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Car Rental Market Size is Forecasted to Reach US$ 186.59 Billion by 2030

The global car rental market size is forecasted to reach from US$ 102.08 billion in 2021 to US$ 186.59 billion by 2030 and is anticipated to grow at compounded annual growth rate (CAGR) of 6.9% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.

The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The car rental market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decision to sustain growth through the assessment period.

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The increase in technological advancements is driving the growth of car rental market. The growing popularity of online car rental booking applications is also fueling the market growth. Furthermore, the features such as time saving and cost-effectiveness provide lucrative opportunities for the development and growth of car rental market. The car rental also helps to control pollution by reducing sales volume of self-owned cars. Moreover, the infrastructure development in the developing regions is paving new way for the growth of market. In addition, rise in internet penetration across developed regions will help market to grow during the forecast period.

Scope of the Car Rental Market

Report Coverage Details
Market Size in 2021 USD 102.08  Billion
Growth Rate CAGR of 6.9%
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2021
Segments Covered Vehicle, Application, Rental Duration, Region

Competitive Landscape Analysis:

Some of the leading companies operating in the car rental market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Major companies operating in this report are

  • Avis Budget Group
  • Europecar
  • Enterprise Holdings Inc.
  • The Hertz Corporation
  • Toyota Rent-a-Car
  • Sixt SE
  • Alamo Rent-a-Car LLC
  • Carzonrent India Pvt Ltd
  • Localiza
  • ANI Technologies Pvt. Ltd

Market Dynamics:

Drivers

Increase in number of corporate workplaces

The number of corporate offices had increased over the decade. The population of employees had also increased over the period of time. Initially, the number of male employees was high, but now the scenario has been changed. For the safety and security of female employees, the corporate companies have started providing cab or transportation services for the distant locations. This has increased the demand for car rental services. The corporate hire the car from the car rental companies for their employees. As a result, the increase in number of corporate workplaces is driving the growth of car rental market.

Restraints

Surge in crude oil prices

The demand for gasoline or crude oil has increased over the period of time. But there is shortage of fossil fuels and cannot meet the global demand. Therefore, this has increased the price of crude oil. This had significant impact on the transportation and automotive industry growth. Also, the government taxes have increased on the gasoline and crude oil. This has also increased the price of fuel. Thus, the surge in crude oil prices will restrict the growth of car rental market during the forecast period.

Opportunities

Rise in the tourism sector

The growth in tourism sector has contributed for the economic development in developing regions, by driving the growth of automotive and transportation industry. The traveling and tourism trend has increased in millennial generation. The people of millennial generation are more interested in trips and rides. The long distant trips and short group journeys require vehicle. Due to this fact, the demand for car rental services has increased among this generation group. Also, the millennials can’t own their own car, which has also increased the demand for car rental services. As a result, the rise in tourism sector is creating lucrative opportunities for the growth of the car rental market.

Challenges

Low rate of internet penetration

The car rental service is mostly operated through online bookings with the help of smartphone applications. This requires good internet connection. But the countries such as North Korea, Eritrea, South Sudan, Comoros, Central African Republic, Somalia, Burundi, Niger, Kiribati, and Liberia has low rate of internet penetration. This restricts market players to operate in these regions. The drivers require GPS to track location of passengers. This has increased the importance of internet penetration for car rental service providers. The high price of internet connection also hampers the growth of market. Thus, the low rate of internet penetration in developing and underdeveloped regions is a huge challenge for the growth of the car rental market.

Report Highlights

  • Based on the vehicle type, the economy cars segment dominated the global car rental market in 2020 with highest market share. This is mainly attributed to low maintenance costs of economy cars. The economy cars are fuel-efficient cars which help to save cost on fuel or gasoline.
  • Based on the rental duration, the short-term segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to short trips and journeys. The rental cars are mostly used to travel short distance places.

Regional Snapshot

North America is the largest segment for car rental market in terms of region. The U.S. is considered as the leading country due to major market players operating in this region. These market players had adopted car rental software in smart-phone applications, which is driving the growth of car rental market in North America region. The companies such as Avis, Alamo, Hertz, Enterprise, Thrifty, and Dollar are the leading market players of car rental in the U.S.

Asia-Pacific region is the fastest growing region in the car rental market. The countries such as China, Japan, India, and South Korea show the highest growth in the region. The people, who cannot afford to buy their own car, rent a car for their trips and journeys. The companies such as Guangzhou Refine Car Rental, NTours and Dollar Car Rental, Niconico Rent-a-car, Smile Rental Car, and SKY Rent-a-car are some of the leading car rental companies in the Asia-Pacific region.

Segments Covered in the Report

By Vehicle Type

  • Luxury Cars
  • Economy Cars
  • SUVs
  • Executive Cars
  • MUVs

By Application Type

  • Local Usage
  • Outstation
  • Airport Transport
  • Others

By Rental Duration

  • Long-term
  • Short-term

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global car rental market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for car rental are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Car Rental Market 

5.1. COVID-19 Landscape: Car Rental Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Car Rental Market, By Vehicle

8.1. Car Rental Market, by Vehicle Type, 2021-2030

8.1.1. Luxury Cars

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Economy Cars

8.1.2.1. Market Revenue and Forecast (2019-2030)

8.1.3. SUVs

8.1.3.1. Market Revenue and Forecast (2019-2030)

8.1.4. Executive Cars

8.1.4.1. Market Revenue and Forecast (2019-2030)

8.1.5. MUVs

8.1.5.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Car Rental Market, By Application

9.1. Car Rental Market, by Application, 2021-2030

9.1.1. Local Usage

9.1.1.1. Market Revenue and Forecast (2019-2030)

9.1.2. Outstation

9.1.2.1. Market Revenue and Forecast (2019-2030)

9.1.3. Airport Transport

9.1.3.1. Market Revenue and Forecast (2019-2030)

9.1.4. Others

9.1.4.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Car Rental Market, By Rental Duration 

10.1. Car Rental Market, by Rental Duration, 2021-2030

10.1.1. Long-term

10.1.1.1. Market Revenue and Forecast (2019-2030)

10.1.2. Short-term

10.1.2.1. Market Revenue and Forecast (2019-2030)

Chapter 11. Global Car Rental Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.1.2. Market Revenue and Forecast, by Application (2019-2030)

11.1.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.1.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.1.4.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.1.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.1.5.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.4.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.5.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.6.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.6.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.7.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.7.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.4.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.5.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.6.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.6.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.7.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.7.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.4.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.5.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.6.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.6.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.7.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.7.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.5.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.5.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.5.4.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

11.5.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.5.5.3. Market Revenue and Forecast, by Rental Duration (2019-2030)

Chapter 12. Company Profiles

12.1. Avis Budget Group

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Europecar

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. Enterprise Holdings Inc.

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. The Hertz Corporation

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. Toyota Rent-a-Car

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. Sixt SE

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. Alamo Rent-a-Car LLC

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. Carzonrent India Pvt Ltd

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. Localiza

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. ANI Technologies Pvt. Ltd

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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