From 2013 to 2019, the internal tourism consumption of transport equipment rental services in Japan displayed volatility with both peaks and troughs. The period saw significant growth in 2016 and 2019, marked by year-on-year increases of 19.47% and 15.81%, respectively. The value stood at 444.78 billion Japanese Yens in 2023, indicating a 2.27% year-on-year growth from 2022. The market experienced a drastic dip of 44.75% in 2020 due to the pandemic, followed by a robust recovery with a 64.71% increase in 2021. The compound annual growth rate (CAGR) over the last five years (2019-2023) was 4.16%.
Looking ahead, the forecast period from 2024 to 2028 suggests a more moderate growth trajectory with a 5-year CAGR of 1.76% and an overall growth rate of 9.13%. Key trends to watch for include technological advancements in rental services, increased domestic travel, and evolving customer preferences towards sustainable and convenient transport solutions.
