The offline segment is expected to exhibit steady growth during the forecasted period. Although online booking is gaining ground, some consumers still prefer offline booking of luxury cars. This predominance can be attributed to the convenience of customers renting cars in person rather than looking online. Unlike customers who book online, offline consumers can inspect and examine the exotic car and even consult with the staff. Therefore, the offline segment will grow steadily during the forecasted period.
The Asia-Pacific market was valued at USD 17.51 billion in 2023. The region is expected to dominate the global market due to consumers choosing to rent rather than buy. The huge population of China and India, which accounts for more than 38% of the global population, is a crucial factor in the growth of the region’s market. This growth can also be attributed to the growing number of billionaires in Asia-Pacific. According to Forbes, Asia-Pacific continues to lead the way, with a staggering 1,149 billionaires in 2022, an increase of 370 from the previous year, mainly thanks to newcomers from China and India. According to Forbes, exotic car rental remains an emerging business category in the region compared to Europe and North America; However, given the trends mentioned above, it is expected to increase significantly over the projected period. Imported luxury cars that cost more than $90,830 are becoming increasingly popular in Japan among wealthy people who can’t travel abroad due to the coronavirus outbreak but are willing to spend the money.