The global car rental market was pegged at $85.14 billion in 2016 and is expected to reach $214.04 billion by 2027, registering a CAGR of 10.7% from 2020 to 2027.
Expansion & progression of global travel and tourism industry increase in disposable income of people in North America, enhanced road infrastructure, and rise in investment by global funds and players opting for aggregator-based business model are the major factors that drive the growth of the global car rental market. However, volatile prices of gasoline and petroleum products hamper the car rental market growth. On the contrary, the rise in trend of using the internet to customize travel trips and for reservations and bookings is expected to create lucrative opportunities in the near future
The market report analyzes the major market players such as Carzonrent India Pvt Ltd., Avis Budget Group, Inc., Europcar, Enterprise Holdings Inc., Sixt Rent a Car, The Hertz Corporation, Localiza, Uber Technologies Inc., Budget Rent a Car System, Inc., and Eco Rent a Car. These market players have implemented a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the hybrid cloud industry.
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The market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the North America region held the lion’s share in 2017, accounting for nearly two-fifths of the market. However, the market across the Asia-Pacific region is estimated to register the fastest CAGR of 10.5% from 2020 to 2027.
On the basis of the rental category, the market is bifurcated into an airport, off-airport, local usage, outstation, and others. The off-airport segment dominated the market in 2020, contributing around three-fifths of the market. However, the outstation segment is estimated to register the fastest CAGR of 12.8% during the study period.
The global car rental market is categorized on the basis of the type of car, rental category, and region. Based on the type of car, the market is segmented into a luxury car, executive car, economical car, sports utility vehicle (SUV), and multi-utility vehicle (MUV). The economical car segment held the largest share in 2016, accounting more than one-fourth of the market. Moreover, the segment is projected to manifest the fastest CAGR of 12.5% during the forecast period.
Key Drivers such as –
1. Expansion and progression of worldwide travel and tourism industry
2. The rise in the disposable income of people in North America and Europe
3. Enhanced road infrastructure around the globe
4. Investment by global funds and players opting for aggregator based business model
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Car Rental Market Key Segments
By Type Of Car
- Luxury Car
- Executive Car
- Economical Car
- Sports Utility Vehicle (SUV)
- Multi Utility Vehicle (MUV)
By Rental Category
- On Airport
- Off Airport
- Local Usage
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