Global Car Rental Market is valued approximately at USD 98.14 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4.6% over the forecast period 2021-2027. Growing population and pollution levels are making car rental industry, one of the prominent in fleet transportation. Increase in air traffic, growing trend for on-demand transportation services and rising penetration of smartphone are the factors pushing car rental market towards growth. According to Statista, number of scheduled passengers boarded by the global airline industry has increased from 3817 million in 2016 to 4543 million in 2019. Furthermore, collaborations between private players for technological integration and increasing demand for familiar, reliable and high-quality transportation services are anticipated to fuel lucrative growth during forecast period. In September 2021, Enterprise holding collaborated with Microsoft, to integrate connected car technology to Enterprise’s car rental, exotic vehicles and commercial truck rental fleets in the United States., and soon the United Kingdom and Canada. However, rising petrol and diesel prices and lack of internet connectivity in developing countries may hinder the growth in near future.
North America is the dominating region among Asia Pacific, North America, Europe, Latin America, and Rest of the World, owing to presence of some of the leading car rental service providers such as Enterprise Rent-a-car and Avis Budget Group. Whereas, Asia Pacific is expected to grow with the fastest pace during forecast period owing to rising disposable income and growing expenditure on business travels in the region.
Major market player included in this report are:
The Hertz Corporation
Avis Budget Group
Uber Technologies, Inc.
Carzonrent India Pvt Ltd.
Eco Rent a Car
ANI Technologies Pvt. Ltd. (OLA TAXI’S)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Car Rental Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers