Car rental continued to record healthy current value growth, with both short-term and long-term car rental popular in South Korea. Many consumers feel more comfortable using the car rental option during their trip.
There has been lively merger and acquisition activity in the South Korean car rental industry, with InterPark Corp acquiring Donga Rent-A-Car in 2018 and SK Networks acquiring AJ Rent a Car in 2019, making the industry much more competitive. InterPark Corp is an online retailer that sells various products, including general fmcg and travel services, such as package holidays and flight tickets, and, after merging with Donga Rent-A-Car, InterPark expects to realise more synergies in its travel services by adding car rental products to its portfolio.
The sharing economy is becoming a big trend in South Korea, with sharing mobility getting a lot of attention from various industries due to its social impact. As a personal car is restricted from being used for commercial purposes, ride-sharing companies such as Uber and Grab are not able to operate in South Korea.
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This industry report originates from Passport, our Travel And Tourism market research database.