Car Rental Market Overview
The Car Rental Market In 2022, the Car Rental Market was estimated to be worth USD 107.5 billion. Over the projection period (2024 - 2032), the car rental business is expected to develop at a compound annual growth rate (CAGR) of 8.1%, or USD 200.4 billion. Car rental, simply put, is a service offered through offline and online platforms which includes renting out automobiles. The companies generally offer service for a few months or a few hours.
Various factors are fuelling the global Car Rental Market. As per the recent MRFR market estimates, such factors include the increasing purchasing power of consumers, booming economy, increase in consumer’s per capita disposable income, growing urbanization, increase in industrialization, rising population, favorable norms by the government, rising awareness of environmental protection through vehicles, ease of booking, availability of online platforms, user’s dependence on smartphones, improved road infrastructure, growing demand for Car rentals after relaxations of lockdown during COVID-19 pandemic, and rise in tourism.
On the flip side, constantly changing crude oil prices, intense competition in the market due to increasing number of players, and low rate of internet penetration in developing regions may impede the market growth over the forecast period.
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Key Players
· Eco Rent a Car (India)
· Avis Budget Group (US)
· Capps Truck & Van Rental (US)
· Europcar (France)
· Bandago Van Rental (US)
· Enterprise Holdings, Inc. (US)
· Al-Futtaim Vehicle Rentals Company LLC (Qatar)
· The Hertz Corporation (US)
· Localiza (Brazil)
· Sixt SE (Germany)
Car rental Industry Updates
March 2021- Booking Group, an online Car rental provider has chosen IBM Cloud to cater to the growing customer need. With IBM, the company can adopt flexible cloud strategies, assisting the Car rental service to host workloads securely like financial reports and booking reservations and offer access to data which offers unique insights regarding the need for Car rentals in local markets. Through these capabilities, the company can regain agile and adjust prices and availability quickly to cater to the needs of the customers as they shift alongside the outbreak.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global Car Rental Market based on mode of booking, vehicle type, application, and type.
· By type, the market is bifurcated into outstation, local, airport, and others. Among these, the airport segment will dominate the market over the forecast period.
· By mode of booking, the market is bifurcated into online & offline. Among these, the online segment will lead the market over the forecast period.
· By application, the market is bifurcated into business & non-business.
· By vehicle type, the market is bifurcated into MUV, sedan, luxuries, SUV, and others. Among these, the SUV segment will have the lions share in the market over the forecast period.
Regional Analysis
By region, the global Car Rental Market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. Rise in non-business and business trips across different regions whether local or international, growing inclination towards rental services, and the presence of well-known service providers are adding to the global Car Rental Market growth in the region.
The Car Rental Market in Europe is predicted to hold the second-largest share over the forecast period. Stringent government policies and growth of tourism are adding to the Car Rental Market growth in the region.
The Car Rental Market in the APAC region is predicted to have favorable growth in the forecast period. Self-driving renting, the availability of economy and high-end luxury cars, enhanced road infrastructure, and considerable economic growth are adding to the region’s Car Rental Market growth.
The Car Rental Market in RoW is predicted to have sound growth over the forecast period.
The global Car Rental Market is highly competitive and fragmented with the presence of different well-established international and domestic players. These industry players have used a couple of strategies to stay ahead and also cater to the surging needs of the customers such as partnerships, joint ventures, collaborations, mergers and acquisitions, new product developments, and others. Besides, they are also investing in R&D activities.
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