Car Rental Market – Global Opportunities & Forecast, 2020-2027

The GMI Research report provides an overall outlook of the industry through a detailed market segmentation. The report offers thorough information related to the overview and scope of the market, including the market drivers, restraints and emerging trends in the industry. This report is especially designed to include both qualitative and quantitative aspects of the industry in each region and country participating in the study.

Competitive Rivalry of the Car Rental Market:

The leading players in the car rental market include Avis Budget Group, Europcar, The Hertz Corporation, ECO Rent A Car, Enterprise Holdings, Inc., Localiza, SIXT, Uber Technologies Inc., ANI Technologies Pvt. Ltd., and Carzonrent India Pvt Ltd., among others.

Drivers of the Car Rental Market:

The global car rental market is becoming more mainstream thanks to the rising trend of online car booking, the strong demand for on-demand transportation services, and reducing car ownership. The rising concerns of air pollution have led to an upsurge in demand for car rentals as they enable to decrease in the sales volume of personal or owned vehicles. There are unique benefits of renting a car, such as improves convenience, freedom of movement, highly cost-effective, and has no cost of maintenance.

The increasing penetration of the internet & smartphones, ease of booking, and surging implementation of advanced technologies in this industry to improve the services offered to the customers will create new growth opportunities in the market during the forecast period. Furthermore, rapid urbanization, rising disposable income, and shifting living standards of the consumers, particularly in developing countries, demand improved quality of life and comfort services. All these factors are promoting consumers to rent a vehicle even for short distance traveling to save their time and money. In addition to this, the rapid increase in the tourism sector, growing spending on tourism, coupled with the rising consumer base of the car rental industry, will surge the demand of the market. On the other hand, the inclination of consumers towards ride-sharing or taxi services worldwide will hamper the growth of the market.

The outbreak of the COVID-19 will impact the global car rental market, particularly in 2020. The strict lockdown across the world has adversely influenced the global economy, thus reducing the income of every individual. This sharp fall in income will encourage consumers to rent a car rather than purchasing a new vehicle. This car rental process does not need huge investment and constant maintenance costs. Thereby, the market is projected to witness a sharp growth in 2020 and will grow at a significant rate from 2021.

Market Segmentation:

The main objective of the study is to define market sizes of the different market segments & countries during the forecast period and analyze the values in the next six years. The detailed segments and sub-segments of the market are explained below:

Breakup by Rental Category:

·         On Airport

·         Off Airport

Breakup by Application:

·         Leisure

·         Commercial

Breakup by Fare Price:

·         Luxury/Premium Cars

·         Economy/Budget Cars

Breakup by Region:

·         North America

o   United States of America

o   Canada

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

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