Costa Rica Car Rental Market is Expected to be Driven by Favorable Government Regulations and Surge in Sustainable Eco-Tourism: Ken Research
GURUGRAM, India, April 30, 2019 /PRNewswire/ --
Key Findings
- Government Regulations for Cab Aggregator Market is Expected to be introduced soon in Costa Rica. The cab aggregator market is expected to shut down by 2021 with Uber being declared illegal unless they pay a fine of USD 14 Million.
- Integration of Electric Vehicles into the existing fleets is expected to be completed by the year 2021.
- The residents as well as the non – residents prefer to travel across the country via local transports, such as, buses, local trains and red taxis, as these modes are readily available at a cheaper fare, thereby affecting the market.
Government Initiatives to Promote Tourism and Business: Costa Rican Government is updating its National Plan for Sustainable Tourism, by diversifying tourism offer, reducing seasonality and strengthening economic linkages to promote business environment and position Costa Rica as MICE city. The Government has also been encouraging small – sized companies to obtain sustainable tourism certificate in order to promote Costa Rica's tourism.
Introduction of Electric Vehicles: Government of Costa Rica passed Electric Transportation Bill in December 2017, aimed at eliminating fossil fuels from all vehicles by 2021. Car leasing companies are focussing on integration of electric vehicles in their fleet to meet the future demand.
Cab Aggregator Market Declared Illegal: The Cab aggregator market is expected to shut down in Costa Rica by the end of the year 2021, after the Apex Court gave its verdict against cab aggregator market and declared it illegal. The government of Costa Rica has asked the cab aggregator companies to halt their operations. Uber can continue their operations after they pay a fine of USD 14 Million. The government of Costa Rica will work towards bringing in new legislations regarding the transportation system. Till the Cab Aggregator space becomes completely regulated, the functioning of UBER will face a lot of challenges in Costa Rica.
Analysts at Ken Research in their latest publication "Costa Rica Car Rental, Leasing, Cab Aggregator and Red TaxiMarket Outlook to 2023 –Driven by Inbound and Domestic Tourist Arrivals and Integration of Electric Vehicles in Current Fleet" believed that the car rental market in Costa Rica will increase due to increasing competition amongst the major domestic players to grab the maximum market share by aiming to provide better value added services and as many benefits and promotional offers as possible.
Key Segments Covered
Car Rental Market By,
- Type of Car: SUV, Economy, Premium
- Leisure, Business and Insurance Replacement
- Region: San Jose, Heredia, Liberia, Puerto Limon, Others
Cab Aggregator Market By,
- Region: San Jose, Heredia, Liberia, Puerto Limon, Others
Car Leasing Market By,
- Type of Car: SUV/ AUV and Economy
- Duration of Lease: 1 year, 2 year and 3rd year and more
Key Target Audience
- Car Rental Companies
- Cab Aggregator Companies
- Car Leasing Companies
- Red Taxi Association
- Automobile Companies
- Tourism Companies
- Corporate Sector
- Hospitality Sector
Time Period Captured in the Report:
- Historical Period: 2013-2018
- Forecast Period: 2018-2023E
Companies Covered:
- Adobe Rent A Car
- National Car Rental
- Enterprise Car Rental
- Alamo Car Rental
- Budget Car Rental/Centriz
- Dollar Rent A Car
- Thrifty Car Rental
- Vamos Rent A Car
- Toyota Car Rental
- Solid Car Rental
- Europcar Rental
- Hertz Rent A Car
- Economy Rent A Car
- Sixt Rent A Car
- Poas Car Rental
- Avanti Car Rental
- Mapache Rent A Car
- Avis Car Rental
- T.T Tricolor Car Rental
- Wild Rider
- Fast Rent A Car
For more information on market research report, please refer to the link below:
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Ankur@kenresearch.com
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