Car rental continued to develop with 12% retail value growth in 2017, while fleet size witnessed lower growth of 6%. The growing trend of low cost carriers and the number of tourists in Thailand both benefited car rental. Moreover, the younger generation of between 20 and 25 years old tended to rent a car to travel by themselves instead of joining group tours. The government-sponsored Eco-car programme was the most popular among tourists as it is inexpensive yet sufficient for travelling purposes.
Car rental is expected to record a retail value CAGR of 6% at constant 2017 prices over the forecast period. This is likely to be driven by growth in inbound tourists, due to aggressive promotions by airlines, which is expected to keep air ticket prices competitive. Moreover, the Tourism Authority of Thailand also plans to support domestic tourism in the forecast period, which will likely boost the car rental business. In addition, car rental players are set to increase their fleets and presence at all major airports to reach out to potential customers, particularly in cities which have new domestic routes opened up by low cost carriers.
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This industry report originates from Passport, our Travel And Tourism market research database.