The Global Car Rental Market is Propelled by Shared and On-demand Mobility
The car rental industry facilitates customers with transportation services on an hourly, daily or monthly basis. Car rentals offer a flexible and affordable mobility solution for both business and leisure travelers. Customers can choose from a variety of vehicle models based on their travel needs and preferences. The global car rental industry continues to evolve with the adoption of new business models like peer-to-peer car sharing and ride-hailing services. The global Car Rental Market is estimated to be valued at US$ 133.23 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Shared and on-demand mobility has been a prominent trend in recent years, driven by the boom in ridesharing and taxi services. Mobility-as-a-Service (MaaS) strategies implemented by major car rental companies allow subscribers to utilize shared vehicles on both short and long term basis. Customers can book, access and pay for transit options like trains, bikes, taxis and car rentals through a single platform. This integrated transportation experience is appealing to many users and has aided the growth of car rental transactions based on usage minutes rather than daily rates. Major players are investing heavily in expanding their shared mobility networks and partnerships to cater to this growing consumer demand.
SWOT Analysis
Strength: Car rental market has a huge customer base. They offer flexible services to customers on demand which attracts customers.
Weakness: High dependency on external factors like fuel prices and taxes can impact overall costs. Fragmented market with presence of local players.
Opportunity: Emerging mobility solutions like car sharing presents an opportunity. Increasing demand for rental cars during holidays and business travel.
Threats: Stringent emission norms can increase operating costs. Rise of alternate shared mobility solutions like Uber, Ola can threaten traditional rental models.
Key Takeaways
The Global Car Rental Market Size is expected to witness high growth driven by increasing business and leisure travel.
Regional analysis comprises Asia Pacific region is expected to witness fastest growth in the car rental market led by countries like China and India. Increased tourism and business activities are driving the demand.
Key players operating in the car rental market are Nobel Biocare Services AG, DIO Corporation, Ivoclar Vivadent AG, GC Dental, Modern Dental Group Limited, COLTENE Group, SHOFU Dental GmbH, VITA Zahnfabrik, Holmes Dental Co., Lasak, Institut Straumann AG, Derby Dental, and Anthogyr SAS. These players are focusing on expansion in emerging markets and enhancing digital capabilities to target customers directly.
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