Car Rental Market - Global Industry Analysis

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

Published Date: 02-Mar-2022 Category: Consumer Goods Report Format : PDF Pages: 175 Report Code: ZMR-652 Status : Published

The global car rental market was worth around (overview) 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.

Description

Car Rental Market: Industry Prospective

The global car rental market was worth around 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.

Car Rental Market: Overview

Car rental or vehicle hiring firms are businesses that rent cars for a set amount of time at a set price. This service is frequently arranged with several local branches, which are usually located around airports or major sections of the city and are supplemented with a website that allows for online bookings. The automobile rental sector has seen a significant transition in recent years as a result of rising pollution levels and population, becoming one of the most prominent industries in fleet transportation.

COVID-19 Impact:

COVID-19's quick expansion had a huge influence on the broader tourist sector in 2020, affecting the car rental business as a result. Furthermore, a drop in global air traffic has led to a drop in demand for automobile rentals at airports. Furthermore, decreased demand for inter and intracity transport also decreased the demand for car rental services. However, with the occurrence of pre-pandemic conditions number of tourist activities is expected to increase which will ultimately support the growth of the global car rental market.

Global Car Rental Market

Car Rental Market: Growth Drivers

The convenience and flexibility offered by rental cars may boost the overall market growth.

Renting a car in another country does not only save time but also helps to discover more places, helps to carry more luggage, feels local, and reduces waiting time. Besides rental cars offer more convenience where a network of public transport is not well developed. Such factors significantly fuel the growth of the global car rental market. Moreover, services such as Flexi hire offered by many car rental service providers are getting more traction. Flexi hire ensures that passengers can always satisfy their travel requirements. The cars that passengers have on contract may be suitable for day-to-day business, but something else is required for a particular event, such as a conference or exhibition. It's also possible that passengers planning a vacation overseas don't have an appropriate mode of transportation. With such flexible options adoption of rental cars is expected to increase over the forecast period.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Car Rental Market: Restraints

Higher prices of car rentals compared to public transport may hamper the market growth.

In middle-and low-income countries, most passenger uses public transport due to its wide network and low fares. In fact, preferences for public transport are still more in emerging countries due to convenience. Furthermore, in several parts of the world, the car rental sector is dominated by few players due to such a monopoly the fares are far more compared to public transport. Most of the population travel on daily basis for work and other activities and hiring a rented car over public transport can add extra load on the daily expenses. All such factors can contribute to the slow growth of the market.

Car Rental Market: Opportunities

Technological advancements may have numerous opportunities for market growth

Many key players are implementing novel automated technologies especially to improve operations. Thus, there is an increase in the adoption of car rental management software which is likely to boost the market. Also, the introduction of robotaxis and penetration of car rentals in electric vehicle sectors are also some of the factors that may boost the global car rental market during the forecast period.

Car Rental Market: Challenges

Driving challenges with international travelers

The largest issue for many car rental firms, especially in large and famous cities, is dealing with international consumers. These travelers are more likely to be in danger or have an accident. Many visitors are unfamiliar with the country's traffic laws, and others are accustomed to driving on the opposite side of the road. Some of them had never driven on a winding route with abrupt twists before. To overcome these points car rental services have to invest more amount and time to provide training for overseas travelers. As a result, it is a major burden for rental firms to give special attention to these clients.

Car Rental Market: Segmentation

The global car rental market is categorized based on rental length, booking type, application, vehicle type, end-user, and region. By rental length, the market is segregated into long-term and short-term. The booking type segment of the market is bifurcated into online booking and offline booking. The application segment includes commercial and leisure. Multi-utility vehicle (MUV), sports utility vehicles (SUVs), economical cars, executive cars, and luxury cars are the vehicle types covered in the report. Based on the end-user, the market is divided into chauffeur-driven and self-driven.

Recent Developments

  • In February 2022, Hertz announced its investment in Ufodrive, European mobility and self-service electric car rental service provider.
  • In February 2022, Sixt, a car rental company, has partnered with Accor, a French hospitality corporation. The agreement will deliver extra appealing perks to Accor guests and staff — internationally and at no cost.
  • In September 2021, Sixt announced the introduction of robotaxis in Munich in collaboration with Intel. The partnership among both Intel subsidiaries Mobileye and Sixt aim to expand autonomous ride-sharing services all over Europe by the end of the decade.

