Burlingame, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Car Rental Market, By Category (Intercity/Local Usage, On-Airport, Intra-City/Outstation, Others), By Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV's, MUV's), - Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027,” According to the report, the global car rental market is estimated to be valued at $80.0 billion in 2019 and is expected to exhibit a CAGR of 13.6% during the forecast period.
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Analysts’ Views on Global Car Rental Market
Car rental refers to the practice of renting a car from a car rental company for the specified period of time, usually ranging from a few hours to several weeks. A car rental agency is a company that rents automobiles for short periods of time and it is a popular service for tourists, travelers, and/or people who need a temporary means of transportation without owning the car. Customers typically choose from a variety of vehicle types, such as compact cars, sedans, SUVs, vans, or even luxury cars, depending on their needs and budget. A variety of car rental services are available worldwide. Customers can rent a vehicle on an hourly, daily, or monthly basis. It is largely practiced at tourist places, where travelers come to visit the city or country.
Key Trends and Analysis of the Global Car Rental Market:
Rising Internet penetration across both developing as well as developed countries is one of the key trends expected to augment the growth of the global car rental market. Players in the market have launched their mobile apps through which customers can easily choose vehicles from portfolio and book the vehicle. For instance, in India, Zoomcar has 20+ different vehicle makes to choose from and offers self-drive services across 24 cities. It’s all about customer flexibility as Zoomcar offers individuals the option to pick up a vehicle from a conveniently located parking station or through a doorstep delivery to a location of choice.
Global Car Rental Market – Drivers
Increasing demand for car rental services to augment market growth
In the last few years, the usage of online car rental services has increased in many cities across the world due to the increasing initiative of the service operators. For instance, several market players have adopted advanced mobile technologies meet the transportation needs of consumers. In May 2023, Car Karlo Mobility Technologies, a mobility technology company, announced the launch of its self-driven car rental services in Pune (India) to bring a more customer-centric approach to the car rental market. Customers in Pune can now book a car online by visiting www.carkarlo.in or by downloading the Car Karlo Android app from the Google Play Store.
Car Rental Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2019 | Market Size in 2019: | US$ 80.0 Bn | |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 | |
| Forecast Period 2020 to 2027 CAGR: | 13.6% | 2027 Value Projection: | US$ 220.0 Bn | |
| Geographies covered (27): |
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| Segments covered: |
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| Companies covered (8): | Enterprise Holdings, The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, Al Futtaim Group, Localiza - Rent a Car, Eco Rent a Car, and GlobalCARS | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Shift in consumer preference toward rental services to propel market growth
Professionals across the globe are increasingly preferring to drive rented cars, giving up the burden of owning a car. People are also renting cars for weekend getaways and vacations as well, on the highway. Given the fact that owning the car is expensive and comes with a lot of responsibilities, individuals are opting for rental cars. In April 2022, Siemens UK launched an automated car rental program for its staff through Enterprise. The scheme gives over 15,000 employees access to more than 1,400 on-street vehicles in 200 locations across the United Kingdom, as well as dedicated car club vehicles already on-site at Siemens offices across the country.
Global Car Rental Market – Restrain
Environmental concerns to hamper the market growth
One of the key factors expected to hinder growth of the global car rental market is the low cost of public transportation services such as buses and trains and fluctuating prices of crude oil due to the gap between demand and supply. Public transportation is usually cheaper than renting a car. Public transportation fares are usually fixed, while rental car rates can vary depending on the type of car, rental duration, and location. Moreover, with public transportation, individuals don’t have to worry about additional expenses such as fuel cost, parking fees, and insurance.
However, car rental is more convenient than public transportation as it gives a lot more flexibility and freedom when it comes to exploring a destination.
Global Car Rental Market – Opportunities
Increasing tourism across the globe is expected to offer significant growth opportunities for players in the global car rental market.
Car rental is growing in popularity around the world due to increase in global tourism, availability of online platforms, ease of booking, and access to the Internet & smartphones. The United States, United Kingdom, and Italy are some of the major countries where car rental services are prominent because these countries have many nearby tourist destinations and also tourists from all over the world visit these tourist places throughout the year. In June 2022, Virtuo announced the launch of car rental service across Italy. This expansion makes a gradual integration of compact vehicles and those that can accommodate up to seven people.
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Global Car Rental Market - Key Developments
In November 2021, Hertz rentals partnered with Tesla Motors to supply around 100,000 Model 3S by 2022, and half of these vehicles are expected to be rented out to Uber drivers.
In May 2021, Leasys launched the new e-commerce feature that will make it possible to complete the purchase of used cars online, in an even easier and faster way in Italy.
In February 2021, Virtuo expanded its rental services across Italy and the company also dealt with several car manufacturers, offering high-end vehicles, to customers.
In April 2021, GoAir and Eco Europcar announced the launch of car rental services across 100 cities in India, including 25 airports.
Key Market Takeaways:
Global car rental market is expected to exhibit a CAGR of 13.6% over the forecast period. The global car rental market is growing rapidly in response to the rise in the number of people taking business and leisure trips across the globe.
On the basis of Material Type: Intra-City/Outstation Segment is expected to dominate the market during the forecast period and this is attributed to the increase in global tourism and/or increasing number of tourists across the globe.
On the basis of Car Type: Luxury Cars Segment is expected to dominate the market during the forecast period and this is attributed to the rising disposable incomes and rising expenditure on business travel.
On the basis of Region, North America and Europe are expected to hold a dominant position during the forecast period due increasing demand for car rental services, consumer preference toward rental services, and rapid growth in tourism in these regions.
Competitive Landscape:
Key players operating in the global car rental market include Enterprise Holdings, The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, Al Futtaim Group, Localiza - Rent a Car, Eco Rent a Car, and GlobalCARS, among others.
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Detailed Segmentation:
- Global Car Rental Market, By Category:
- Intercity/Local Usage
- On-Airport
- Intra-City/Outstation
- Others
- Global Car Rental Market, By Car Type:
- Luxury Cars
- Executive Cars
- Economy Cars
- SUV's
- MUV's
- Global Car Rental Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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