Introduction of the Car Rental Market Report

Car rental refers to the renting of automobiles for short periods of time, generally ranging from a few hours to a few weeks via car hiring or renting companies. The car rental market is generally organized with numerous local branches of car rental agencies, and these agencies are primarily located near airports, busy city areas and allow online as well as offline reservations.

To have an edge over the competition by knowing the market dynamics and current trends of “Car Rental Market”, request for Sample Report here

Market Dynamic

Key Drivers and Emerging Trends

The car rental market is anticipated to witness strong demand over the forecast period. The growing population, rising number of international air travellers and increasing volume of domestic tourists are the major factors responsible for the growth of the global car rental market size. Additionally, the travel and tourism industry is expected to grow prominently in the coming years. According to the World Travel and Tourism Council (WTTC), the travel & tourism sector experienced 3.5% growth in 2019, which is 10.3% of the global GDP and it has provided around 330 million jobs across the globe.

Rise in trend of on-demand transportation services, low rates of car rental services, and demand for faster modes of transportation among consumers are anticipated to promote growth of the car rental industry. Furthermore, growing adoption of car rental management software, rising use of smartphones, and increasing preference online booking of cars owing to a variety of purposes including e-signing contracts, cashless transactions, and e-verification of documents is anticipated to provide lucrative growth opportunities for the car rental providers operating in the market.

Restraint in the Car Rental Market

However, the rising prices of petrol and diesel and increasing market for ride sharing, micromobility, and peer-to-peer car sharing services such as Uber, Lyft, and Ola are expected to hamper the growth of the car rental market share over the forecast period. Additionally, the outbreak of COVID 19 pandemic has adversely affected the tourism industry across the globe which is another factor that is anticipated to restrain the demand for car rental in the market.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Vehicle Type – Segment Analysis

Based on the vehicle type, the SUVs segment is expected to grow at a higher CAGR in the market owing to the advantages of extra seating, extra cargo space, safety, and fuel efficiency. Additionally, increasing deployment of electric SUVs in car rental services is supporting the market growth. For instance, Sixt SE, one of the leading car rental companies offers electric SUV car models including volvo xc60, Tesla Model Y, and Tesla Model X for renting purposes.

Application – Segment Analysis

Based on the application the airport transport segment is projected to dominate the market mainly due to the rise in air travellers across the globe together with several advantages such as affordability, ease in choosing desirable car, and time efficiency.

End-User – Segment Analysis

Based on the end-user, the chauffeur driven segment is expected to capture huge market share during the forecast period. This can attributed to various benefits that include stress free travelling as compare to self-driving, convenience, comfortability, and security. Several companies including Alamo, Europcar Mobility Group, Avis Budget Group, Inc. offer chauffeur driven car rental services.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, Asia-Pacific is projected to grow at a prominent CAGR over the forecast period owing to the growth in middle income households, improved road connectivity, and rapidly growing tourism industry in the region. According to the World Travel & Tourism Council (WTTC), Asia-Pacific is the fastest growing region during 2019 in the travel & tourism sector growing by 5.5% from the previous year. North America is expected to lead the global car rental market during the forecast period. This can primarily be attributed to the increased usage of car rental services in the U.S., rising adoption of electric cars, and growing concern and awareness of lower emissions among consumers in the region.

Top Market Players

Various notable players operating in the market include Budget Rent A Car System, Inc., Sixt SE, The Hertz Corporation, Avis Budget Group, Inc., Enterprise Holdings, Inc., Europcar Mobility Group, Carzonrent India Pvt Ltd., Localiza Rent a Car S/A, GlobalCarRental.It, and Alamo, among others. 

Key Developments:

• • In 2020, AirAsia India partnered with Avis India, a part of Avis Budget Group, Inc., that offer guests discounted car rental services, and other benefits that include complimentary upgrades in India and internationally. With this partnership, AirAsia India guests can opt to hire airport transfers, chauffeur-driven vehicles, and self-drive cars from Avis’s fleet of mid, premium, luxury, and SUV cars.

Segments covered in the Report:

The global car rental market has been segmented on the basis of vehicle type, application, end-user, and regions. Based on vehicle type, the market is segmented into luxury cars, executive cars, economy cars, SUVs, and MUVs. Based on application, the market is segmented into local usage, airport transport, outstation, and others. Based on the end-user, the market is segmented into self-driven and chauffeur-driven. 

For detailed scope of the “Car Rental Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is global Car Rental Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Car Rental Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Car Rental Market?
  • Which application generated maximum revenues in 2019 and identify the most promising application during the forecast period?
  • What are the various end-users of global Car Rental Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Vehicle Type, By Application, By End-User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Budget Rent A Car System, Inc., Sixt SE, The Hertz Corporation, Avis Budget Group, Inc., Enterprise Holdings, Inc., Europcar Mobility Group, Carzonrent India Pvt Ltd., Localiza Rent a Car S/A, GlobalCarRental.It, and Alamo, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Global Car Rental Market Segmentation

Global Car Rental Market by Vehicle Type

• • Luxury Cars
  • Executive Cars
  • Economy Cars
  • SUVs
  • MUVs

Global Car Rental Market by Application

• • Local Usage
  • Airport Transport
  • Outstation
  • Others

Global Car Rental Market by End-User

• • Self-Driven
  • Chauffeur-Driven

Global Car Rental Market by Region

• • North America Car Rental Market (Option 1: As a part of the free 25% customization)
    • North America Market by Vehicle Type
    • North America Market by Application
    • North America Market by End-User
    • US Market All-Up
    • Canada Market All-Up
  • Europe Car Rental Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Vehicle Type
    • Europe Market by Application
    • Europe Market by End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Car Rental Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Vehicle Type
    • Asia-Pacific Market by Application
    • Asia-Pacific Market by End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Car Rental Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Vehicle Type
    • RoW Market by Application
    • RoW Market by End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Car Rental Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Budget Rent A Car System, Inc.
  • Sixt SE
  • The Hertz Corporation
  • Avis Budget Group, Inc.
  • Enterprise Holdings, Inc.
  • Europcar Mobility Group
  • Carzonrent India Pvt Ltd.
  • Localiza Rent a Car S/A
  • GlobalCarRental.It
  • Alamo