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.

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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

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