16-Mar-2021 | Zion Market Research
With human values becoming a core part of car rental business, service providers are trying to enhance the human experience through offering of better car rental services and this is likely to result in large revenue accumulation for the business in the coming years. Even though consumers are using various digital channels as touch points to connect with the car rental service providers, the brands are humanizing their interaction in this competitive business to gain large chunk of market share along with expanding their business. Reportedly, car renters are focusing on improving their service encounters with the customers. All these aspects are projected to account lucratively towards the overall car rental industry size in the near future. Apparently, concepts of electric mobility, autonomous driving, and ridesharing are gaining prominence in the recent years and this will further add to the growth of car rental market in the years to come. According to Zion Market Research, the car rental industry, which garnered the revenue of nearly 70 (USD Billion) in 2019, is projected to earn proceeds worth 132 (USD Billion) by 2026. Moreover, the industry is slated to register a CAGR of about 13.55% over the assessment timeframe.
Rise in Tourist Activities To Prompt Car Rental Market Expansion Over 2020-2026
The growth of car rental industry over the forecast timeline is attributed to massive demand for car rental services due to flourishing tourist sectors in most of the parts of the world. Apart from this, surging economic activities witnessed across the globe and increasing per capita income of the consumers are predicted to dictate the business growth. With the world entering the era of 5G and 6G network connectivity and new additions to the smartphone and iPhone features has made app-based ridesharing or car sharing services more convenient for the people. This has also resulted in growing popularity of car rental services with consumers availing the services through click on their touchscreen phones. Nonetheless, outbreak of COVID -19 pandemic and rising crude oil costs has put brakes on the car rental market expansion in the recent years.
Airport Transport Segment To Dominate End-User Landscape By 2026
The segmental growth over the forecast period can be credited to increase in the international business activities. In addition to this, rise in the student enrolment from Asian countries in reputed foreign universities will also provide a boost for airport transportation activities, thereby increasing the market value. Apparently, business travel and increase in the number of employees send to other countries by IT firms & ITES outsourcing firms on visas will enlarge the scope of the airport transport business and also drive car rental market growth.
North America To Lead Overall Growth of Car Rental Industry By 2026
The regional market expansion during the forecast period is due to a steep rise in the internet usage and smart technology use in the countries such as Canada and the U.S. In addition to this, large-scale utilization of car rental services by routine commuters in Canada and the U.S. will proliferate the expansion of car rental market in the sub-continent over the assessment period. Apparently, car rental has become a catch phrase in some of the states of U.S. and some cities of Canada and hence it is most likely that the car rental industry will flourish in the region even in the coming decade.
Key players profiled in the study include Localiza Rent A Car, Avis Budget Group, Inc., Europcar, Carzonrent, Al-Futtaim Enterprise Rent-A-Car, GroupSixt Rent-A-Car, Eco Rent A Car, and The Hertz Corporation.
Browse the full “Car Rental Market - By Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars, And MUV Cars) And By End – Users (Local Usage, Airport Transport, Outstation, And Others): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/car-rental-market
The global car rental market is segmented as follows:
Car Rental Market: Car Type Segment Analysis
Car Rental Market: End-users Segment Analysis
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