South Korea Car Rental Market Archives - Decision Market Insights

South Korea Car Rental Market Size & Outlook 2033

August 12, 2025 Automotive, Business

The service of car rental enables people or companies to rent cars for a few hours to many weeks, or for longer periods of time. For visitors, travelers, and individuals in need of short-term transportation without a car, it provides ease and flexibility. From budget models to premium automobiles and SUVs, car rental businesses offer a wide range of vehicle options, frequently with insurance and roadside assistance included. This sector flourishes close to airports, cities, and popular tourist locations. The global expansion of the vehicle rental business has been greatly aided by the rising need for corporate travel, digital booking platforms, and on-demand mobility.

According to SPER market research, ‘South Korea Car Rental Market Size- By Vehicle Type, By Booking Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the South Korea Car Rental Market is estimated to reach USD 1.7 Billion by 2033 with a CAGR of 1.2%.

Drivers:

Increased travel, the necessity for urban mobility, and the growing use of online booking platforms are the main drivers of the South Korean automobile rental business. Increased domestic travel, particularly after the epidemic, has made more people look for flexible transit options. Customers who care about the environment are drawn to rental fleets that have embraced electric and hybrid vehicles as a result of government campaigns to promote eco-friendly automobiles. The ease of app-based rental services, the rise in car-sharing among younger demographics, and integration with payment and navigation technologies have also increased accessibility to renting. Short- and long-term rental growth is further fueled by corporate demand for business travel solutions.

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Restraints:

The South Korean automobile rental market is subject to many limitations despite its expansion. Particularly in large cities, the need to rent a car is lessened by the fierce competition from effective public transit systems like high-speed trains and subways. For rental organizations, additional operating difficulties include complicated insurance procedures, stringent vehicle restrictions, and maintenance expenses. Foreign visitors who are not familiar with local procedures may be turned off by language difficulties and a lack of standardized services. Additional barriers to car use include growing fuel prices, parking shortages, and urban congestion. Additionally, the market’s operating difficulties are exacerbated by consumers’ preference for ride-hailing and taxi services over independent rentals in crowded regions.

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South Korea Car Rental and Leasing Market Share

Seoul dominates South Korea’s car rental market due to its high population density, strong tourism inflow, advanced transportation infrastructure, and widespread digital adoption for booking services. Some of the key market players are AJ Networks Co., Ltd., Avis Budget Group, Inc., Booking Holdings Inc., Enterprise Holdings, Inc., Hertz Corporation and others.

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South Korea Car Rental Market Growth, Revenue, Share, Rising Trends, Key Players, Business Opportunities, Challenges and Competitive Analysis 2033: SPER Market Research

admin September 30, 2024 Automotive

Car rental services are a useful option for visitors and individuals who require temporary access to vehicles without the commitment of ownership. These services meet a wide range of purposes, including work trips, vacations, special occasions, and local errands. Customers can choose from a wide choice of vehicle alternatives, including economy automobiles and premium models, based on their preferences and budgets. The development of technology has revolutionized the automobile rental experience, with online booking platforms and smartphone apps enabling simple reservations, revisions, and even contactless pick-up and drop-off. Furthermore, many businesses are prioritizing sustainability by introducing electric and hybrid vehicles into their fleets, reflecting rising consumer demand for environmentally friendly transportation solutions.

According to SPER Market Research, ‘South Korea Car Rental Market Size- By Vehicle Type, By Booking Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that The South Korea Car Rental Market is estimated to reach USD 1.7 Billion by 2033 with a CAGR of 2.3%.

Drivers: The tourism industry in South Korea is helping to boost the country’s vehicle rental market. Travelers and tourists nowadays prefer to rent autos for short trips. The market expansion is being aided by strategic positioning of automobile rental companies, which includes locations near airports and popular urban areas, as well as the availability of online booking. The usage of smartphones and the internet is growing increasingly common as technology progresses. Businesses can now readily woo potential customers with mobile apps and websites. The industry’s expansion is also assisted by rental car service providers who offer a vast assortment of vehicles. It allows consumers to choose from a variety of vehicles, including luxury and cheap models.