Car Rental Market: Regional Landscape

North America is expected to lead the global car rental market with over 36 percent of the share. One of the major reasons supporting the expansion of the regional market is the increasing number of leisure and business journeys across the area, both domestically and globally. Furthermore, a steady movement in consumer preferences toward rental services, as well as the presence of major service providers in the region, including Enterprise Rent-a-Car and Avis Budget Group are likely to boost revenue-generating opportunities. In the projection period, North America is predicted to be the biggest car rental market in the world, as the United States continues to be the largest country for vehicle rental services. The use of these services has recently expanded in various cities, owing to increasing service provider activities. Uber Technology Inc., for example, used mobile technologies and other devices more efficiently to satisfy travelers' transport demands. Also, increased use of automobile rental services in the United States with expanding use of electric cars and growing concern & knowledge of fewer emissions among customers in the region are all contributing to this increase in revenue share.

Car Rental Market: Competitive Landscape

The predominant players functioning 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.

The global car rental market is segmented as follows:

By Rental Length

  • Long Term
  • Short Term

By Booking Type

  • Online Booking
  • Offline Booking

By Application

  • Commercial
  • Leisure

By Vehicle Type

  • Multi Utility Vehicle (MUV)
  • Sports Utility Vehicle (SUV)
  • Economical Car
  • Executive Car
  • Luxury Car

