Selbyville, Delaware, May 21, 2024 (GLOBE NEWSWIRE) --
The car rental market valuation is anticipated to cross USD 245 billion by 2032, as reported in a research study by Global Market Insights Inc.
The market is witnessing a rise in demand driven by large companies expanding their operations. Companies are rapidly expanding their fleets and locations to meet growing customer demands. These expansions include opening new branches in challenging areas and increasing fleet volume with the possibility of increased fares, car-sharing, and subscription-based models.
For instance, in February 2024, Karachi Taxi Company (KTC), India’s oldest car rental company, was expanding its operations internationally. KTC, which has more than 2,000 vehicles, intended to raise Rs 100 crore through an IPO or private placement in the next financial year to finance the first phase of its global expansion. Furthermore, the growing travel and tourism industry is a major driver of the market.
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The car rental market from the long term segment could exhibit a commendable growth rate over 2023-2032, claims the report. Long-term leases give individuals and businesses the freedom and convenience to operate a vehicle without the commitment of ownership. Companies often opt for long-term leases to meet transportation needs for employees or businesses. Similarly, individuals can choose long-term housing for long term vacations, relocation, or temporary employment. Long-term rental agreements with options ranging from economy cars to luxury cars are offering cost-effective solutions tailored to specific requirements, driving market demand for car rentals in this section.
The car rental market from the luxury cars segment is projected to register a noteworthy CAGR from 2023 to 2032, as per the report. Luxury car rentals allow customers to enjoy an iconic vehicle without the commitment of ownership. Hiring a luxury car for special occasions like weddings, anniversaries, and corporate events adds a touch of elegance and sophistication. In addition, business travelers often prefer buying luxury cars to make a statement or enhance their business image. With a wide range of luxury vehicles, such as sedans, SUVs, and sports cars, the luxury car rental industry continues to grow.
Europe car rental market will register a robust CAGR between 2023 and 2032. With its well-connected cities and wide geographical diversity, Europe attracts millions of tourists annually. Tourists often prefer the convenience and flexibility of renting a car to explore the region’s historic sites, picturesque countryside, and beautiful beaches. In addition, Europeans themselves use rental cars for business trips, leisure, and family travel. The presence of major car hire companies offering a wide range of models and competitive pricing further contributes to the high industry demand across Europe.
Top companies in the car rental market include Sixt, Alamo, Rent-a-Car LLC, Hertz, Enterprise Holdings Inc., Europcar, Uber Technologies Inc., Localiza, Ola Cabs, Avis Budget Group.
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Car rental companies focus on specific strategies to meet market demand. Avis Budget Group, Hertz, and Enterprise Holdings are expanding their fleets and facilities to improve accessibility. Sixt and Europcar enhance customer experience through innovative technologies and personalized services. Additionally, partnerships with ride-hailing services such as Uber and Ola Cabs provide an integrated transportation solution. These efforts are aimed at meeting the needs of different customers, fostering growth, and creating a competitive environment in the car rental market.
In January 2024, in its second quarter FY23-24 results, MakeMyTrip disclosed an agreement to acquire a majority stake in Sawari Car Rentals Pvt., this company will remain an independent company under the leadership of its existing board.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Car rental market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Booking type trends
2.5 Vehicle type trends
2.6 Rental length trends
2.7 Application trends
2.8 End user trends
Chapter 3 Car Rental Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Growing flexibility of mobility solutions
3.10.1.2 Increasing demand for rental services at airports
3.10.1.3 Convenience and flexibility offered by car rental companies
3.10.1.4 Rising middle class population and urbanization in Asia Pacific
3.10.1.5 Rising travel & tourism industry across the globe
3.10.2 Industry pitfalls & challenges
3.10.2.1 Competition from ride-sharing service providers
3.10.2.2 Increasing government initiatives to promote public transportation
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.4 Avis Budget Group
4.4.1 Sixt
4.4.2 Alamo Rent-a-Car LLC
4.4.3 Hertz
4.4.4 Enterprise Holdings Inc.
4.4.5 Europcar
4.4.6 Uber Technologies Inc.
4.4.7 Localiza
4.5 Competitive positioning matrix, 2022
4.6 Strategic outlook matrix, 2022
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
