The North American market suffered from the pandemic and sold most of its vehicles during the COVID-19 lockdowns. However, with the resumption of travel activities and the reopening of the market in countries, the demand for car rentals has increased more than its pre-pandemic level. According to Kayak, a travel search engine, searches for car rentals and luxury car rental rates increased during the holiday period from December 11, 2020 to July 1, 2020, compared to 2019. According to the search engine, searches for luxury cars in 2021 increased by 230% compared to 2019 and by 243% compared to 2020. Meanwhile, the average daily cost of rent is 75% higher than in 2021. in 2019 and 66% higher than in 2020. Porsche Cars North America and Wheels Up, a private aviation company, have collaborated to offer high-end customers VIP service and road-to-sky lifestyle experiences. The partnership gives Wheels Up members access to Porsche Drive On Demand vehicle subscription benefits and a 10% discount on short-term rentals.
Europe currently holds the third-largest market share; however, it is expected to register the highest CAGR during the forecasted period. Europe also faced the challenge of inventory sales during the pandemic, amid growing post-pandemic demand. For example, thousands of tourists visit the city of Malaga in Spain every year as a gateway to Spain’s famous Costa del Sol. These tourists are used to spending a maximum of $600 per week on luxury car rentals.
The rest of the world includes Latin America, the Middle East, and Africa. The Middle East is expected to contribute significantly to the growth of the market. This can be attributed to the wealth of the region and the development of the travel and tourism sector. In 2021, Amazon started offering car rentals in Sharjah, Miami, Abu Dhabi, Ajman, and Ras Al Khaimah.