02-Mar-2022 | Zion Market Research
The global car rental market was worth about USD 87.4 billion in 2021 and is estimated to grow to about USD 132.6 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.9 percent over the forecast period. The report analyzes the car rental market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the car rental market.
A car rental firm lends autos for a certain length of time, allowing service personnel who needs a transitory vehicle to do so. These are often located near airports or city areas and provide a choice of vehicle sizes to fit a variety of budgets and space requirements. They may be leased through a website that allows online reservations. The automobile rental business also provides other items like mobile phones, portable Wi-Fi, navigation systems, entertainment systems, and kid safety seats in addition to the vehicle.
The global car rental market is booming at a speedy rate. The market is flourishing due to the growing popularity of on-demand transport services and the small percentage of car ownership amongst millennial consumers. Additionally, throughout the travel and tourist business, there is a new trend which in turn results in increased demand for comfortable, dependable, and high-quality travel services by the commuters. Further, with an increase in the use of smartphones and a rise in internet penetration rate, the demand for online rental services is also increasing in developed countries. This in turn is fueling the overall market growth. Moreover, for cost-effective travel and better mobility, people are turning to car rental services such as carpooling and taxis. This is also amongst the key aspect that is boosting the market growth. Furthermore, an increase in the adoption of novel automotive technologies and car rental management software may have beneficial opportunities for the growth of the global market during the forecast period. However, minimal penetration of the market in low and middle-income countries may impede the market growth.
Browse the full “Car Rental Market By Rental Length (Long Term and Short Term), By Booking Type (Online Booking and Offline Booking), By Application (Commercial and Leisure), By Vehicle Type (Multi Utility Vehicle (MUV), Sports Utility Vehicle (SUV), Economical Car, Executive Car, and Luxury Car), By End-User (Chauffeur-Driven and Self-Driven), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/car-rental-market
The global car rental market is segregated based on rental length, booking type, application, vehicle type, end-user, and region. Based on the rental length, the global market is divided into long term and short term. The booking type segment is categorized into online booking and offline booking. The application segment comprises commercial and leisure. Multi-utility vehicles (MUV), sports utility vehicles (SUV), economical cars, executive cars, and luxury cars are the vehicle types available in the market. Based on the end-user, the market is split into chauffeur-driven and self-driven.
North America is the leader in the global car rental market with more than 36 percent of the share. Key factors supporting the growth of the market in the region include a snowballing number of leisure & business journeys, presence of major car rental services provides, increase in business tourist numbers, and high spending power for leisure. Among the major countries, the United States is expected to hold nearly 80% percent of the regional market. The car rental network in the United States is huge; also the adoption of car rental services is expanded in various cities owing to increasing services providers.
The predominant players that are operating in the global car rental market include Uber Technologies, Inc., Localiza, Hertz System, Inc., Enterprise Holdings Inc, Europcar, Avis Budget Group, Eco Rent a Car, ANI Technologies Pvt. Ltd. (OLA TAXI’S), Carzonrent India Pvt Ltd., and SIXT amongst others.
Global car rental market is segmented as follows:
By Rental Length
By Booking Type
By Vehicle Type
By End User
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