Car Rental Market:
The GMI Research’s latest analysis reveals that the Car Rental Market is slated to register a significant CAGR over the forecast period. This is attributed to the growing number of international air travelers, increasing population, and rising volume of domestic tourists.
Car Rental Market’s leading Manufacturers:
- 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
- It
- Alamo
Car Rental Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
Some of the major factors contributing to the growth of the global car rental market include the growing number of international air travelers, increasing population, and rising volume of domestic tourists. According to the car rental industry overview, there is an upsurge in the growth of the travel and tourism sector during the forecast period. As per the World Travel and Tourism Council (WTTC), in 2019, the travel & tourism industry witnessed a 3.5% growth, which is 10.3% of the global GDP, and it has offered about 330 million jobs worldwide.
The strong demand for faster modes of transportation among consumers, low rates of car rental services, and the emerging trend of on-demand transportation services are some other factors surging the growth of the car rental market size. In addition to this, the growing usage of smartphones, the high adoption of car rental management software, and rising preference for online booking of care due to several purposes, such as cashless transactions, e-signing contracts, and e-verification of documents are the emerging car rental market trends that are driving the growth of the market. On the other hand, the increasing costs of diesel and petrol and the growing market for ride-sharing, micromobility, and peer-to-peer car-sharing services, including Lyft, Ola, and Uber, will hinder the growth of the car rental market share in terms of revenue in the coming years. The emergence of the COVID-19 pandemic has negatively impacted the growth of the tourism sector at a global level, which will further hamper the market’s demand.
Vehicle Type Segment Drivers
Based on the vehicle type, the SUVs are projected to rise at a higher CAGR over the coming years due to the benefits of extra cargo space, extra seating, safety, and fuel effectiveness. Moreover, the rising deployment of electric SUVs in car rental services is fuelling the growth of the market. For example, Sixt SE is the major car rental companies provides electric SUV car models like Tesla Model Y, Volvo xc60, Tesla Model X for renting purposes.
Application Segment Drivers
Based on the application, airport transport is anticipated to lead the market over the coming years due to the growth in air travelers worldwide, along with numerous benefits like the ease in choosing a desirable car, affordability, and time efficiency.
Car Rental Market Segmentation:
Segmentation by Vehicle Type:
- Luxury Cars
- Executive Cars
- Economy Cars
- SUVs
- MUVs
Segmentation by Application:
- Local Usage
- Airport Transport
- Outstation
- Others
Segmentation by End-User:
- Self-Driven
- Chauffeur-Driven
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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