Transparency Market Research delivers key insights on the global car rental market. In terms of revenue, the global car rental market is estimated to expand at a CAGR of 6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global car rental market.
Companies are expanding their range of car rentals by adding different technologies. Manufacturers are increasing their partnerships with different international and local distributors to have a better reach in every region.
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Car Rental Market: Key Segments
In terms of car, economy car is majorly used for car rental. The cost effectiveness in purchasing the car and high availability of these cars are driving the market growth.
Based on category, the airport transfer segment accounts for highest share in the global car rental market owing to increasing leisure and business travel among international and domestic consumers.
In terms of customer, the leisure segment is expected to hold the dominant market share during the forecast period. Most business trips are getting cancelled or not taking place due to COVID-19 as businesses have now come to the virtual platform. After conditions improved, people have started taking a lot vacations after the pandemic, resulting in increase in travel and demand for car rental services.
In terms of booking, the online segment holds the largest market share due to the growing number of mobile-based platforms such as Uber, and Lyft. This will continue to fuel sales in this segment during the forecast period.
Based on rental length, short term trips have the highest share in the market owing to increase in short leisure trips undertaken by millennial.
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Based on fare price, economy price is preferred by consumers as this gives them the ability to travel more via rental cars.
Based on end-use, chauffeur driven cars have the highest market share. However, the self-driven segment is expected to expand during the forecast period due to increase in adoption of services such as Zoomcar, and millennial preferring to drive themselves on vacations.
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Car Rental Market: Prominent Regions
The global car rental market has been divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., Germany, France, and Rest of Europe), Asia Pacific (China, India, Japan, and Rest of Asia Pacific), Middle East Africa (GCC, South Africa, and Rest of MEA), and South America (Brazil and Rest of South Africa). The global car rental market is dominated by North America due to increase in the number of leisure and business trips undertaken both locally and internationally.
A steady movement in consumer preference toward rental services, as well as the presence of major service providers in the region, such as Avis Budget Group and Enterprise Rent-a-Car, is likely to boost revenue generation opportunities in North America.
Car Rental Market: Key Players
Key players operating in the global car rental market are Alamo, Avis Rent A Car System, LLC, Budget Rent A Car System, Inc., Carzonrent India Pvt Ltd., Enterprise Holdings, Inc., Europcar, The Hertz Corporation, Localiza, National Car Rental, Sixt Group, etc.
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