South Korea Car Rental Market Report and Forecast 2025-2034
Description
The South Korea car rental market size was nearly USD 1.51 Billion in 2024. The market is estimated to grow at a CAGR of 1.20% during 2025-2034, to reach USD 1.70 Billion by 2034.
Key Trends in the South Korea Car Rental Market
Car rental is the process of provisionally renting a vehicle from a car rental agency or company. It gives individuals access to a car for a specified period of time, ranging from a few hours to several days, weeks or months. Rapid urbanisation, technological advancements, and expansion of the travel and tourism sector are some of the factors driving the market growth.
The EMR’s report titled “South Korea Car Rental Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Booking Type
As per the South Korea car rental market analysis, online access accounts for a significant share of the market. Online booking of rental cars eliminates the hassle associated with offline bookings and allows customers to browse and book cars through websites or mobile applications. The convenience offered by these services coupled with the availability of pre-booking options is supporting the segment growth. The availability of various discounts and offers across online channels is further boosting their popularity in South Korea.
South Korea Car Rental Market Share by Vehicle Type
Economy cars account for a significant South Korea car rental market share. Economy/budget cars are smaller and cost efficient in nature. They are generally compact, lightweight, and inexpensive to both producers and consumers. Due to the low maintenance and procurement costs associated with economy cars, their popularity is increasing in the car rental sector in South Korea. The increased footfall of domestic and international tourists in South Korea is further supporting the segment growth and boosting the South Korea car rental market demand.
Competitive Landscape
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in South Korea car rental market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
The Hertz Corporation
The Hertz Corporation is a car rental agency located in Seoul, South Korea. The company is known to offer 24x7 services and provides a wide variety of economy, luxury, and SUV rental cars which are suitable for any budget and occasion. The car range includes Nissan Versa, Toyota Corolla, and Chevrolet Impala, among others.
Enterprise Holdings, Inc.
Enterprise Holdings, Inc. is an American private holding company headquartered in Missouri, United States. It is the parent company of various car rental agencies, including National Car Rental, Enterprise Rent-A-Car, and Alamo Rent a Car. It also provides commercial fleet management services and sells used cars.
Avis Budget Group, Inc.
Avis Budget Group, Inc. is an American car rental agency headquartered in New Jersey, United Staes. The company offers a wide range of rental cars including electric cars, luxury cars, SUV rentals, and van rentals, among others.
Other key players in the South Korea car rental market are Lotte Corporation, Uber Technologies Inc., Booking Holdings Inc., SK Networks Co. Ltd., AJ Networks Co., Ltd, and Vacaciones eDreams S.L.U., among others.
Key Trends in the South Korea Car Rental Market
Car rental is the process of provisionally renting a vehicle from a car rental agency or company. It gives individuals access to a car for a specified period of time, ranging from a few hours to several days, weeks or months. Rapid urbanisation, technological advancements, and expansion of the travel and tourism sector are some of the factors driving the market growth.
- The expansion of the tourism sector in the country is aiding the South Korea car rental market growth. Nowadays, tourists and travellers prefer renting cars for short trips. The strategic location of car rental agencies, including busy urban areas and near airports, coupled with the availability of online booking are supporting the market expansion.
- With the progress of technology, the penetration of mobile phones and internet is on the rise. It has now become easier for companies to captivate prospective customers through their websites and mobile applications. Additionally, customers can choose from a wide range of rental car service providers, allowing them to select the service most suitable to their requirements and avail lucrative discounts and offers.
- The availability of a wide range of cars by rental car services providers is further supporting the market expansion. It allows customers to choose from a variety of vehicles, ranging from economical cars to luxury cars. Buyers can rent vehicles as per their preferences and requirements, which helps enhance their overall experience.
The EMR’s report titled “South Korea Car Rental Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Booking Type
- Online Access
- Offline Access
- Economy/Budget Cars
- Luxury/Premium Cars
- MUVs
- SUVs
- Business
- Leisure/Tourism
As per the South Korea car rental market analysis, online access accounts for a significant share of the market. Online booking of rental cars eliminates the hassle associated with offline bookings and allows customers to browse and book cars through websites or mobile applications. The convenience offered by these services coupled with the availability of pre-booking options is supporting the segment growth. The availability of various discounts and offers across online channels is further boosting their popularity in South Korea.
South Korea Car Rental Market Share by Vehicle Type
Economy cars account for a significant South Korea car rental market share. Economy/budget cars are smaller and cost efficient in nature. They are generally compact, lightweight, and inexpensive to both producers and consumers. Due to the low maintenance and procurement costs associated with economy cars, their popularity is increasing in the car rental sector in South Korea. The increased footfall of domestic and international tourists in South Korea is further supporting the segment growth and boosting the South Korea car rental market demand.
