting. When you lease an automobile, you are essentially renting it for several months or even years at a time. It's more akin to temporarily renting a car, very similar to having your own car but not really owning one.
- The Singapore-based car-sharing company Tribecar revealed in March 2022 that it has purchased the local automaker Car Club. Members of Tribecar and Car Club will have access to a fleet of more than 1,400 cars thanks to the joint venture.
- Cycle & Carriage (C&C) Singapore has launched a new online car rental service, which is managed by the car distributor's leasing section. According to the company, MyCarriage is the name of the new platform, which allows clients to browse the range of vehicles that are available in real-time and choose the specific model they wish to hire, down to the precise make, model, and colour.
Market Opportunities and Challenges
Singapore Car Rental and Leasing market offers a variety of opportunities and challenges. The cost of owning and maintaining an automobile in Singapore is rising, creating a growing need for more cheap alternatives to drive one's own vehicle. Because of the popularity of car-hailing mobile app services, the availability of cars in the country has altered substantially. An increasing number of people need transportation to go from one place to another as the population rises. Some people might not own a car, or they could need a second automobile for a special event. Due to this, there is a greater need for car leasing and rental services, which let clients borrow vehicles for predetermined amounts of time.
However, one challenge is the intense competition amongst automobile rental and leasing providers. Due to the abundance of businesses providing comparable goods and services, they have to put in more effort to win over clients. As a result, some businesses could find it difficult to differentiate themselves and thrive. The expense of acquiring and sustaining a fleet of vehicles is another difficulty. Car rental and leasing companies need to buy and maintain a large number of vehicles in order to meet consumer demand. An automobile might be too expensive to buy and maintain. Making sure that the cars are clean, well-maintained, and safe for clients costs a lot of money and time.
Market Competitive Landscape
International firms like Hertz, Sixt, and Avis-Budget as well as regional businesses like Motorist and Ride Now are part of Singapore's automobile rental market. Local automobile rental firms like Sixt, RideNow, Motorist.sg, and Aka charge half as much as international companies. In contrast, foreign car rental firms usually provide a wider range of high-end and foreign vehicles than do domestic car rental companies.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Booking Type, By Rental Duration, By Application
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| Regions covered | Eastern Region, Southern Region, Western Region, Northern Region
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| Companies Covered | AKA Car Rental, Avis Budget Group, Avis Budget GroupAvis Budget Group, Europcar Mobility Group, Hertz Corporation, Motorist Pte Ltd, Ride Now, Sixt SE. |
COVID-19 Impact on Singapore Car Rental and Leasing Market
When the COVID-19 pandemic first started, the demand for rental cars dropped by about 90%, and companies scrambled to find ways to cut costs. As more people start traveling again and vaccines are being distributed, demand is already outpacing supply, which could lead to an increase in the market for automobile rentals. Car rental companies faced the difficulty of quickly reducing overhead and prices as a result of the pandemic's devastation. During the early phases of the pandemic, all organizations were forced to explore measures such as laying off employees, closing rental outlets, and drastically reducing the size of their fleet. The problem was made worse by the low demand for used cars, which made it very difficult to stay profitable.
Key Target Audience
- Business Travellers
- Local Residents without a car
- Tourists and Travellers
Our in-depth analysis of the Singapore Car Rental and Leasing Market includes the following segments:
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By Booking Type:
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Online
Offline
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By Rental Duration:
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Short-Term
Long-Term
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By Application Type:
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Tourism
Commuting
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By Region:
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Eastern Region
Southern Region
Western Region
Norther Region
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Key Topics Covered in the Report
- Singapore Car Rental and Leasing Market Size (FY’2023-FY’2033)
- Overview of Singapore Car Rental and Leasing Market
- Segmentation of Singapore Car Rental and Leasing Market By Booking Type (Online, Offline)
- Segmentation of Singapore Car Rental and Leasing Market By Rental Duration (Short-Term, Long Term)
- Segmentation of Singapore Car Rental and Leasing Market By Application Type (Tourism, Commuting)
- Statistical Snap of Singapore Car Rental and Leasing Market
- Expansion Analysis of Singapore Car Rental and Leasing Market
- Problems and Obstacles in Singapore Car Rental and Leasing Market
- Competitive Landscape in the Singapore Car Rental and Leasing Market
- Impact of COVID-19 and Demonetization on Singapore Car Rental and Leasing Market
- Details on Current Investment in Singapore Car Rental and Leasing Market
- Competitive Analysis of Singapore Car Rental and Leasing Market
- Prominent Players in the Singapore Car Rental and Leasing Market
- SWOT Analysis of Singapore Car Rental and Leasing Market
- Singapore Car Rental and Leasing Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Singapore Car Rental and Leasing Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Singapore Car Rental and Leasing Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Singapore Car Rental and Leasing Market
7. Singapore Car Rental and Leasing Market, By Booking Type (USD Million)
7.1. Singapore Car Rental and Leasing Market Value Share and Forecast, By Booking Type, 2023-2033
7.2. Online
7.3. Offline
8. Singapore Car Rental and Leasing Market, By Rental Duration (USD Million)
8.1. Singapore Car Rental and Leasing Market Value Share and Forecast, By Rental Duration, 2023-2033
8.2. Short-Term
8.3. Long-Term
9. Singapore Car Rental and Leasing Market, By Application Type (USD Million)
9.1. Singapore Car Rental and Leasing Market Value Share and Forecast, By Application Type, 2023-2033
9.2. Tourism
9.3. Commuting
10. Singapore Car Rental and Leasing Market Forecast, 2019-2033 (USD Million)
10.1. Singapore Car Rental and Leasing Market Size and Market Share
11. Singapore Car Rental and Leasing Market, By Booking Type, 2019-2033 (USD Million)
11.1. Singapore Car Rental and Leasing Market Size and Market Share By Booking Type (2019-2026)
11.2. Singapore Car Rental and Leasing Market Size and Market Share By Booking Type (2027-2033)
12. Singapore Car Rental and Leasing Market, By Rental Duration, 2019-2033 (USD Million)
12.1. Singapore Car Rental and Leasing Market Size and Market Share By Rental Duration (2019-2026)
12.2. Singapore Car Rental and Leasing Market Size and Market Share By Rental Duration (2027-2033)
13. Singapore Car Rental and Leasing Market, By Application Type, 2019-2033 (USD Million)
13.1. Singapore Car Rental and Leasing Market Size and Market Share By Application (2019-2026)
13.2. Singapore Car Rental and Leasing Market Size and Market Share By Application (2027-2033)
14. Singapore Car Rental and Leasing Market, By Region, 2019-2033 (USD Million)
14.1. Singapore Car Rental and Leasing Market Size and Market Share By Region (2019-2026)
14.2. Singapore Car Rental and Leasing Market Size and Market Share By Region (2027-2033)
14.3. Eastern Region
14.4. Southern Region
14.5. Western Region
14.6. Norther Region
15. Company Profile
15.1. AKA Car Rental
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Avis Budget Group
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Drive.SG Pte. Ltd
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Europcar Mobility Group
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Hertz Corporation
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Motorist Pte Ltd
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Ride Now
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Sixt SE
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
