Car Rental Market Status (2016-2020) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2021-2027
Report Description
The global Car Rental market size is estimated at USD 2,067.8 Million in 2020, expanding at a CAGR 3.1% from 2021-2027 to reach 3,100.8 Million USD in 2027.
Market Dynamics
Innovation is a key component that is likely to drive the market throughout the projected period. The growing use of data technology is altering the business and allowing operators to provide better solutions to their consumers. This involves the use of efficient access to customer data management, as well as the creation of user-friendly online reservation apps. A considerable increase in the number of individuals traveling for work and pleasure throughout the world is gaining traction for vehicle rental companies, boosting the business’s expansion. Increasing internet availability in both emerging and established nations has further aided market firms in capturing a bigger consumer base through the use of specialized mobile applications for service quality.
Issues such as the growing popularity of on-demand public mobility as well as the low percentage of automobile ownership amongst millennials are propelling the car rental market forward. The low percentage of online access in emerging areas, on the other hand, is impeding industry expansion. Furthermore, the use of vehicle rental software solutions is expected to create attractive development possibilities for rental car industry participants.
In 2020, North America had the highest market position, with the United States having the largest industry. The presence of several of the nation's top automobile rental companies, including Avis Budget Company and Business Rent-a-Car, is expected to create attractive development prospects. From 2021 to 2027, the global Asia Pacific nation's market is anticipated to grow at the fastest rate. Increased discretionary incomes of individuals and gradually developing economies, as well as rising corporate travel spending, are projected to have a positive influence on geographical market development. Over the projection period, global marketplaces in India and China are predicted to develop at an exponential rate.
The Car Rental market is fragmented into the vehicle, and application, Based on the application, the economy car sector held the greatest market in 2020 as well as is anticipated to maintain its dominance throughout the projection period. The small size and pricing of these automobiles are two of the primary elements fuelling the rise of this category. As a consequence, inexpensive automobiles are becoming more popular for airports and interpersonal and inter transport. Based on application, the airport transportation sector led the market in 2020. It is projected to maintain its lead throughout the projection period. The section's growth is expected to be boosted by considerable growth in air passengers internationally in recent years.
The worldwide market is relatively fragmented, with a significant number of foreign and domestic companies present. Key vehicle rental companies are expected to focus on growth initiatives in order to increase the area position of the market, raise brand recognition, and enter emerging regions. These companies' primary goal is on improving their offerings in order to increase revenue and attract a larger client base. Some other key technique used by market actors to improve their market position is strategic partnerships.
The report begins with an overview of the Industry Chain structure, and describes the industry environment, then analyses market size and forecast of Car Rentals by Vehicle, region, and application. In addition, this report introduces the market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):
- Shenzhen Topone Car Rental Co. Ltd
- Europcar Mobility Group
- Bettercar Rental
- Fast Rent a Car
- Avis Budget Group
- Europcar
- Enterprise Holdings Inc
- Hertz System, Inc.
- Localiza
- SIXT
- Uber Technologies, Inc.
- Carzonrent India Pvt Ltd.
- Eco Rent a Car
- ANI Technologies Pvt. Ltd. (OLA TAXI)
- China Auto Rental
- TT Car Transit
- Renault Eurodrive
Vehicle Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Executive
- Luxury
- Economy
- MUVs
- SUVs
Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Airport transport
- Local usage
- Outstation
- Others
Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain, etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina, etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa, etc.)
Table Of Content
0
Research Methodology
Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-
Secondary Research-
- Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
- The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
- Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
- Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.
Primary Research-
- The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
- The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
- An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
- It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.
Subject Matter Advice-
- The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
- Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.
Quality Check-
- The analysis done by the research team was further reviewed to check for data accuracy provided to suit the clients’ specific requirements.
- This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.
Final Review-
- After the quality check, a final review of the report was done to look after the presentation, formatting, and to recheck if all the requirements of the clients were addressed. The next phase remains dispatch of the report to the client.
Enquire Before Purchase
Frequently Asked Questions
Why Choose Market Research Strategy?
We utilize market analysis/information from verified authenticated data sources to scoop accurate research reports
We understand the urgency of our clients and their clients' in the competitive space thus, deliver the report in minimum turnaround
Without further ado, choose us and get instant access to reliable analysis to help you make the right business decisions.
We abide by the information security policy and adheres to keep your private and business information confidential and secure.