Car Rental Market is projected to reach a value of US$ 144.7 Billion by 2026

 

The global car rental market size was valued at US$ 93.7 Billion in 2020 and is projected to reach a value of US$ 144.7 Billion by 2026, growing at a CAGR of 7.2% during the forecast period 2021-2026.

 

Car rental is the service of renting autos for a set amount of time through online or offline channels for a set price. Car rental is regarded as a more cost-effective alternative to owning a vehicle because it provides benefits such as lower travel costs and more convenience, and is thus largely targeted towards persons and travellers who do not own private vehicles. In addition to rental services, service providers often provide other services like as insurance compensation plans, entertainment systems, child safety seats, automotive damage repair, navigation systems, and portable Wi-Fi networks to provide further convenience to the user.

 

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GROWTH DRIVERS AND RESTRAINTS

The global car rental market is primarily driven by factors such as the growing urban population and pollution levels around the world, the growing trend of on-demand transportation services, the declining rate of car ownership among millennials, and the affordable rates and ease of booking benefits provided by car rentals.

 

Furthermore, people's increased desire for adventure and travel, the development of road infrastructure, and rising disposable incomes, particularly in emerging countries, resulting in an increase in the frequency of leisure and business travels are all contributing to the worldwide market's rise.

 

However, poor internet penetration, rising fuel and diesel prices, a lack of service providers, and a lack of awareness about car rental in developing regions throughout the world may stymie market expansion during the forecast period.

CAR RENTAL MARKET SEGMENTATION

By Car Type

·         Luxury car

·         Executive car

·         Economical car

·         Sports utility vehicle (SUV)

·         Multi utility vehicle (MUV)

 

By Rental Category

·         Local usage

·         Airport transport

·         Outstation

·         Others

 

By Booking Type

·         Offline Booking

·         Online Booking
 

By Application

·         Leisure/Tourism

·         Business

 

By Rental Length

·         Short Term

·         Long Term
 

By End-User

·         Self-Driven

·         Chauffeur-Driven

 

In terms of automobile type, the most dominating sector in the car rental industry in 2020 was the economical car segment, with over 30.0 percent market share. Over the forecast period, the segment is expected to maintain its leadership position.

 

The executive car segment, on the other hand, is expected to increase at the fastest rate in the market between 2021 and 2026. A major factor driving industry growth is the growing number of business travellers around the world, particularly in emerging markets.

 

Because of the growing number of people travelling for leisure and enjoyment around the world, the SUV and MUV automobile segments are expected to develop significantly in the next years.

 

KEY COMPANIES IN CAR RENTAL MARKET

·         Avis Budget Group Inc.

·         The Hertz Corp.

·         Eco Rent a Car

·         ANI Technologies Pvt. Ltd.

·         SIXTSE

·         Advantage OPCO LLC

·         Shenzhen Topone Car Rental Co. Ltd.

·         Bettercar Rental

·         National Car Rental

·         Enterprise Holdings Inc.

·         Europcar Group

·         Enterprise Rent-A-Car

·         Localiza

·         Uber Technologies Inc.

·         Carzonrent India Pvt Ltd.

·         Other Players

 

Read More Information: https://www.xresearch.biz/shop/car-rental-market

 

                              

 

About Us:-

xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

 

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