By End User

  • Chauffeur-Driven
  • Self-Driven

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

Table Of Content

  • Chapter 1. Introduction
    • 1.1. Report description and scope
    • 1.2. Research scope
    • 1.3. Research methodology
      • 1.3.1. Market research process
      • 1.3.2. Market research methodology
  • Chapter 2. Executive Summary
    • 2.1. Global car rental market, 2016 – 2022 (USD Million)
    • 2.2. Global car rental market: Snapshot
  • Chapter 3. Car Rental – Market Dynamics
    • 3.1. Introduction
    • 3.2. Market drivers
      • 3.2.1. Global car rental market drivers: Impact analysis
      • 3.2.2. Growing tourism market
      • 3.2.3. Healthy economic growth and rising disposable income
      • 3.2.4. Large use of internet and SmartPhone technology
    • 3.3. Market restraints
      • 3.3.1. Global car rental market restraints: Impact analysis
      • 3.3.2. Volatility of crude oil prices
      • 3.3.3. Lack of adequate marketing and promotion
    • 3.4. Opportunities
      • 3.4.1. Green Initiatives
    • 3.5. Porter’s five forces analysis
      • 3.5.1. Bargaining power of suppliers
      • 3.5.2. Bargaining power of buyers
      • 3.5.3. Threat from new entrants
      • 3.5.4. Threat from new substitutes
      • 3.5.5. Degree of competition
    • 3.6. Market attractiveness analysis
      • 3.6.1. Market attractiveness analysis, by car type segment
      • 3.6.2. Market attractiveness analysis, by end-user segment
      • 3.6.3. Market attractiveness analysis, by regional segment
  • Chapter 4. Global Car rental Market – Competitive Landscape
    • 4.1. Company market share, 2016 (Subject To Data Availability)
    • 4.2. Strategic Development
      • 4.2.1. Acquisitions & Mergers
      • 4.2.2. New Product Launch
      • 4.2.3. Agreements, Partnerships, Collaborations and Joint Ventures
      • 4.2.4. Research and Development, Product and Regional Expansion
  • Chapter 5. Global Car Rental Market – Car Type Segment Analysis
    • 5.1. Global car rental market: Car type overview
      • 5.1.1. Global car rental market volume share, by car type, 2016 and 2022
    • 5.2. Luxury Cars
      • 5.2.1. Global luxury cars market, 2016 – 2022 (USD Million)
    • 5.3. Executive Cars
      • 5.3.1. Global executive cars market, 2016 – 2022 (USD Million)
    • 5.4. Economy Cars
      • 5.4.1. Global economy cars market, 2016 – 2022 (USD Million)
    • 5.5. SUV Cars
      • 5.5.1. Global SUV cars market, 2016 – 2022 (USD Million)
    • 5.6. MUV Cars
      • 5.6.1. Global MUV cars market, 2016 – 2022 (USD Million)
  • Chapter 6. Global Car Rental Market – End-user Segment Analysis
    • 6.1. Global car rental market: End-user overview
      • 6.1.1. Global car rental market volume share, by end-user, 2016 – 2022
    • 6.2. Local Usage
      • 6.2.1. Global car rental market for local usage, 2016 – 2022 (USD Million)
    • 6.3. Airport Transport
      • 6.3.1. Global car rental market for airport transport, 2016 – 2022 (USD Million)
    • 6.4. Outstation
      • 6.4.1. Global car rental market for outstation, 2016 - 2022 (USD Million)
    • 6.5. Others
      • 6.5.1. Global car rental market for others, 2016 - 2022 (USD Million)
  • Chapter 7. Global Car Rental Market – Regional Segment Analysis
    • 7.1. Global car rental market: Regional overview
      • 7.1.1. Global car rental market volume share, by region, 2016 - 2022
    • 7.2. North America
      • 7.2.1. North America car rental market revenue, by car type, 2016 - 2022 (USD Million)
      • 7.2.2. North America car rental market revenue, by end-user, 2016 – 2022 (USD Million)
      • 7.2.3. U.S.
        • 7.2.3.1. U.S. car rental market revenue, by car type, 2016 – 2022 (USD Million)
        • 7.2.3.2. U.S. car rental market revenue, by end-user, 2016 – 2022 (USD Million)
    • 7.3. Europe
      • 7.3.1. Europe car rental market revenue, by car type, 2016 – 2022 (USD Million)
      • 7.3.2. Europe car rental market revenue, by end-user, 2016 – 2022 (USD Million)
      • 7.3.3. Germany
        • 7.3.3.1. Germany car rental market revenue, by car type, 2016 – 2022 (USD Million)
        • 7.3.3.2. Germany car rental market revenue, by end-user, 2016 – 2022 (USD Million)
      • 7.3.4. France
        • 7.3.4.1. France car rental market revenue, by car type, 2016 – 2022 (USD Million)
        • 7.3.4.2. France car rental market revenue, by end-user, 2016 – 2022 (USD Million)
      • 7.3.5. UK
        • 7.3.5.1. UK car rental market revenue, by car type, 2016 – 2022 (USD Million)
        • 7.3.5.2. UK car rental market revenue, by end-user, 2016 – 2022 (USD Million)
    • 7.4. Asia Pacific
      • 7.4.1. Asia Pacific car rental market revenue, by car type, 2016 – 2022 (USD Million)
      • 7.4.2. Asia Pacific car rental market revenue, by end-user, 2016 – 2022 (USD Million)
      • 7.4.3. China
        • 7.4.3.1. China car rental market revenue, by car type, 2016 – 2022 (USD Million)
        • 7.4.3.2. China car rental market revenue, by end-user, 2016 – 2022 (USD Million)
      • 7.4.4. Japan
        • 7.4.4.1. Japan car rental market revenue, by car type, 2016 – 2022 (USD Million)
        • 7.4.4.2. Japan car rental market revenue, by end-user, 2016 – 2022 (USD Million)
      • 7.4.5. India
        • 7.4.5.1. India car rental market revenue, by car type, 2016 – 2022 (USD Million)
        • 7.4.5.2. India car rental market revenue, by end-user, 2016 – 2022 (USD Million)
    • 7.5. Latin America
      • 7.5.1. Latin America car rental market revenue, by car type, 2016 – 2022 (USD Million)
      • 7.5.2. Latin America car rental market revenue, by end-user, 2016 – 2022 (USD Million)
      • 7.5.3. Brazil
        • 7.5.3.1. Brazil car rental market revenue, by car type, 2016 – 2022 (USD Million)
        • 7.5.3.2. Brazil car rental market revenue, by end-user, 2016 – 2022 (USD Million)
    • 7.6. Middle-East and Africa
      • 7.6.1. Middle-East and Africa car rental market revenue, by car type, 2016 – 2022 (USD Million)
      • 7.6.2. Middle-East and Africa car rental market revenue, by end-user, 2016 – 2022 (USD Million)
  • Chapter 8. Company Profile
    • 8.1. Avis Budget Group, Inc
      • 8.1.1. Overview
      • 8.1.2. Financials
      • 8.1.3. Product portfolio
      • 8.1.4. Business strategy
      • 8.1.5. Recent developments
    • 8.2. Sixt Rent-A-Car
      • 8.2.1. Overview
      • 8.2.2. Financials
      • 8.2.3. Product portfolio
      • 8.2.4. Business strategy
      • 8.2.5. Recent developments
    • 8.3. Enterprise Rent-A-Car
      • 8.3.1. Overview
      • 8.3.2. Financials
      • 8.3.3. Product portfolio
      • 8.3.4. Business strategy
      • 8.3.5. Recent developments
    • 8.4. The Hertz Corporation
      • 8.4.1. Overview
      • 8.4.2. Financials
      • 8.4.3. Product portfolio
      • 8.4.4. Business strategy
      • 8.4.5. Recent developments
    • 8.5. Europcar
      • 8.5.1. Overview
      • 8.5.2. Financials
      • 8.5.3. Product portfolio
      • 8.5.4. Business strategy
      • 8.5.5. Recent developments
    • 8.6. Al-Futtaim Group
      • 8.6.1. Overview
      • 8.6.2. Financials
      • 8.6.3. Product portfolio
      • 8.6.4. Business strategy
      • 8.6.5. Recent developments
    • 8.7. Carzonrent
      • 8.7.1. Overview
      • 8.7.2. Financials
      • 8.7.3. Product portfolio
      • 8.7.4. Business strategy
      • 8.7.5. Recent developments
    • 8.8. Localiza Rent A Car
      • 8.8.1. Overview
      • 8.8.2. Financials
      • 8.8.3. Product portfolio
      • 8.8.4. Business strategy
      • 8.8.5. Recent developments
    • 8.9. Eco Rent A Car
      • 8.9.1. Overview
      • 8.9.2. Financials
      • 8.9.3. Product portfolio
      • 8.9.4. Business strategy
      • 8.9.5. Recent developments

