Car Rental Market is anticipated to reach at a CAGR of 7.2% during the forecast period
The global
car rental market size was valued at US$
93.7 Billion in 2021 and is projected to reach a value of US$ 144.7
Billion by 2030, growing at a CAGR of 7.2% during the forecast period
2022-2030.
The term "car rental" describes the service of
temporarily renting cars for a set amount of time through offline or online
channels. Renting a car is thought to be a more economical option than buying
one because it caters mostly to individuals and travelers without private
vehicles and offers benefits including less expensive travel and better
convenience. For the user's added convenience, service providers frequently
offer a range of other services in addition to renting out their products, such
as insurance compensation policies, entertainment systems, child safety seats,
automotive damage repair, navigation systems, and portable Wi-Fi networks.
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GROWTH DRIVERS AND
RESTRAINTS
The increasing trend of on-demand transportation
services, the declining rate of car ownership among millennial, the growing
urban population and pollution levels around the world, as well as the
affordable rates and benefits of easy booking offered by car rentals, are the
main factors driving the growth of the global car
rental market.
In addition, factors such as the rising disposable
incomes, particularly in emerging countries, and the expanding road
infrastructure, which result in an increase in the frequency of leisure and
business trips, all considerably contribute to the expansion of the global
market.
Additionally, the world's rapid urbanization and economic
development, the growing travel and tourism sector, the availability of car
rental services through websites and mobile applications, the increased focus
of governments in both developed and developing nations on reducing vehicular
emissions and promoting car rental services, and the adoption of car rental
management software by service providers are all predicted to further open up
opportunities for growth.
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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
By Region:
· North
America
· Europe
· Asia
Pacific
· Latin
America
· Middle
East and Africa
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
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