iCrowd Newswire – Jul 17, 2020
The Global Car Rental Market is estimated to grow at a CAGR of 10.7% during the forecast period 2020-2027. As per the detailed market study, the global car rental industry was valued at $92.92 billion in the year 2019 and is anticipated to reach $214.04 billion by the end of the year 2027.
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Rental cars are available for certain duration range from hours to months or more if required. The rental cars are used for various purposes such as employee transportation, self-drive, event transportation, outstation, local usage and airport transport among others. Rental car services include additional services such as insurance, GPS navigation systems and entertainment services among others.
The global rental cars industry is driven by various growth factors such as low rate of car ownership among millennial population and increase in trend of on-demand transportation services. Whereas, low internet penetration in some developing regions and lack of information related to availability of these services hinders the market growth. On the contrary, increase adoption of car rental management software among market players offers lucrative opportunities for companies operating in the global care rental market over the forecast period.
Segmentation Overview of the Global Car Rental Market
As per the segmentation study, the commercial segment under the application category is projected to grow at a CAGR of 11.5% during the forecast period. Whereas, the leisure segment holds the largest market share in the year 2019 with more than 50% of the market share; the segmentation dominance is attributed to growing travel and tourism industry, increase in fleet transportation and increasing urbanization.
Under the car type category, the economical car holds the highest market share in the year 2019 by contributing ~1/3rd of the market share. Whereas, the sports utility vehicle segment is projected to grow at a CAGR of 14.7% during the forecast period; the segmentation growth is attributed to increase in demand of rental cars coupled with rise in population base around the globe.
The Application Segment of the Global Car Rental Market is Sub-Segmented into:
The Rental Category Segment of the Global Car Rental Market is Sub-Segmented into:
- On airport
- Off airport
The Car Type Segment of the Global Car Rental Market is Sub-Segmented into:
- Multi utility vehicle (MUV)
- Sports utility vehicle (SUV)
- Economical car
- Executive car
- Luxury car
Competitive Insights of the Global Car Rental Market
ANI Technologies Pvt. Ltd. (OLA TAXI’S), Eco Rent a Car, Carzonrent India Pvt Ltd., Uber Technologies, Inc., SIXT, Localiza, Hertz System, Inc., Enterprise Holdings Inc., Europcar and Avis Budget Group are some major key players included in the research study of the global rental car market.
Geographical Overview of the Global Car Rental Market
The North America Car Rental Market dominated the global marketplace in the year 2019 with more than 2/5th of the market share considering the market revenue. The market dominance is attributed to increasing demand and rising focus towards clean environment and lack of route flexibility in public transportation. Whereas, the LAMEA Car Rental market is estimated to witness a growth with the highest CAGR of 15.1% during the forecast period 2020-2027. The regional market growth is attributed to increase in disposable income and development of travel and tourism industry in the region.
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Keywords: Car Rental Market