Challenges: The South Korean automobile rental business still has challenges, most notably the dominance of well-established corporations, which may impede market expansion and make it more difficult for new players to enter the market. Government regulations influenced by environmental concerns and traffic, as well as variations in fuel prices and economic uncertainties, add to the complexity. Maintaining the industry’s growth over time will necessitate striking a balance between these challenges and innovative alliances and efforts. Another important challenge is the increased emphasis on sustainability. As environmental concerns grow, people are demanding more eco-friendly solutions. Finally, a shortage of trained workers in the automotive and service sectors may have an impact on the quality of service given by automobile rental firms.

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Travel limitations and security concerns resulted in a sharp decline in demand, having a significant impact on the South Korean automobile rental business during the COVID-19 pandemic. Bookings at rental agencies fell due to a decline in both domestic and international travellers. Many rental businesses, particularly those located near airports and popular tourist locations, were forced to close temporarily or reduce their operating hours. The shift to remote work and virtual meetings helped to reduce the need for short-term car rentals. Despite delayed recovery efforts, the market continues to struggle due to ongoing pandemic concern.

In South Korea Car Rental Market, Seoul dominates the market due to its status as the largest and capital city. The key players in the market are AJ Networks Co., Ltd., Avis Budget Group, Inc., Booking Holdings Inc., Enterprise Holdings, Inc., Others.

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South Korea Car Rental and Leasing Market Outlook

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South Korea Car Rental Market Share, Revenue, Trends, Size, Growth Strategy, Challenges, Future Opportunities and Forecast Till 2033: SPER Market Research

admin February 21, 2024 Automotive, Business, News

Automobile rental is the process of hiring an automobile from a company or agency for a certain time. For a set amount of time, which can be a few hours, several days, weeks, or months, it allows people to use a car. Some of the factors propelling the market growth are the rapid urbanisation, technological improvements, and rise of the travel and tourist industry.

According to SPER market research, ‘South Korea Car Rental Market Size- By Vehicle Type, By Booking Type, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the South Korea Car Rental Market is predicted to reach USD 1.7 Billion by 2033 with a CAGR of 1.2%.

The rise of the South Korean vehicle rental business is being aided by the country’s tourism industry. Travellers and tourists now days prefer to rent automobiles for quick excursions. The market expansion is being supported by the strategic placement of vehicle rental businesses, which includes locations close to airports and in popular urban areas, as well as the availability of online booking.

The use of smartphones and the internet is becoming more widespread as technology advances. Nowadays, businesses can more easily entice potential clients with their mobile apps and websites. Customers can also choose from a variety of rental automobile service providers, giving them the opportunity to select the service that best suits their needs and take advantage of attractive deals and discounts.

The industry growth is also being aided by the providers of rental car services offering a large selection of automobiles. It gives clients the option to select from a range of automobiles, including luxury and affordable models. Renting a car can fit a buyer’s needs and preferences, which improves their experience in general.

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In the South Korean car rental industry, problems still exist, most notably the dominance of well-established companies that may limit market expansion and make it more difficult for new players to enter the market. Complicating issues are government rules that are impacted by environmental concerns and traffic, as well as changes in fuel prices and economic uncertainty. Maintaining the industry’s growth over time will require finding a balance between these difficulties and creative collaborations and initiatives.

COVID Impact: Travel bans and security concerns caused a precipitous drop in demand, which had a major effect on the South Korean automobile rental industry during the COVID-19 epidemic. Bookings at rental agencies decreased as a result of a decrease in both domestic and foreign travellers. Many rental businesses had to deal with temporary closures or shortened hours of operation, especially those close to airports and popular tourist destinations. Further reducing the necessity for short-term car rentals was the move towards remote work and virtual meetings. The market is still facing difficulties in light of the lingering pandemic uncertainty, despite slow recovery attempts.

Additionally, some of the market key players are AJ Networks Co., Ltd., Avis Budget Group, Inc., Booking Holdings Inc., Enterprise Holdings, Inc., Others.

South Korea Car Rental and Leasing Market Segmentation:

The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.

By Vehicle Type: Based on the Vehicle Type, South Korea Car Rental Market is segmented as; Economy/Budget Cars, Luxury/Premium Cars, MUVs, SUVs.

By Booking Type: Based on the Booking Type, South Korea Car Rental Market is segmented as; Online Access, Offline Access.

By Application: Based on the Application, South Korea Car Rental Market is segmented as; Business, Leisure/Tourism.

By Region: This research also includes data for Busan, Daegu, Incheon, Seoul, Ulsan.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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South Korea Car Rental and Leasing Market Future Outlook

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