In 2023, inbound tourism expenditure on transport equipment rental services in Australia stood at AUD 200 million. As we move forward, the forecasted data shows a significant declining trend over the next five years. In 2024, the expenditure is expected to be AUD 152 million, marking a 24% year-on-year decline. In 2025, a further 25% drop is projected with expenditures falling to AUD 114 million. The trend continues with 2026 seeing a 26% decrease to AUD 84 million, 2027 witnessing a 30% reduction to AUD 59 million, and finally 2028 dropping by 32% to AUD 40 million. The Compound Annual Growth Rate (CAGR) over five years indicates an average annual decline of 27.55%.
Future trends to watch for include potential policy changes and economic conditions that may affect inbound tourism. Additionally, advancements in alternative transportation options such as ride-sharing and the increasing popularity of electric scooters and bikes could further influence the rental service market. The impact of global economic factors and recovery from the pandemic will also play a critical role in shaping these forecasts.
