Prior to the pandemic, many Singaporeans saw international travel as a favourite pastime. During public and school holidays and at weekends, car rental players often experienced an increase in business as consumers rented private hire cars to drive into neighbouring Malaysia for a quick getaway road trip, stopping at scenic coastal destinations and towns such as Penang and Cameron Highlands.
With concerns over the spread of COVID-19 in the community, car rental has emerged as a more hygienic and safer alternative to public transportation. This is particularly the case for inbound visitors on official business trips, as they are often required to adhere to a controlled itinerary where their movements within Singapore are restricted to avoid interaction with the general public.
With the trend towards mobility-as-a-service, car sharing platforms have emerged in recent years, offering consumers great convenience, with a wide network of cars island-wide, and competitive prices, from as low as SGD1 to SGD3 per hour of usage. Typically, consumers search for and unlock an available car via a mobile application and return it to the same location it was picked up from.
COVID-19 has accelerated the shift towards online sales, as consumers have spent more time at home and turned towards e-commerce by necessity or choice to purchase goods and services. Nevertheless, the car rental industry in Singapore has historically remained less penetrated by digitalisation efforts.
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Car rental covers the short-term rental of passenger vehicles for self-drive by both business and leisure users, whether from the airport or downtown locations. Trucks and commercial vans are excluded. Car rental value covers the price of car hire to the consumer. Ancillary revenues are included, such as the hire of baby car seats, GPS navigation systems, optional roadside assistance services and collision and damage waivers. Volume is provided by the number of car hire transactions, fleet size and number of car rental operators. In underdeveloped markets, car rental companies offer chauffeur-driven cars. Most people prefer these options, due to unfamiliarity with the roads. Euromonitor International includes chauffeur-driven cars in car rental, when they concern car rental companies such as Hertz or Avis, which offer a chauffeur-driven service as an additional option. Car rental covers sales to inbound tourists and domestic tourists. i.e. from a destination point of view (also known as point of supply). For example, if a US citizen books a car rental service in France via the US offices of Hertz, the sales are attributed to Hertz France. The same applies for online sales. Car rental excludes long-term leasing, commercial vehicles, trucks and motorbikes and local car sharing schemes.See All of Our Definitions
This report originates from Passport, our Car Rental (Destination) research and analysis database.
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