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Car Rental Market to Garner USD 200 Billion at a CAGR of 9% by 2027
Increase in Urbanisation Propels the Car Rental Market
Car Rental Market to Bounce Back Post COVID-19 Pandemic
Global Car Rental Market Analysis
The global car rental market size to reach USD 200 billion, registering a CAGR of 8.1% from 2022-2030 (forecast period).
Several Factors Contributing to Market Growth
The expanding economy has increased the number of people who prefer to rent a car. The increase in urbanization is driving the market’s demand. The majority of people believe that renting a car is a better choice than owning one. The government is introducing a number of initiatives to control traffic and air pollution. It leads to increased market promotion. The government’s incentives attract new entrants into the global market.
The advancement of technology is another demand generating factor for the global market. The expansion of mobile applications streamlines the process of renting a car. The car booking apps boost the audience’s availability of rental cars. The car booking apps inform the audience about the cost of renting a car. These apps have extraordinary features such as pricing comparison, car type selection, and passenger limit. The market’s development is aided by the availability of a wide range of car rental plans and the flexibility of booking. These are the key driving elements that may alter the market outlook in 2030.
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The Global Market to Regain Stability Post COVID-19 Pandemic
COVID-19 has had a negative effect on the car rental sector. The global market is reliant on the tourism industry. Tourism limitations have had an impact on the global market. The global shutdowns have decresed the number of rental cars on the road. There is a significant income loss in the market as a result of a drop in car rental demand. Share losses have also occurred as a result of market uncertainty in COVID-19. When compared to other automobile rental markets, the impact of covid 19 is moderate in car rental. Losses in the market induce cost containment and the disposal of core assets in the market. The post-pandemic market Trends, on the other hand, indicate high demand in the projected timeframe.
Car Rental Market Segmentation
· The worldwide car rental industry has been segmented into type, mode of booking, application, and vehicle type.
· By type, the worldwide car rental industrt has been segmented into Local, Outstation, Airport, and Others.
· On the basis of mode of booking, the worldwide car rental industry has been segmented into Online and Offline.
· By application, the worldwide car rental market has been segmented into Business and Non-Business.
· By vehicle type, the global car rental market has been segmented into sedans, SUVs, MUV, Luxuries, and Others.
Regional Analysis
North America to Dominate the Global Market
North America has the world’s largest car rental industry. This market is being propelled by the adoption of car rental software and the availability of low-cost rentals. The United States efficiently meets the demand for car rentals. The steady flow of car rental supply and demand patterns is also a crucial reason for success.
Car Rental Key Players
Enterprise Holdings Inc, Avis Budget Group Inc, Hertz Global Holdings Inc, ANI Technologies Pvt. Ltd., Uber Technologies, Inc., Europcar, Carzonrent India Pvt Ltd, SIXT, Eco Rent a Car, Localiza
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