Car Rental Business Market: Global Industry Analysis and Forecast (2021-2027)

Car Rental Business Market size was valued at US$ 86 Bn. in 2020 and the total revenue is expected to grow at 7 % through 2021 to 2027, Car Rental Business Market is reaching nearly US$ 138.10 Bn. by 2027.

Car Rental Business Market Overview:

Car rental is one type of business in which car rental agencies give the car for short period of time for some certain amount. These service is mostly implemented near airport, busy city area. Car rental service offer both online and offline service channel. With increase in population and pollution the market for car rental increases significantly. Increases air traffic and trend of online booking car rental is best option for travel as cars are fastest mode of transportation. The service provided by car rental agencies offers various facilities on cars like global position system (GPS), Wifi network for user convenience. Car Rental Business Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. 2020 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Car Rental Business Market Dynamics:

Government policies and trends - Increasing demand of tourism and travel industry across the globe is one of the key factor for growing the car rental market. Increasing population in urban areas and trend for adventure travelling helps to drive the market. Also peoples buy the cars for rental business in the form of taxi, cabs for flexibility and profitable travelling. The development of government policies and increasing concern about environment is acting the growth factor for the market. The easy access is possible for giving the car on rent through websites and smartphone based application. Increase in trend of on-demand transport services - Taxis, passenger vehicles, and charter cars are among the on-demand services that offer flexibility and additional features such as real-time feedback, vehicle tracking, and customer rating. Numerous smartphone applications make it easier to find available automobiles and compare rates with the relevant car rental businesses. Also car rental businesses give users access to a variety of features. As a result, the trend of on-demand transportation is on the rise. Low rate of car ownership among most of people - the expensive cost of maintaining a personnel car, people have a lower rate of car ownership. People like car rental because of its cost-cutting and fuel-efficiency benefits. In industrialized countries, increased demand for ride hailing services and facilities such as car rental, car sharing, and station-based mobility has reduced private car ownership by 80%. For example, due to an increase in the use of electric ride share services, the number of passenger automobiles on American roads is expected to drop from $247 million to $44 million by 2030. Low rate of internet penetration in developing region - Drivers, riders, and service providers are required for the functioning of automobile rental and ride hailing services. All of the processes, including matching riders with drivers, fare estimation and calculation, ride payment, and reputation management, are carried out utilizing cellphones with internet access. Eritrea, Burundi, Chad, and Somalia, for example, have limited internet penetration, which concerns the expansion of the ride hailing business in these nations. To determine the exact pickup and drop-off location of consumers, a ride driver must have a GPS-enabled smartphone with an active internet connection. Implementation of car rental management software - On a global scale, the car rental market is rapidly expanding. Many top firms have already joined the industry and established themselves as market leaders, but there is still room for more. By enhancing their operations and embracing new automated technologies, all market players are taking steps to deliver better offers and services in order to attract more bookings, automobile rental companies use car rental management software to improve their services and automate their operations. The car rental management software reduces management time and improves operational effectiveness. Car Rental Business Market 1

Global Car Rental Business Market Segment Analysis:

The Car Rental Business Market is Segmented into Booking, Vehicle type and Application. Based on Vehicle Type, the market is sub-segmented into Luxury, Executive, Economy, SUV’s and MUV’s. In 2020, the economy car segment had the biggest market share of approximately 33.0%, and this dominance is likely to continue throughout the forecast period. The compact form and cost-effectiveness of these cars are two of the primary elements driving this segment's rise. As a result, economical automobiles are becoming more popular for airport and intra-city transportation. The executive automobile market is expected to grow at a CAGR of approximately 5.5 %. One of the primary causes driving the segment's growth is the growing number of business visitors around the world, particularly in emerging countries. Furthermore, these vehicles provide consumers with a blend of quality features at a reasonable price, boosting their popularity among business travelers. Based on Application, the market is sub-segmented into local usage, Airport transport, Outstation and others. In 2020, the airport transportation sector dominated the market, accounting for nearly 40.0 % of total revenue. Over the forecast period, it is expected to maintain its dominance. The segment is expected to grow because to a large increase in global air travelers in recent years. As a result of this trend, many automobile rental companies are extending their fleets and promoting their services at major airports. Leading market participants have locations at airports where customers can rent cars 24 hours a day, seven days a week, resulting in sector growth. From 2021 to 2027, the local usage sector is expected to grow at the fastest rate of around 6.5 %. Tourists' choice for vehicle rental services for day-to-day navigation has shifted as a result of public transportation's standard timetables and lack of route flexibility, fueling the segment's rise. Car Rental Business Market 2

Global Car Rental Business Market Regional Analysis –

In 2020, North America had the biggest market share of around 52.0 %, with the United States being the largest market. The presence of several of the region's most well-known automobile rental companies, such as Avis Budget Group and Enterprise Rent-a-Car, is expected to spur significant growth. The growing number of business and leisure journeys across the region is also a key driver of regional development. The region contains a variety of well-known tourist spots that draw a big number of visitors that demand automobile rental services, encouraging industry growth. From 2021 to 2027, the market in Asia Pacific is expected to grow at the fastest rate, with a CAGR of about 8%. Increased consumer disposable incomes and continuously growing economies, as well as rising corporate travel expenditures, are predicted to have a positive impact on regional market growth. Over the forecast period, China and India's markets are expected to grow at an exponential rate. Government limits on car purchases in some parts of China, aimed at reducing pollution and traffic congestion, are expected to encourage people to use car rental services. The objective of the report is to present a comprehensive analysis of the global Car Rental Business Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Car Rental Business Market dynamics, structure by analyzing the market segments and project the global Car Rental Business Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Car Rental Business Market make the report investor’s guide.

