Pune, India, March 28, 2022 (GLOBE NEWSWIRE) -- The global car rental market size is estimated to grow significantly owing to the increasing smartphone penetration in developing countries, observes Fortune Business Insights™ in an upcoming report, titled, “Car Rental Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Luxury Cars, Executive Cars, Economy Cars, SUVs, and MUVs), By Application Type (Local Usage, Airport Transport, Outstation, and Others), By Rental Duration Type (Short-Term, Long-Term), and Regional Forecast, 2020-2027.” The market size was USD 85.79 billion in 2019 and is anticipated to reach USD 144.21 billion by 2027, exhibiting a CAGR of 6.7% during the forecast period.
The report provides a detailed market outline, covering each facet of definitions, classifications, applications, and industry chain frameworks. It throws light on the crucial market dynamics, together with the current trends in the market. The report covers the analysis of various sectors in its entirety that propels the growth of the market like trends & opportunities, which may affect the market in a negative/positive way in the long run.
Key Industry Development
• In September 2020, Localiza Rent a Car SA acquired Unidas, a Brazilian car rental company and close rival of Localiza for USD 2.18 billion. The company shall acquire 76.9% stake in the Unidas and they shall operate a fleet of over 4,70,000 vehicles together. This acquisition is anticipated to boost the overall market share of Localiza and shall help the company to improve its services across Brazil.
• In August 2019, Europcar Mobility Group acquired 100% stakes in Fox Rent A Car. This acquisition shall help the company to achieve target revenue of USD 4.5 billion and 15 million active customers by 2023 as decided by the company’s strategic roadmap.
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| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2021 to 2028 CAGR | 6.7% |
| 2027 Value Projection | USD 144.21 billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 58.34 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
| Segments covered | Luxury Cars, Executive Cars, Economy Cars, SUVs, and MUVs |
| Growth Drivers | Increasing Population of Smartphone Users to Drive Growth |
| Economy Cars Segment to Dominate the Global Market |
Car Rental Market Market Growth Drivers:
- With the emergence of latest technologies, such as improved GPS tracking and high-speed internet, most players in the car rental market are offering smartphone-based applications to their customers. This strategy helps them effectively acquire new customers and retain old ones. The increasing usage of smartphones worldwide, coupled with their high penetration in developing countries owing to reducing prices is anticipated to drive the global car rental market growth.
- For instance, according to a report published by the Indian Cellular and Electronics Association and KPMG, India will register around 820 million smartphone users by 2022. In addition, the increasing demand for car rentals from corporate travelers is projected to further strengthen the growth. However, increasing fuel prices and low penetration of alternative vehicles (such as EVs) may hinder the growth.
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Car Rental Market Segments Analysis
- Based on vehicle type, the economy cars segment dominated the global market with 37.18% share in 2019.
- The high competition among key players, which results in features, such as low price, high fuel efficiency, and better practicality, is the key factor driving the segment growth.
- Based on the application, the airport transport segment is set to grow exponentially, at a CAGR of 6.5% till 2027. The increasing number of airports in developing countries across the world is expected to drive the segment growth.
Regional Insights:
- North America is set to dominate the global car rental market share during the forecast period. The increasing demand for such cars for purposes, such as tourism and business trips in the U.S. is estimated to drive growth in the region. For instance, according to Statista, by 2021, the car rental segment in the U.S. will reach USD 18,223 million.
- The market in Asia Pacific is estimated to showcase promising growth during the forecast timeline. Increasing disposable income in developing countries will increase the demand in the region. In addition, the emergence of new players offering car lease through smartphone-based apps is anticipated to drive growth in the region.
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The Report Lists the Key Companies in the Global Market
• Enterprise Holdings Inc. (Missouri, U.S.)
• Hertz Global Holdings (Florida, U.S.)
• Avis Budget Group (New Jersey, U.S.)
• Europcar Mobility Group (Paris, France)
• Lotte rental co.ltd (Gyeonggi Province, South Korea)
• TOYOTA Rent a Car (Aichi, Japan)
• Europcar International (Paris, France)
• Sixt SE (Pullach, Germany)
• Localiza Rent a Car SA (State of Minas Gerais, Brazil)
• CAR Inc (Beijing, China)
• Renault Eurodrive (Boulogne-Billancourt, France)
• Alamo Rent A Car LLC (Missouri, U.S.)
• Others
Global Car Rental Market Segmentation:
By Vehicle Type :
- Luxury Cars
- Executive Cars
- Economy Cars
- SUVs
- MUVs
By Application Type:
- Local Usage
- Airport Transport
- Outstation
- Others
By Rental Duration Type
- Short-Term
- Long-Term
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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