Car rental refers to a convenient traveling option by renting a car or hiring automobiles. A car rental company provides various types of automobiles on rent for a short period of time, ranging from few hours to few weeks. These organizations are usually located near the airport or city area and have an official website from pre-booking the car. The car rental agencies mostly serve the people that do not have a car or have damaged vehicles that are waiting for insurance or repair compensation.

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The global car rental market is becoming more mainstream thanks to the emerging trend of online car booking, the strong demand for on-demand transportation services, and the decreasing cost of car ownership. The growing concerns of air pollution have led to an increase in the demand for car rentals as they allow to reduce the sales volume of the personal or owned vehicles. There are exceptional benefits of renting a car, such as enhances convenience, highly cost-effective, freedom of movement, and has no cost of maintenance.

The accelerating penetration of the internet & smartphones, ease of booking, and rising implementation of advanced technologies in this industry to enhance the services provided to the customers will bring new growth opportunities in the market over the coming years. Moreover, the increasing disposable income, rapid urbanization, and changing living standards of the consumers, especially in the developing economies is surge demand for enhanced quality of life and comfort services. All these factors are encouraging consumers to rent a vehicle even for short distance traveling to save their time and money at the same time. In parallel, the rapid expansion in the tourism sector, increasing spending on tourism, along with the growing consumer base of the car rental industry will directly propel the demand of the market. On the other end of the spectrum, the inclination of consumers towards the ride-sharing or taxi services across the world is likely to restrain the growth of the market.

The emergence of the COVID-19 will impact the global car rental market, especially in 2020. The strict lockdown around the world has adversely impacted the global economy, thereby decreasing the income of every individual. This sharp fall in the income will encourage the consumers to rent a car rather than purchasing a new vehicle. This car rental process does not require huge investment and regular maintenance cost. Thus, the market is expected to witness a sharp growth in 2020 and will grow at a significant rate from 2021.

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Based on the rental category, the on airport segment is anticipated to grow at a higher CAGR over the forecast period owing to the rising tourism, majorly traveling from airplanes for leisure or business purposes. Additionally, the remote location of the airports is leading to difficulty in getting transportation facilities, thereby encouraging people to hire car rental services.

Based on the fare price, the economy/budget car segment is expected to increase at a higher compound annual growth rate during the forecast period due to the cost-effectiveness and affordability features of the economy cars. Moreover, the large presence of sharing or carpooling services and growing environmental concerns among the customers are further surging the demand for the economy cars in the market.

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Based on the region, North America is anticipated to increase at a higher compound annual growth rate during the forecast period owing to the rising adoption of the car rental services. Furthermore, the strong demand of the customers for comfort traveling and a growing number of leisure or business trips are some other factors fuelling the growth of the car rental market in this region.

Various notable players operating in the market include Europcar, Avis Budget Group, The Hertz Corporation, Enterprise Holdings, Inc., SIXT, Localiza, ECO Rent A Car, Carzonrent India Pvt Ltd., Uber Technologies Inc., and ANI Technologies Pvt. Ltd., among others.

Key Developments:

• • In 2020, Europcar acquired Fox Rent a Car. Through this acquisition, the company planned to strengthen its ability to serve customers all across the world and to create new opportunities.
  • In 2018, ECO Rent A Car entered into a partnership with Europcar Mobility Group. Through this partnership, the company planned to offer the car rental services of Europcar to its customers across 130 countries.

The global car rental market has been segmented on the basis of the rental category, application, fare price, and region. Based on the rental category, the market is segmented into on airport and off airport. Based on the application, the market is segmented into leisure and commercial. Based on the fare price, the market is segmented into luxury/premium cars and economy/budget cars.

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Key questions answered in this research report:

• • At what pace is the global car rental market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global 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 rental category generated maximum revenues in 2019 and identify the most promising rental category during the forecast period?
  • What are the various application areas of the 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 Rental Category, By Application, By Fare Price, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Europcar, Avis Budget Group, The Hertz Corporation, Enterprise Holdings, Inc., SIXT, Localiza, ECO Rent a Car, Carzonrent India Pvt Ltd., Uber Technologies Inc., and ANI Technologies Pvt. Ltd. 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

Market Segmentation

Global Car Rental Market by Rental Category

• • On Airport
  • Off Airport

Global Car Rental Market by Application

• • Leisure
  • Commercial

Global Car Rental Market by Fare Price

• • Luxury/Premium Cars
  • Economy/Budget Cars

Global Car Rental Market by Region

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

Global Car Rental Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Europcar
  • Avis Budget Group
  • The Hertz Corporation
  • Enterprise Holdings, Inc.
  • SIXT
  • Localiza
  • ECO Rent a Car
  • Carzonrent India Pvt Ltd.
  • Uber Technologies Inc.
  • ANI Technologies Pvt. Ltd.