Table Of Figures

List of Figures

1. Market research process
2. Market research methodology
3. Global car rental market revenue, 2016 – 2022  (USD Million) 
4. Porter’s five forces analysis
5. Car rental: Market attractiveness analysis, by car type segment
6. Car rental: Market attractiveness analysis, by end-user segment
7. Car rental: Market attractiveness analysis, by regional segment
8. Company market share analysis
9. Global car rental market revenue share by car type, 2016 – 2022 
10. Global luxury cars market, 2016 – 2022, (USD Million) 
11. Global mid-end car market, 2016 – 2022, (USD Million) 
12. Global executive cars market, 2016 – 2022, (USD Million) 
13. Global economy cars market, 2016 – 2022, (USD Million) 
14. Global SUV cars market, 2016 – 2022, (USD Million) 
15. Global MUV cars market, 2016 – 2022, (USD Million) 
16. Global car rental market revenue share by end-user, 2016 – 2022 
17. Global car rental market for local usage, 2016 – 2022, (USD Million) 
18. Global car rental market for airport transport, 2016 – 2022, (USD Million) 
19. Global car rental market for outstation, 2016 – 2022 (USD Million) 
20. Global car rental market for other end-user, 2016 – 2022 (USD Million)


Table Of Tables

List of Tables

1. car rental market: Market snapshot
2. Car type of car rental market  
3. Drivers of global car rental market: Impact analysis 
4. Restraints of global car rental market: Impact analysis  
5. North America car rental market revenue, by car type, 2016 - 2022 (USD Million) 
6. North America car rental market revenue, by end-user, 2016 - 2022 (USD Million) 
7. U.S car rental market revenue, by car type, 2016 - 2022 (USD Million) 
8. U.S car rental market revenue, by end-user, 2016 - 2022 (USD Million) 
9. Europe car rental market revenue, by car type, 2016 - 2022 (USD Million) 
10. Europe car rental market revenue, by end-user, 2016 - 2022 (USD Million) 
11. Germany car rental market revenue, by car type, 2016 - 2022 (USD Million) 
12. Germany car rental market revenue, by end-user, 2016 - 2022 (USD Million)
13. France car rental market revenue, by car type, 2016 - 2022 (USD Million) 
14. France car rental market revenue, by end-user, 2016 - 2022 (USD Million)
15. UK car rental market revenue, by car type, 2016 - 2022 (USD Million) 
16. UK car rental market revenue, by end-user, 2016 - 2022 (USD Million)
17. Asia Pacific car rental market revenue, by car type 2016 - 2022 (USD Million) 
18. Asia Pacific car rental market revenue, by end-user, 2016 - 2022 (USD Million) 
19. China car rental market revenue, by car type, 2016 - 2022 (USD Million) 
20. China car rental market volume, by end-user, 2016 - 2022 (USD Million)
21. Japan car rental market revenue, by car type, 2016 - 2022 (USD Million) 
22. Japan car rental market volume, by end-user, 2016 - 2022 (USD Million)
23. India car rental market revenue, by car type, 2016 - 2022 (USD Million) 
24. India car rental market revenue, by end-user, 2016 - 2022 (USD Million)
25. Latin America car rental market revenue, by car type - 2020 (USD Million)
26. Latin America car rental market revenue, by end-user, 2016 - 2022 (USD Million) 
27. Brazil car rental market revenue, by car type - 2020 (USD Million)
28. Brazil car rental market revenue, by end-user, 2016 - 2022 (USD Million)
29. Middle-East and Africa car rental market revenue, by car type - 2020 (USD Million)    
30. Middle-East and Africa car rental market revenue, end-user, 2016 - 2022 (USD Million)

