$ 103.75 billion car rental market growth 2020-2024 | Advances in rental processes will become a key trend
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the epidemic’s immediate impact is varied. While a few industries will see lower demand, many others will remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the car rental market.
Frequently Asked Questions:
- Based on segmentation by type, which is the leading segment of the market?
On the basis of type, the market experienced maximum growth in the economy car segment in 2019.
- What are the major market trends?
The advancement of the rental process will be the major trend in the market.
- How fast should the market grow?
The market is expected to grow at a CAGR of over 17% during the forecast period.
- Who are the main players in the market?
Avis Budget Group Inc., Carzonrent India Pvt. Ltd., Enterprise Holdings Inc., Europcar Mobility Group SA, Expedia Group Inc., Hertz Global Holdings Inc., Localiza Rent a Car SA, Movida ParticipaÃ§Ãµes SA, SIXT SE, and Turo Inc. are the main players in the market.
- What are the main drivers and challenges of the market?
The market is driven by the incorporation of advanced digital technologies. However, the security concerns of telematics in vehicles could challenge growth.
- What is the size of the North American market?
North America dominated the market with a share of 43% in 2019.
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The market is fragmented and the degree of fragmentation will accelerate during the forecast period. Avis Budget Group Inc., Carzonrent India Pvt. Ltd., Enterprise Holdings Inc., Europcar Mobility Group SA, Expedia Group Inc., Hertz Global Holdings Inc., Localiza Rent a Car SA, Movida ParticipaÃ§Ãµes SA, SIXT SE, and Turo Inc. are some of the major players in the market. While the incorporation of advanced digital technologies will provide immense growth opportunities, the security concerns of telematics in vehicles are likely to pose a challenge to market vendors. With the aim of helping players to strengthen their presence in the market, this Car Rental Market forecast report provides a detailed analysis of the major vendors in the market. The report also gives industry leaders insight into the competitive landscape and insight into the various product offerings offered by various companies.
Technavio’s custom research reports offer detailed information on the impact of COVID-19 at the industry level, regional level, and subsequent supply chain operations. This personalized report will also help customers track new product launches in direct and indirect markets related to COVID-19, upcoming vaccines and pipeline analysis, and important developments in supplier operations and government regulations. .
Car Rental Market 2020-2024: Segmentation
The car rental market is segmented as follows:
- Economy cars
- Executive cars
- Luxury cars
- Geographic landscape
- North America
- South America
- Booking method
- Rental category
- Airport transport
- Local transportation
- Remote station transport
- Other transport
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Car Rental Market 2020-2024: Scope
Technavio presents a detailed picture of the market through the study, synthesis and summation of data from multiple sources. The car rental market report covers the following areas:
- Car Rental Market Size
- Car rental market trends
- Industry Analysis of the Car Rental Market
This study identifies advancements in rental processes as one of the major reasons for the growth of the car rental market in the coming years.
Technavio offers three forecast scenarios (optimistic, probable and pessimistic) given the impact of COVID-19. Technavio’s extensive research has had a direct and indirect impact on COVID-19 market research reports.
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Car Rental Market 2020-2024: Highlights
- Market CAGR during the forecast period 2020-2024
- Detailed information on the factors that will drive the growth of the car rental market over the next five years
- Estimation of the size of the car rental market and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the car rental market in APAC, Europe, MEA, North America, and South America
- Market competitive landscape analysis and detailed supplier information
- Full details of the factors that will challenge the growth of sellers in the rental car market
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- 2.1 Preface
- 2.2 Currency conversion rates for the US dollar
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET CALIBRATION
- Market definition
- Sizing of the 2019 market
- Market Size and Forecast 2019-2024
PART 05: FIVE STRENGTH ANALYSIS
- The bargaining power of buyers
- Bargaining power of suppliers
- The threat of new participants
- The threat of substitutes
- Threat of rivalry
- State of the market
PART 06: MARKET SEGMENTATION BY TYPE
- Market segmentation by type
- Comparison by type
- Economy Cars – Market Size and Forecast 2019-2024
- Company Cars – Market Size and Forecast 2019-2024
- Luxury Cars – Market Size and Forecast 2019-2024
- SUV Market Size and Forecast 2019-2024
- MUV Market Size and Forecast 2019-2024
- Market opportunity by type
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHICAL LANDSCAPE
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC Market Size and Forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market Size and Forecast 2019-2024
- Main leading countries
- Market opportunity
PART 09: MARKET SEGMENTATION BY RESERVATION MODE
- Market segmentation by booking method
- Comparison by booking method
- Offline – Market Size and Forecast 2019-2024
- Online – Market Size and Forecast 2019-2024
- Market opportunity by booking method
PART 10: MARKET SEGMENTATION BY RENTAL CATEGORY
- Market segmentation by rental category
- Comparison by rental category
- Airport Transportation – Market Size and Forecast 2019-2024
- Local Transport – Market Size and Forecast 2019-2024
- Station Transportation – Market Size and Forecast 2019-2024
- Other Transportation – Market Size and Forecast 2019-2024
- Market opportunity by rental category
PART 11: DECISION FRAMEWORK
PART 12: DRIVERS AND CHALLENGES
- Market factors
- Market challenges
PART 13: MARKET TRENDS
- Advent of intermediaries
- Good value for money car rental services
- Advances in the rental process
- Growing interest in autonomous vehicles
PART 14: SELLERS LANDSCAPE
- Landscape disturbance
- Competitive scenario
PART 15: SUPPLIER ANALYSIS
- Covered suppliers
- Supplier ranking
- Positioning of sellers in the market
- Avis Budget Group Inc.
- Carzonrent India Pvt. Ltd.
- Business Management Inc.
- Europcar Mobility Group SA
- Expedia Group Inc.
- Hertz Global Holdings, Inc.
- Localiza Rent a Car SA
- Movida ParticipaÃ§Ãµes SA
- SIXT SE
- Turo inc.
PART 16: ANNEX
- Research methodology
- Abreviations list
- Definition of the market positioning of sellers
PART 17: EXPLORE TECHNAVIO
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Report link: https://www.technavio.com/report/car-rental-market-industry-analysis