Car Rental Market Size & Share Report, 2020-2027
Car Rental Market
The Car Rental Market is anticipated to expand at a remarkable CAGR during the forecast period (2020-2027).
The factors driving the growth of Car Rental Market includes rapid growth in the travel and tourism industry, growing trend of on-demand transportation services and increasing adoption of car rental management software. According to the report published by Statista, the Travel & Tourism market is anticipated to reach USD 716.80 billion in 2022, growing at a CAGR of 8.46%, over the forecast period (2022-2026), which is expected to boost the market growth in the approaching years. Moreover, the growing number of booking car booking applications, rise in the air traffic and increasing car prices around the world, are some of the additional factors supplementing the Car Rental Market share. In addition, the growing popularity of electric scooters, increasing smartphone penetration, growing demand for renting luxury cars and rise in the number of business trips, are further propelling the market growth.
Request a free sample of this report
However, the growth of Car Rental Market is hindered due to rise in the prices of crude oil and continuous disruptions in the global supply chain of semiconductors.
The leading players operating in the market are Enterprise Holdings, Inc., Europcar Mobility Group, Carzonrent India Pvt Ltd., Budget Rent A Car System, Inc., Sixt SE, The Hertz Corporation, Avis Budget Group, Inc., Localiza Rent a Car S/A, GlobalCarRental.It, and Alamo, among others.
Vehicle Type – Segment Analysis
Based on Vehicle Type, the SUVs segment is estimated to grow at a significant CAGR over the forecast period. The increasing production of SUV by the car manufacturers because due to growing demand for extra seating space, enhanced safety features and improved fuel efficiency, are the factors responsible for the growth of the segment.
Application – Segment Analysis
As per the Car Rental Market Analysis, the airport transport segment is predicted to capture the largest market share during the forecast period attributed to rise in the number of air travelers across the globe.
End-User – Segment Analysis
According to the Car Rental Market Trends, the chauffeur driven segment is projected to expand at a robust CAGR over the forecast period attributed because it provides stress free driving experience to the customers.
Regional – Segment Analysis
Based on Region, the Asia-Pacific is expected to grow at a steady CAGR during the forecast period. Rapid growth in the tourism industry, increasing demand for luxury car rental services, improvements in road connectivity and growing disposable incomes, are some of the important factors influencing the market growth in Asia-Pacific.
Market Segmentation
Segmentation by Vehicle Type
Luxury Cars
Executive Cars
Economy Cars
SUVs
MUVs
Segmentation by Application
Local Usage
Airport Transport
Outstation
Others
Segmentation by End-User
Self-Driven
Chauffeur-Driven
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/