Car Rental Market Expected to Reach US$121.1 Billion by 2031 | CAGR: 6.0% – TMR study
WILMINGTON, DE /ACCESSWIRE/August 23, 2022/Transparency Market Research Inc. – The booming and ever-changing global travel industry propels the need for various types of customer-centric services, driving the growth of the car rental market. The advent of online channels in the car rental market is creating many exciting opportunities in the industry. Due to these factors, the global car rental market is expected to grow at a CAGR of 6% during the forecast period from 2021 to 2031.
The increasing proliferation of Internet services, due to the increased use of smartphones, has given players in the car rental market the opportunity to offer various unique online services. These services help customers rent a vehicle at any time and in a wide range of locations.
Additionally, these online services offered by car rental market players also help customers manage and initiate their reservations virtually, and support payment through online gateways while on the go.
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- Increased use of technology to improve user experience: Car rental market players are focusing on the integration of digital technologies, including connected devices, infotainment devices, enhanced music systems, and GPS and navigation systems, to enhance the customer experience .
- Increase in recreational activities among the millennial population: The growing preference of the millennial population around the world for leisure activities has boosted the demand for high quality luxury vehicles in the car rental market. This trend is also reinforced by the growing propensity of the young population to pay extra for comfortable and luxurious vehicles for short-term transportation.
- Industry players have focused on increasing their fleet size: Major players in the car rental market are focusing on acquiring more and more vehicles to boost their fleet size. For example, Tesla Motors and Hertz Rentals teamed up in November 2021, with the goal of Tesla supplying Hertz with 100,000 Tesla Model 3S cars by 2022.
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Car rental market: main drivers
- The increase in the number of travelers around the world, complemented by the widespread availability of economy car rental services and the increase in disposable income, is driving the expansion of the car rental market.
- Concerns about the overhead costs of owning a passenger vehicle, which compel travelers to rent or lease luxury passenger vehicles on a short-term, on-demand basis, are also triggering growth in the market for passenger vehicles. car rental.
Car rental market: regional growth dynamics
- North America leads the car rental market, owing to the common practice of renting cars for business and leisure travel. In addition to this, growing awareness among consumers in North America about the profitability of renting the car through economy rental services is also expected to provide regional players in the car rental market with opportunities to promising growth.
- The growing adoption of internet services, owing to the growing proliferation of smartphones in the region, is also creating exciting opportunities for rental service providers in the North America car rental market. Players in the region make extensive use of internet-based services to advertise their products and offer various services to their customers to simplify their rental experience.
Car rental market: key players
Some of the major players in the car rental market are Avis Rent A Car System, LLC, Carzonrent India Pvt. Ltd., Europcar, Localiza, Sixt Group, Alamo, Budget Rent A Car System, Inc., Enterprise Holdings, Inc., The Hertz Corporation and National Car Rental. Major players in the car rental market are enriching their product portfolios by engaging in strategic partnerships, as well as acquiring various international and regional players.
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Global car rental market: segmentation
- Luxury car
- executive car
- Economy car
- Car SUV
- CUV car
- Airport transfer
- Outside airport
- Driver driven
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About Transparency Market Research
Transparency Market Research registered in Wilmington, Delaware, USA, is a global market research firm providing custom research and consulting services. TMR provides detailed information on the factors driving the demand in the market. It discloses opportunities in various segments based on source, application, sales channel, and end use that will drive market growth over the next 9 years.
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