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Car Rental Market Key Factor For Growth Are Increasing Travel And Tourism Activities And Improved Road Infrastructure

Global Car Rental Market: Overview

Car rental is process of hiring a car or vehicle for short period of time generally for few hours or few weeks. Car rental offers a range of vehicle sizes which are suitable according to customer’s budget and requirements such as luxury cars, executive cars, economy cars, SUVs, and MUVs

Global Car Rental Market: Dynamics

Increasing travel and tourism activities and improved road infrastructure across emerging economies are major factors expected to drive growth of the global car rental market over the forecast period.

In addition, technological advancements and rising adoption of information technology in travel and tourism industry are some factors expected to further fuel growth of the target market over the forecast period.

Moreover, increasing focus of key players towards development of low-cost services and improving quality and continence travel service are some other factor expected to boost growth of the target market over the forecast period.

Furthermore, increasing demand for large size vehicles and volatility in crude oil prices are expected to propel growth of the target market over the forecast period.

However, high operational costs and fluctuating prices of gasoline and petroleum products are major factors expected to restrain growth of the global market over the forecast period.

Ongoing trend observed in the target market is growing digitization, development of autonomous vehicles, and technological advancements in car rental services, this trend is expected to support growth of the target market over the forecast period.

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Increasing use of internet to customize travel trips, bookings and reservations and technological advancements acre expected to create potential revenue opportunities for the players operating in the target market over the forecast period.

Key players operating in the target market improve their business and product and service offering through various business strategies such as new product launch, mergers, acquisitions, agreements, etc.

Global Car Rental Market: Segment Analysis

Among the vehicle type segments, the economy cars segment is expected to dominate in the global market, owing to its compact nature and cost-effectiveness of economy cars being prefers for airport and intra-city travels.

Among the application segments, the airport transport segment is expected to register significant growth over the forecast period, owing to increasing number of air travelers across the globe.

Global Car Rental Market: Regional Analysis

The market in North America is expected to dominate in the global market in terms of revenue and is expected to continue its dominance over the forecast period, this can be attributed to increasing number of business trips and vacations local as well as international across various countries in this region.

The market in Asia Pacific is expected to register significant growth in terms of CAGR over the forecast period, owing to increasing travel and truisms and increasing availability of high-end luxury as well as economy vehicles, especially across developing countries in this region.

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Global 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 region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Key Players:

  • Enterprise Rent-A-Car Company, Inc.
  • Hertz Global Holdings, Inc.
  • Sixt SE
  • Europcar Mobility Group S.A.
  • Avis Budget Group Inc.
  • Uber Technologies Inc.
  • Carzonrent India Pvt Ltd.
  • Budget Rent A Car System, Inc.
  • German Rent a Car
  • Tempest Car Hire Pty Ltd.

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