Competitive Landscape
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in South Korea car rental market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
The Hertz Corporation
The Hertz Corporation is a car rental agency located in Seoul, South Korea. The company is known to offer 24x7 services and provides a wide variety of economy, luxury, and SUV rental cars which are suitable for any budget and occasion. The car range includes Nissan Versa, Toyota Corolla, and Chevrolet Impala, among others.
Enterprise Holdings, Inc.
Enterprise Holdings, Inc. is an American private holding company headquartered in Missouri, United States. It is the parent company of various car rental agencies, including National Car Rental, Enterprise Rent-A-Car, and Alamo Rent a Car. It also provides commercial fleet management services and sells used cars.
Avis Budget Group, Inc.
Avis Budget Group, Inc. is an American car rental agency headquartered in New Jersey, United Staes. The company offers a wide range of rental cars including electric cars, luxury cars, SUV rentals, and van rentals, among others.
Other key players in the South Korea car rental market are Lotte Corporation, Uber Technologies Inc., Booking Holdings Inc., SK Networks Co. Ltd., AJ Networks Co., Ltd, and Vacaciones eDreams S.L.U., among others.
Table of Contents
134 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Car Rental Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Car Rental Historical Market (2018-2024)
- 5.3 Asia Pacific Car Rental Market Forecast (2025-2034)
- 5.4 Asia Pacific Car Rental Market Breakup by Country
- 5.4.1 China
- 5.4.2 Japan
- 5.4.3 India
- 5.4.4 ASEAN
- 5.4.5 Australia
- 5.4.6 South Korea
- 5.4.7 Others
- 6 South Korea Car Rental Market Overview
- 6.1 Key Industry Highlights
- 6.2 South Korea Car Rental Historical Market (2018-2024)
- 6.3 South Korea Car Rental Market Forecast (2025-2034)
- 7 South Korea Car Rental Market by Booking Type
- 7.1 Online Access
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Offline Access
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 8 South Korea Car Rental Market by Vehicle Type
- 8.1 Economy/Budget Cars
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Luxury/Premium Cars
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 MUVs
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 SUVs
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 9 South Korea Car Rental Market by Application
- 9.1 Business
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Leisure/Tourism
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 10 Market Dynamics
- 10.1 SWOT Analysis
- 10.1.1 Strengths
- 10.1.2 Weaknesses
- 10.1.3 Opportunities
- 10.1.4 Threats
- 10.2 Porter’s Five Forces Analysis
- 10.2.1 Supplier’s Power
- 10.2.2 Buyer’s Power
- 10.2.3 Threat of New Entrants
- 10.2.4 Degree of Rivalry
- 10.2.5 Threat of Substitutes
- 10.3 Key Indicators for Demand
- 10.4 Key Indicators for Price
- 11 Competitive Landscape
- 11.1 Supplier Selection
- 11.2 Key Global Players
- 11.3 Key Regional Players
- 11.4 Key Player Strategies
- 11.5 Company Profiles
- 11.5.1 The Hertz Corporation
- 11.5.1.1 Company Overview
- 11.5.1.2 Product Portfolio
- 11.5.1.3 Demographic Reach and Achievements
- 11.5.1.4 Certifications
- 11.5.2 Avis Budget Group, Inc.
- 11.5.2.1 Company Overview
- 11.5.2.2 Product Portfolio
- 11.5.2.3 Demographic Reach and Achievements
- 11.5.2.4 Certifications
- 11.5.3 Enterprise Holdings, Inc.
- 11.5.3.1 Company Overview
- 11.5.3.2 Product Portfolio
- 11.5.3.3 Demographic Reach and Achievements
- 11.5.3.4 Certifications
- 11.5.4 Lotte Corporation
- 11.5.4.1 Company Overview
- 11.5.4.2 Product Portfolio
- 11.5.4.3 Demographic Reach and Achievements
- 11.5.4.4 Certifications
- 11.5.5 Uber Technologies Inc.
- 11.5.5.1 Company Overview
- 11.5.5.2 Product Portfolio
- 11.5.5.3 Demographic Reach and Achievements
- 11.5.5.4 Certifications
- 11.5.6 Booking Holdings Inc.,
- 11.5.6.1 Company Overview
- 11.5.6.2 Product Portfolio
- 11.5.6.3 Demographic Reach and Achievements
- 11.5.6.4 Certifications
- 11.5.7 SK Networks Co. Ltd.
- 11.5.7.1 Company Overview
- 11.5.7.2 Product Portfolio
- 11.5.7.3 Demographic Reach and Achievements
- 11.5.7.4 Certifications
- 11.5.8 AJ Networks Co., Ltd.
- 11.5.8.1 Company Overview
- 11.5.8.2 Product Portfolio
- 11.5.8.3 Demographic Reach and Achievements
- 11.5.8.4 Certifications
- 11.5.9 Vacaciones eDreams S.L.U.
- 11.5.9.1 Company Overview
- 11.5.9.2 Product Portfolio
- 11.5.9.3 Demographic Reach and Achievements
- 11.5.9.4 Certifications
- 11.5.10 Others
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