Car Rental Industry Size, Share, Trend, Growth Forecast To 2023

[Ajit B]

Car Rental Market Highlights:

Car rental is a service wherein cars are rented out to the consumers who do not own their individual cars or those who are out of their town. The car rental companies also offer insurance compensation to the consumers for damaged repair. Such companies offer services for a time span from a few hours to a few months, depending on the consumer demand.

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Increase in the per capita disposable income of the consumers will increase their purchasing power, which will further enhance their comfort of renting. In the past years, there has been a massive increase in the business and non-business trips around the globe, which aid in the growth of the global car rental market. Rapid growth in urbanization and population makes it difficult for the consumers to drive their own vehicles, which would create a demand for car rental. Favorable government norms and increase in awareness regarding environment and car sharing will enhance the demand for car rental. Avis Budget Group (US) and Enterprise Holdings, Inc. (US) are a few of the biggest companies in the global car rental industry. These companies have a number of subsidiaries, which are mostly through strategic mergers and acquisition. However, continuous fluctuation in the crude oil price and the need for consistent customer service satisfaction are the major challenges for the companies. High competition in the global market will restrict the entry of new players in the car rental market.

Car Rental Market Research Analysis

In terms of region, the global market for the car rental is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to hold the highest revenue market share in the base year; expected to dominate during the forecast period followed by Europe and Asia-Pacific. North America is expected to hold the highest market share in terms of value owing to increased business and nonbusiness trips. Increase in the number of international travelers in the US and Canada will further enhance the demand for car rental in North America. In Europe, favorable government policies and consumer awareness will influence the demand for car rental. In Asia-Pacific, the market for car rental will grow at the highest CAGR owing to the increased population and growing average disposable income. The rest of the world plays a crucial role owing to the major car rental companies presence in the Middle East & Africa and South America.

Scope of the Report

This study provides an overview of the global car rental market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive car rental market by type, mode of booking, application, vehicle type, and regions.

By Type
Local

Outstation

Airport

Others

By Mode of Booking
Online

Offline

By Application
Business

Non-Business

By Vehicle Type
Sedan

SUV

MUV

Luxuries

Others

By Regions
North America

Asia-Pacific

Europe

Rest of the World

Key Players

The prominent players in the global car rental market include Avis Budget Group (US), Enterprise Holdings, Inc. (US), Europcar (France), The Hertz Corporation (US), and Sixt SE (Germany). Localiza (Brazil), Eco Rent a Car (India), Al-Futtaim Vehicle Rentals Company LLC (Qatar), Capps Truck & Van Rental (US), and Bandago Van Rental (US) are among others.

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