Mexico Car Rental Market : Market Research By Knowledge Sourcing Intelligence


To rent a car in Mexico, a person must have credit card, driver’s license, and passport. The minimum age to rent a car is 21 years and a valid driver’s license of at least 2 years is mandatory. The maximum age is 75 years and surcharges are applicable for drivers under the age of 25. The concept is gaining traction owing to the growing demand for flexibility and convenience among the general population. Increasing presence of international and domestic tourists is driving the car rental market growth in Mexico. According to the Mexican Secretary of Tourism, SECTUR, nearly 40 million tourists visited Mexico in 2017 and the number continues to grow at a rate of approximately 4 million a year. As a result of which a number of intermediaries and airlines are increasingly including car rental services as part of their product portfolio in order to attract more consumers. 
With growing propensity towards travelling to places where public transport is not available, car rental is finding its way. For an instance, Yucatan is a place especially suited to driving owing to many beaches and intriguing villages situated at a good distance from the main road. Thus, the market is expected to grow at a steady pace in the country owing to the constant growth of the overall tourism industry. However, third-party liability coverage is a mandatory insurance that the government traffic regulations required for all the drivers in Mexico. The rental agencies charge excessively for the vehicle insurance which is not often clarified in the initial stages which is acting as a restraint for the market. Emerging cab sharing services in the country in the upcoming years may also hinder the Mexico car rental market growth.Market Research is done by knowledge sourcing industry due to huge scope with respective industry.


Mexico car rental market
MEXICO CAR RENTAL MARKET FORECAST, US$ BILLION,FROM 2017 TO 2023

Mexico Car Rental Market by Mode of Booking


By mode of booking, the Mexico car rental market is segmented as online and offline. Online mode of booking holds a significantly large share in this market and this mode is expected to show an impressive growth over the forecast period. Increasing internet penetration and proliferation of smartphones are two of the factors driving the adoption of online mode of booking in the Mexico car rental market. Offline mode also holds a good share in this market and is expected to continue showing a good growth over the projected period.
Mexico car rental market
MEXICO CAR RENTAL MARKET SHARE, BY MODE OF BOOKING, 2017
Increasing Business Activities in The Mexico
Increasing business activities in Mexico is leading to increased business travels in the country. According to Global Business travel Association (GBTA), business travel in Mexico contributed $273.5 billion pesos in Mexican GDP. Travelers spent an average of $11,472 pesos per trip including $956 on ground transportation. Favorable regulations for foreigners to do business in the country are boosting business travels in the country. According to Mexican Law, foreigners can own 100% of a Mexican Corporation and open their business in Mexico. This is driving the demand for car rental in the country as it is a preferred choice of commuting by the business travelers. The deficiencies of the local transportation along with the security and complexity of some cities encourage travelers to opt for the services of car rental company. Increasing incidences of violence towards local as well as foreign nationals in the country is another major factor that concerns the foreign travelers about their safety with many choosing these rental services over taxis and pool rides to ensure safe trips during their stay and business travels.


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Location: Knowledge Sourcing Intelligence LLP, Galbatross Technologies LLP, H-140, Sector 63 Rd, Noida, Uttar Pradesh 201301, India

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