Global Car Rental Market Is Growing at CAGR of 6.9 % To Reach USD 132.6 Billion By 2028: Industry Size, Trends, Forecast Report by Zion Market Research
NEW YORK, March 9, 2022 /PRNewswire/ -- As per Zion Market Research study, The global car rental market was worth about USD 87.4 billion in 2021 and is estimated to grow to about USD 132.6 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.9 percent over the forecast period. The report analyzes the car rental market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the car rental market.
Zion Market Research published the latest report titled as "Car Rental Market By Rental Length (Long Term and Short Term), By Booking Type (Online Booking and Offline Booking), By Application (Commercial and Leisure), By Vehicle Type (Multi Utility Vehicle (MUV), Sports Utility Vehicle (SUV), Economical Car, Executive Car, and Luxury Car), By End-User (Chauffeur-Driven and Self-Driven), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Car Rental Market: Overview
Car rental or vehicle hiring firms are businesses that rent cars for a set amount of time at a set price. This service is frequently arranged with several local branches, which are usually located around airports or major sections of the city and are supplemented with a website that allows for online bookings. The automobile rental sector has seen a significant transition in recent years as a result of rising pollution levels and population, becoming one of the most prominent industries in fleet transportation.
COVID-19's quick expansion had a huge influence on the broader tourist sector in 2020, affecting the car rental business as a result. Furthermore, a drop in global air traffic has led to a drop in demand for automobile rentals at airports. Furthermore, decreased demand from inter and intracity transport also decreased the demand for car rental services. However, with the occurrence of pre-pandemic conditions number of tourist activities is expected to increase which will ultimately support the growth of the global car rental market.
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A car rental firm lends autos for a certain length of time, allowing service personnel who needs a transitory vehicle to do so. These are often located near airports or city areas and provide a choice of vehicle sizes to fit a variety of budgets and space requirements. They may be leased through a website that allows online reservations. The automobile rental business also provides other items like mobile phones, portable Wi-Fi, navigation systems, entertainment systems, and kid safety seats in addition to the vehicle.
Industry Dynamics:
Car Rental Market: Growth Drivers
Convenience and flexibility offered by rental cars may boost the overall market growth.
Renting a car in another country does not only save time but also helps to discover more places, helps to carry more luggage, feels local, and reduces waiting time. Besides rental cars offer more convenience where a network of public transport is not well developed. Such factors significantly fuel the growth of the global car rental market. Moreover, services such as flexi hire offered by many car rental service providers are getting more traction. Flexi hire ensures that passengers can always satisfy their travel requirements. The cars that passengers have on contract may be suitable for day-to-day business, but something else is required for a particular event, such as a conference or exhibition. It's also possible that passengers planning a vacation overseas don't have an appropriate mode of transportation. With such flexi options adoption of rental cars is expected to increase over the forecast period.
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Car Rental Market: Restraints
Higher prices of car rentals compared to public transport may hamper the market growth.
In middle-and low-income countries, most passenger uses public transport due to its wide network and low fares. In fact, preferences for public transport are still more in emerging countries due to convenience. Furthermore, in several parts of the world, the car rental sector is dominated by few players due to such a monopoly the fares are far more compared to public transport. Most of the population travel on daily basis for work and other activities and hiring a rented car over public transport can add extra load on the daily expenses. All such factors can contribute to the slow growth of the market.
Car Rental Market: Opportunities
Technological advancements may have numerous opportunities for market growth
Many key players are implementing novel automated technologies specially to improve operations. Thus, there is an increase in the adoption of car rental management software which is likely to boost the market. Also, the introduction of robotaxis and penetration of car rentals in electric vehicle sectors are also some of the factors that may boost the global car rental market during the forecast period.
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Car Rental Market: Challenges
Driving challenges with international travelers
The largest issue for many car rental firms, especially in large and famous cities, is dealing with international consumers. These travelers are more likely to be in danger or have an accident. Many visitors are unfamiliar with the country's traffic laws, and others are accustomed to driving on the opposite side of the road. Some of them had never driven on a winding route with abrupt twists before. To overcome these points car rental services have to invest more amount and time to provide training for overseas travelers. As a result, it is a major burden for rental firms to give special attention to these clients.
