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Transparency Market Research delivers key insights into the global car rental market. In terms of revenue, the global car rental market is estimated to expand at a CAGR of 6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global car rental market.
Companies are expanding their range of car rentals by adding different technologies. Manufacturers are increasing their partnerships with different international and local distributors to have a better reach in every region.
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Car Rental Market: Key Segments
In terms of cars, the economy car is majorly used for car rental. The cost-effectiveness of purchasing the car and the high availability of these cars are driving the market growth.
Based on category, the airport transfer segment accounts for the highest share in the global car rental market owing to increasing leisure and business travel among international and domestic consumers.
In terms of customers, the leisure segment is expected to hold the dominant market share during the forecast period. Most business trips are getting canceled or not taking place due to COVID-19 as businesses have now come to the virtual platform. After conditions improved, people started taking a lot of vacations after the pandemic, resulting in an increase in travel and demand for car rental services.
In terms of booking, the online segment holds the largest market share due to the growing number of mobile-based platforms such as Uber, and Lyft. This will continue to fuel sales in this segment during the forecast period.
Based on rental length, short-term trips have the highest share in the market owing to the increase in short leisure trips undertaken by millennials.
Based on fare price, economy price is preferred by consumers as this gives them the ability to travel more via rental cars.
Based on end-use, chauffeur-driven cars have the highest market share. However, the self-driven segment is expected to expand during the forecast period due to an increase in the adoption of services such as Zoomcar, and millennials preferring to drive themselves on vacations.
Car Rental Market: Prominent Regions
The global car rental market has been divided into North America (U.S., Canada, and the Rest of North America), Europe (U.K., Germany, France, and Rest of Europe), Asia Pacific (China, India, Japan, and the Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of MEA), and South America (Brazil and Rest of South Africa). The global car rental market is dominated by North America due to increasing in the number of leisure and business trips undertaken both locally and internationally.
A steady movement in consumer preference toward rental services, as well as the presence of major service providers in the region, such as Avis Budget Group and Enterprise Rent-a-Car, is likely to boost revenue generation opportunities in North America.
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Car Rental Market: Key Players
Key players operating in the global car rental market are Alamo, Avis Rent A Car System, LLC, Budget Rent A Car System, Inc., Carzonrent India Pvt Ltd., Enterprise Holdings, Inc., Europcar, The Hertz Corporation, Localiza, National Car Rental, Sixt Group, etc.
Global Car Rental Market: Segmentation
Car Rental Market, by Car
- Luxury Car
- Executive Car
- Economy Car
- SUV Car
- MUV Car
Car Rental Market, by Category
- Airport Transfer
- Off Airport
- Local Usage
- Outstation
- Others
Car Rental Market, by Customer
- Business
- Leisure
Car Rental Market, by Booking
- Online
- Offline
Car Rental Market, by Rental Length
- Short Term
- Long Term
Car Rental Market, by Fare Price
- Economy
- Premium
Car Rental Market, by End-use
- Self-driven
- Chauffeur Driven
About Transparency Market Research
Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analyzed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business report
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