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.


Request Free Sample or Download the report:

For our Business Opportunities coverage:




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

Comments

Post a Comment

Popular posts from this blog

Comprehensive Report on Americas Data Center Colocation Market by Knowledge Sourcing Intelligence

Image
Americas Data Center Colocation Market to Grow at 11.51% CAGR A data center colocation is a facility that allows the business to rent space for servers and other computing hardware. America's Data Center Colocation market is estimated to witness a compound annual growth rate of 11.51% over the forecast period to reach a total market size of $22.954 billion by the end of 2021. America's region is the major market for colocation globally. The region accounted for 50% of the global colocation market in 2015, with the U.S. being the major market in the region. The competitive intelligence section deals with major players in the market, which are Equinix, Rackspace, Telehouse, Verizon, Soft Layer, Colt Technology Services, Zayo Group, Century Link, Coresite Reality Corporation, Internap, Net Data Centers, and Single Hop. Market Drivers: The demand for America's data center colocation market is driven by the increasing concerns regarding the cost of running th
Read more

Market Research Of Global Level Sensors Market By Knowledge Sourcing Intelligence

Image
Level sensors are used for measuring the level within a specified range. It is used for determining the amount of fluids, liquids or other substances that flow in an open or closed system. These sensors are increasingly being used in various industries such as oil and gas, food and beverages, consumer goods, manufacturing, and others. The rising demand for the level sensors to be used in processors and providing a greater performance analysis of the machines/equipment has increased its market share. The factors driving the market for level sensors includes higher adoption of sensors due to its advantages, increasing demand and growth of the autonomous vehicle industry, high usage of internet of things (IoT), increasing investment in research and development by the key players for providing good products to the consumers, and supportive government regulations in various countries. However, the malfunctioning of level sensors is a concern for market growth. Various key players in the
Read more

Comprehensive Report on Biodegradable Superabsorbent Materials Market by Knowledge Sourcing Intelligence

Image
Rising Environmental Concerns – Key Reason for Biodegradable Superabsorbent Materials Market Growth Global Biodegradable Superabsorbent Materials Market is expected to witness moderate growth over the period 2015 to 2021. Growing demand for proper waste disposal owing to the increasing environmental concerns is one of the key drivers of the global biodegradable superabsorbent materials market. Lack of dumping area coupled with stringent government and industry regulations is forcing manufacturers to use eco-friendly products and techniques, thereby augmenting the demand for these materials across the globe. Rising health concerns and growing awareness towards personal hygiene among women will further propel the growth of the global biodegradable superabsorbent materials market in the forthcoming years.  The other major factor contributing to the growth of this the market is burgeoning global population which requires the agricultural sector to increase yield and impleme
Read more