List of Key Players of Car Rental Market:
- Uber Technologies Inc.
- Localiza
- Hertz System Inc.
- Enterprise Holdings Inc
- Europcar
- Avis Budget Group
- Eco Rent a Car
- ANI Technologies Pvt. Ltd. (OLA TAXI'S)
- Carzonrent India Pvt Ltd.
- SIXT
Key Industry Insights & Finding of the Car Rental Market Reports:
- As per the analysis shared by our research analyst, the Car Rental Market is expected to grow annually at a CAGR of around 6.9% (2022-2028).
- Through the primary research, it was established that the Car Rental Market was valued approximately USD 87.4 billion in 2021 and is projected to reach to roughly USD 132.6 billion by 2028.
- North America is expected to lead the global car rental market with over 36 percent of the share.
Key questions answered in this report:
- What is the growth rate forecast and market size for Car Rental Market?
- What are the key driving factors propelling the Car Rental Market forward?
- What are the most important companies in the Car Rental Market Industry?
- What segments does the Car Rental Market cover?
- How can I receive a free copy of the Car Rental Market sample report and company profiles?
Report Scope:
Car Rental Market: Segmentation Analysis
The global car rental market is categorized based on rental length, booking type, application, vehicle type, end-user, and region. By rental length, the market is segregated into long-term and short-term. The booking type segment of the market is bifurcated into online booking and offline booking. The application segment includes commercial and leisure. Multi-utility vehicle (MUV), sports utility vehicles (SUVs), economical cars, executive cars, and luxury cars are the vehicle types covered in the report. Based on the end-user, the market is divided into chauffeur-driven and self-driven.
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Recent Developments:
- In February 2022, Hertz announced its investment in Ufodrive, a European eMobility and self-service electric car rental service provider.
- In February 2022, Sixt, a car rental company, has partnered with Accor, a French hospitality corporation. The agreement will deliver extra appealing perks to Accor guests and staff — internationally and at no cost.
- In September 2021, Sixt announced the introduction of robotaxis in Munich in collaboration with Intel. The partnership among both Intel subsidiary Mobileye and Sixt aims to expand autonomous ride-sharing services all over Europe by the end of the decade.
Regional Dominance:
- North America is expected to lead the global car rental market with over 36 percent of the share
North America is expected to lead the global car rental market with over 36 percent of the share. One of the major reasons supporting the expansion of the regional market is the increasing number of leisure and business journeys across the area, both domestically and globally. Furthermore, a steady movement in consumer preferences toward rental services, as well as the presence of major service providers in the region, including Enterprise Rent-a-Car and Avis Budget Group are likely to boost revenue-generating opportunities. In the projection period, North America is predicted to be the biggest car rental market in the world, as the United States continues to be the largest country for vehicle rental services. The use of these services has recently expanded in various cities, owing to increasing service provider activities. Uber Technology Inc., for example, used mobile technologies and other devices more efficiently to satisfy travelers' transport demands. Also, increased use of automobile rental services in the United States with expanding use of electric cars and growing concern & knowledge of fewer emissions among customers in the region are all contributing to this increase in revenue share.
Global Car Rental Market is segmented as follows:
Car Rental Market: By Rental Length Outlook (2022-2028)
- Long Term
- Short Term
Car Rental Market: By Booking Type Outlook (2022-2028)
- Online Booking
- Offline Booking
Car Rental Market: By Application Outlook (2022-2028)
- Commercial
- Leisure
Car Rental Market: By Vehicle Type Outlook (2022-2028)
- Multi Utility Vehicle (MUV)
- Sports Utility Vehicle (SUV)
- Economical Car
- Executive Car
- Luxury Car
Car Rental Market: By End User Outlook (2022-2028)
- Chauffeur-Driven
- Self-Driven
Car Rental Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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