Global Car Rental Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, And Growth Forecast To 2028

  • TBI437502
  • May 28, 2022
  • Global
  • 200 pages
  • IFF Market Research

Global Car Rental Market 2021: By vehicle type (Luxury cars, Executive cars, Economy cars, SUVs, MUVs), By application (Local usage, Airport transport, Outstation, Others)

Global Car Rental Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global car rental market report has been segmented on the basis of vehicle type, application, and region.Request Covid - 19 Impact The Global Car Rental market size was valued at USD $95.67 Billion in 2020, USD $102.78 Billion in 2021, forecasted to reach USD $110.42 Billion in 2022, and is projected to reach USD $202.44 Billion by 2030, and is anticipated to expand at a CAGR of 7.43% over the forecast period from 2020 to 2030.

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 customers 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 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. 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 trough 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.

Below are the leading companies profiled in this Car Rental Market Report:

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

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

This research comprehensively answers the following 9 important questions:

  • Q.1. What are some of the most promising growth trends in the Car Rental market worldwide?
  • Q.2.Which segments and sub-segments will grow at a faster pace and why? Which segment is nearing the peak and demand saturation?
  • Q.3.Which region will witness a higher growth rate and why? Which region might see a slower or negative growth region?
  • Q.4.What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in Car Rental market?
  • Q.5.What are the business risks and who pose challenges to the global leaders and are competitive threats in this Car Rental market?
  • Q.6.What are the emerging trends post COVID-19 reshuffle in this Car Rental market and the what are reasons behind these trends and do they translate in global exploration?
  • Q.7. Who are the major global and regional players in the Car Rental market? Which are the strategic initiatives key players are pursuing for business growth?
  • Q.8.Which are the competing products in Car Rental market and how big of a threat do they pose for loss of market share by material or product substitution?
  • Q.9.What M & A activity has occurred in the last 5 years and what is its impact on the Car Rental industry?

Chapter 1 Methodology and Scope
  • 1.1 Market definitions
  • 1.2 Base estimation & working
  • 1.2.1 North America
  • 1.2.2 Europe
  • 1.2.3 APAC
  • 1.2.4 LATAM
  • 1.2.5 MEA
  • 1.3 Forecast calculation
    • 1.3.1 COVID-19 impact calculations on industry forecast
  • 1.4 Data sources
    • 1.4.1 Primary
    • 1.4.2 Secondary
    • Paid sources
    • Public sources
  • Chapter 2 Executive Summary
  • 2.1 Car Rental industry 360° synopsis, 2017 - 2028
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