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Car rental market. Zion Research has collected and analyzed key data belong to the global Car rental market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Car rental across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Car rental industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Car rental market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

Car or vehicle rental service is relatively developed in the industrialized economies. A car rental, hire car, or car hire company provides vehicles on rent for short periods of time, generally ranging from a few hours to a few weeks. Car rental providers have a number of local branches and offices near airports, bus stops, railway station, and busy city areas. The key vendors that provide vehicle rental services mainly focus on customer's requirements, growth, innovation, and offers that attract customers and efficiency.

The car rental market is primarily driven by rising tourism industry. Healthy economic growth and rising disposable income in developing countries are expected to propel the market growth during the year to come. Furthermore, high demand of the internet and smart technology helps to drive this market at the fast pace. However, some restraints like the rise in crude oil prices and lack of proper marketing may hinder the growth of the market. Moreover, use of the green vehicle is the most cost-effective way to improve energy efficiency and reduce carbon emissions is likely to open up new opportunities in evolving consumer preference.

Global-Car-Rental-Market

In terms of car type, global car rental market is segmented intoMUV cars, SUV cars, economy cars, executive cars, luxury cars. Economy cars dominated the car rental market and accounted for significant share of the market. Economy cars are expected have a faster growth in the future due to the emergence of new companies in the market.

Based on end-users, the car rental market has been segmented into local usage, airport transport, outstation and others. Car rental for airport transport was leading end-user segment in car rental market and accounted for the largest market share in 2016. Growing demand for car rental due to green initiatives was taken by Government and increasing awareness about pollution is expected to drive the car rental market over the forecast period. One of the leading vendors in car rental market i.e. ‘Hertz’ New Zealand offers its customers a carbon calculator to allow potential renters to determine their carbon footprint for various car models.

In terms of regions, North America exhibited the largest share of car rental market in 2016. It accounted for significant share of the market and it is also predicted to remain to prevail over other regions during the forecast period. This is due to the high penetration of smartphones and advancement in technology in the region which helps to improve the convenience of booking a car on rent. North America was followed by Europe and Asia-Pacific region. Asia-Pacific is expected to witness the fastest growth in coming years due to the increasing population and needs for transportation.

Some of the key participants involved in car rental market includeAvis Budget Group, Inc, Sixt Rent-A-Car, Enterprise Rent-A-Car, The Hertz Corporation, Europcar, Al-Futtaim Group, Carzonrent, Localiza Rent A Car, and Eco Rent A Car.

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FrequentlyAsked Questions

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.

According to the Zion Market Research report, the global car rental market was worth about 87.4 (USD billion) in 2021 and is predicted to grow to around 132.6 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 6.9 percent.

 

North America is expected to lead the global car rental market with over 36 percent of the share. One of the major reasons supporting the expansion of the regional market is the increasing number of leisure and business journeys across the area, both domestically and globally. Furthermore, a steady movement in consumer preferences toward rental services, as well as the presence of major service providers in the region, including Enterprise Rent-a-Car and Avis Budget Group and are likely to boost revenue-generating opportunities.

The predominant players function in the global car rental market includes 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.

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