Global Car Rental Business Market Scope: Inquire before buying

Global Car Rental Business Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 86 Bn.
Forecast Period 2021 to 2027 CAGR: 7 % Market Size in 2027: US $ 138.10 Bn.
Segments Covered: by Booking • Online • Offline
by Vehicle Type • Luxury • Executive • Economy • SUVs • MUVs
by Application • Local usage • Airport transport • Outstation • Others

Global Car Rental Business Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Global Car Rental Business Market Key Players

• Enterprise Rent-A-Car • The Hertz Corporation • Sixt SE • Europcar • Avis Budget Group • Avis Rent-A-Car System, LLC • Budget Rent-A-Car System, Inc • Payless Car Rental • Enterprise Holdings In • Alamo Rent-A-Car • National Car Rental • Rent-A-Wreck of America, Inc. • Sixt AG • Dollar Thrifty Automotive Group, Inc • Localiza

Frequently Asked Questions:

1) What was the market size of Global Car Rental Business Market in 2020? Ans - Global Global Car Rental Business Market was worth US$ 86 Bn. in 2020. 2) What is the market segment of the Car Rental Business Market? Ans -The market segments are based on Booking, Vehicle type and Application. 3) What is the forecast period considered for Global Car Rental Business Market? Ans -The forecast period for Global Car Rental Business Market is 2021 to 2027. 4) What is the market size of Global Car Rental Business Market markets in 2027? Ans – Global Car Rental Business Market is estimated as worth US$ 138.10Bn. 5) Which region is dominated in Global Car Rental Business Market? Ans -In 2020, the North America region dominated the Global Car Rental Business Market.
1. Global Car Rental Business Market : Research Methodology 2. Global Car Rental Business Market : Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Car Rental Business Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Car Rental Business Market : Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-17.6 Impact 4. Global Car Rental Business Market Segmentation 4.1. Global Car Rental Business Market ,by Booking (2020-2027) • Online • Offline 4.2. Global Car Rental Business Market ,by Vehicle type (2020-2027) • Luxury • Executive • Economy • SUVs • MUVs 4.3. Global Car Rental Business Market , by Application (2020-2027) • Local usage • Airport transport • Outstation • Others 5. North America Car Rental Business Market (2020-2027) 5.1. North America Car Rental Business Market ,by Booking (2020-2027) • Online • Offline 5.2. North America Car Rental Business Market ,by Vehicle type (2020-2027) • Luxury • Executive • Economy • SUVs • MUVs 5.3. North America Car Rental Business Market , by Application (2020-2027) • Local usage • Airport transport • Outstation • Others 5.4. North America Car Rental Business Market , by Country (2020-2027) • US • Canada • Mexico 6. European Car Rental Business Market (2020-2027) 6.1. European Car Rental Business Market ,by Booking (2020-2027) 6.2. European Car Rental Business Market , by Vehicle type (2020-2027) 6.3. European Car Rental Business Market , by Application (2020-2027) 6.4. European Car Rental Business Market , by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Car Rental Business Market (2020-2027) 7.1. Asia Pacific Car Rental Business Market ,by Booking (2020-2027) 7.2. Asia Pacific Car Rental Business Market , by Vehicle type (2020-2027) 7.3. Asia Pacific Car Rental Business Market , by Application (2020-2027) 7.4. Asia Pacific Car Rental Business Market , by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Car Rental Business Market (2020-2027) 8.1. Middle East and Africa Car Rental Business Market ,by Booking (2020-2027) 8.2. Middle East and Africa Car Rental Business Market , by Vehicle type (2020-2027) 8.3. Middle East and Africa Car Rental Business Market , by Application (2020-2027) 8.4. Middle East and Africa Car Rental Business Market , by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Car Rental Business Market (2020-2027) 9.1. Latin America Car Rental Business Market ,by Booking (2020-2027) 9.2. Latin America Car Rental Business Market , by Vehicle type (2020-2027) 9.3. Latin America Car Rental Business Market , by Application (2020-2027) 9.4. Latin America Car Rental Business Market , by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Enterprise Rent-A-Car 10.1.1. Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. The Hertz Corporation 10.3. Sixt SE 10.4. Europcar 10.5. Avis Budget Group 10.6. Avis Rent-A-Car System, LLC 10.7. Budget Rent-A-Car System, Inc 10.8. Payless Car Rental 10.9. Enterprise Holdings In 10.10. Alamo Rent-A-Car 10.11. National Car Rental 10.12. Rent-A-Wreck of America, Inc. 10.13. Sixt AG 10.14. Dollar Thrifty Automotive Group, Inc 10.15. Localiza

About This Report

Report ID 112892
Category Automotive and Transportation
Published Date July 2021
Updated Date Nov 2021
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