The global car rental market size is expected to reach over USD 187.5 billion by 2026 and is expected to grow at a CAGR of 13.7% during the forecast period, 2019–2026.
During last few years, the trend of the car and automotive buying has changed the scenario. Rental cars have got the traction during last few years. Car rental service provides car and automobiles on rent for limited and small time periods. This time period may varies from few hours to weeks as per the requirement of the customer. These services are majorly located near tourist place, airports, and city. Being convenient and changing trends have increased the adoption of the car rental thus, driving the growth of the market.
The global car rental market is majorly driven by increasing number of car rental services, changing lifestyle, and increasing spending power of the people. Increasing tourism activities and continuously increasing tourism budget have supported the growth of the car rental market. During last few years, there many government are focusing on the development of the country to increase the tourism. On the other hand, high prices of the car rent in developed counters may slow the growth of the market.
The market research study on “Car Rental Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Car Rental market. The report also analyzes the key players operating in Car Rental market and identifies the key strategies deployed by them along with the market share of leading players.
The global Car Rental market is segmented as below:
Car Rental Market by Booking Type
Car Rental Market by Vehicle Type
Car Rental Market by Application
Car Rental Market by Geography
Global Car Rental market is segmented by booking type, vehicle type, and application.
Based on the booking type, the car rental market is segmented into online access, and offline access. Online access holds the major share in the global market.
Based on the vehicle type, the car rental market is segmented into economy/budget cars, luxury/premium car. Economy/budget cars dominate the global car rental market.
On the basis of application, the car rental market is segmented into leisure/tourism and business. Leisure/tourism dominates the global car rental market. Leisure/tourism is the major way and application for the car rental which the reason the market is expected to dominate.
Geographically, the car rental market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America dominates the global Car Rental market owing to the growing adoption of rental vehicles and increased investment in the countries such as the U.S. and Mexico are driving the market growth in North America. Mexico accounted for 35% of total North America production. Increased focus on improving fuel efficiency is compelling the manufacturers to meet the consumers’ demand that makes the car rental market growth further. Europe accounts for the second leading share in the global car rental market. Strict rules and regulations imposed by the European Union to limit vehicular emission are expected to offer a huge platform for the rental care companies. Furthermore, many people prefer the rental cars to travel which is also facilitating the market growth. Growing demand for rental vehicles segment is likely to affect the market growth positively during the assessment period, 2018–2026. According to the European Automobile Manufacturers Association ‘Vehicle in use’ report 2017, European passenger car production has been grown by 4.5% over the last five years; the total count of the vehicles went from 241 million to 252 million. Moreover, huge investment, presence of major players and rising demand for the car rental supported the growth of the market. Asia Pacific holds the fastest growth in the car rental market owing to the presence of huge companies. Low cost, and availability of people and tourist have driven the market of car rental in Asia Pacific region. On the other hand, LAMEA holds the lease share in the market.
Some of the major players in the market are Avis Budget Group Inc., Eco Rent a Car, Enterprise Holdings Inc., Europcar Group, Car2go, Hertz Corp., Sixt, Movida, Ace Rent-a-car, Global Cars, Localiza–Rent-a-car SA, Advantage Rent-a-car, National Car Rental, Locamerica, and others.