Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Car Rental Market Analysis/Car Rental Market Trends
The global car rental industry is highly lucrative and predicted to witness significant growth at a healthy 14% CAGR over the forecast period, reveals the Market Research Future (MRFR) report. Car hire or car rental agencies, simply put, are agencies that rent cars at a certain cost for a short time period. This service often is organized with local branches that are situated near busy areas or airports in the city and complemented by a website for online reservations. Following the rise in population and pollution levels, the car rental industry has witnessed a drastic transformation in the last few years, thus becoming a highly prominent industry in fleet transportation.
Alluring Features that Bolster Market Growth
As per the Market Research Future report, there are numerous factors that are propelling the car rental market size. These include consumers increasing purchasing power, growing economy, rise in per capita disposable income of consumers, rapid growing urbanization, rise in industrialization, growing population that make it difficult to drive own vehicles, favorable government norms, awareness regarding environmental protection, rise in tourism and travel activities, and improved road infrastructure. Additional factors adding to the car rental market value include the dependence of users on smartphones, availability of online platforms, and ease of booking, which are also adding market growth.
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On the contrary, the low rate of internet penetration in developing regions, high competition in the market for the presence of a high number of players, and constant changing crude oil prices may have a negative impact on the car rental market outlook.
COVID-19 Analysis
The COVID-19 pandemic has cast its shadow on different industries, with the car rental industry having a mixed impact. During the first quarter of 2020, following lockdowns and social distancing trends across the globe, people were compelled to be indoors due to the fear of the virus spreading. The travel industry felt the heat of the chaos that was unleashed by the pandemic. This virus resulted in a tectonic shift in the manner in which people move. During the second half of 2020, with relaxations in lockdowns people began to rent cars such as Zoom cars for long drives and road trips as they prioritize personal mobility. The best part is car rental companies are taking good measures like sanitizing cars after every ride and offer customers with hand sanitizers to reduce the risk of getting the virus. Some car rental agencies conduct daily sanitization of every vehicle with more emphasis on high-contact surfaces both outside and inside the car, like door handles, steering wheels, and seats. All these are likely to have a positive impact on the car rental market revenue.
Market Segmentation
The Market Research Future Report provides an inclusive analysis of the car rental market based on vehicle type, application, mode of booking, and type.
By type, the global car rental market is segmented into airport, outstation, local, and others. Of these, the airport segment will lead the market over the forecast period.
By mode of booking, the global car rental market is segmented into offline and online. Of these, the online segment will dominate the market over the forecast period.
By application, the global car rental market is segmented into non-business and business.
By vehicle type, the global car rental market is segmented into luxuries, MUV, SUV, and others. Of these, the SUV segment will spearhead the market over the forecast period.
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Regional Segmentation
North America to Have Lions Share in Car Rental Market
By region, the car rental market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will have the lion's share in the market over the forecast period. Increased non-business and business trips, the rising number of international travelers in Canada and the US, a shift in consumer preference towards rental services, and the presence of prominent service providers are adding to the global car rental market share in the region.
In the APAC region, the global car rental market is predicted to have notable growth over the forecast period. Considerable economic growth, enhanced road infrastructure, the availability of high-end luxury and economy cars in developing nations, and self-driving renting trend are adding to the global car rental market growth in the region.
Competitive Landscape
The prominent players profiled in the global car rental market report include.
- Bandago Van Rental (US)
- Capps Truck & Van Rental (US)
- Al-Futtaim Vehicle Rentals Company LLC (Qatar)
- Eco Rent a Car (India)
- Localiza (Brazil)
- Sixt SE (Germany)
- The Hertz Corporation (US)
- Europcar (France)
- Enterprise Holdings, Inc. (US), and
- Avis Budget Group (US), among others.
The global car rental market is highly fragmented and competitive with the presence of several well-established domestic and international market players. These industry players have encompassed several strategies to widen their portfolios as well as create a mark in the market, such as mergers and acquisitions, partnerships and collaborations, joint ventures, R&D, geographic expansions, and others.
Industry Updates
- February 2021- Humax will supply WTC Auto Rent RAiDEA mobility service platform in the Middle East. This technology is ideal for a round trip, free-floating, and one-way infrastructures and specially designed for cars, including electric scooters, bikes, motorcycles and cars.
- February 2021- Theeb Rent a Car, a Saudi based car rental firm has expanded its car rental fleet in the Kingdom. The company has added above 1,700 cars from luxury brands like BMW, Mercedes, and also economic models like Chevrolet, Kia, Ford, Nissan, Toyota, and Hyundai, including the new 2021 models. The expansion is a strategy of the company to modernize and develop its fleet to offer different car brands and models to cater to the needs of its customers.
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