Pune, India, July 26. 2022 (GLOBE NEWSWIRE) — The world car rental market size will reach USD 68.84 billion in 2021. The market value is expected to grow from USD 82.54 billion in 2022 to USD 137.25 billion by 2029, showing a CAGR of 7.5% during the forecast period. The market has declined significantly due to COVID-19, due to lack of demand in all areas throughout the pandemic. Due to the growing popularity of online rental car booking apps on smartphones, the car rental industry has received a lot of attention. Customers can rent cars from companies for a short or long term, says Fortune Business Insights in its report titled “Car Rental Market, 2022-2029”.
Impact of COVID-19 –
Substantial decline in the global tourism industry due to the COVID-19 pandemic
According to the International Civil Aviation Organization (ICAO), an overall decrease of 2,703 million passengers compared to 2019 and a loss of approximately USD 372 billion in airline passenger operating revenue impacted on the airport transportation car rental business in 2020. Additionally, as tourism declined globally, car rental companies were forced to sell off much of their fleet.
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Report Scope and Segmentation:
|Forecast Period 2022 to 2029 CAGR||7.5%|
|2029 value projection||$137.25 billion|
|Market size in 2022||$82.54 billion|
|Historical data for||2018-2020|
|Number of pages||194|
|Segments Covered||The market is divided into four segments based on vehicle type, luxury cars, executive cars, economy cars, sport utility vehicles (SUVs) and multi-utility vehicles (MUVs).|
|Growth engines||Market growth will be driven by on-demand transportation services|
|North America led the global market share|
Market growth will be driven by on-demand transportation services
Rising vehicle prices, limited parking spaces, and high car maintenance costs encourage people to use on-demand transportation services for commuting and commuting. Accordingly, the growing demand for on-demand transportation is expected to drive the market growth over the forecast period.
The increase in smartphone sales is also influencing people’s preferences for on-demand transportation services. For carpooling and rental services, smartphone apps allow for easy online booking and payment. Accordingly, the rising popularity and usage of smartphone apps and online platforms for rental services provided by ride-sharing companies, such as Uber, Lyft, and others, is driving the growth of the market. However, during the forecast period, rising oil or fossil fuel prices are expected to hamper the growth of the car rental market.
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The report provides a detailed analysis of the market, focusing on key aspects such as major companies, vehicle types, and major service applications. Apart from this, the report provides an overview of market trends and highlights key developments in the industry. In addition to the factors mentioned above, the report includes a number of other factors that have contributed to the growth of the market.
North America led the global market share
Comprised of 36.07% in 2021, North America led the global car rental market share. This can be attributed to the lack of flexibility in public transport routes and the shift to environmentally friendly rental vehicles, which further increases the demand for rental cars for leisure activities and business trips. In addition, the boom in tourism in North America and Europe is increasing the demand for rental services.
The introduction of a dedicated electric vehicle rental service and the entry of major players in the automotive industry are expected to grow business in the European market.
The scenario in Asia-Pacific and Latin America, on the other hand, is very different. In these regions, rising vehicle and fuel prices are increasing demand. As the majority of the region’s population has middle-class disposable income, renting a car is a popular way to meet travel needs. In addition, the Asia-Pacific market is expected to witness significant growth owing to favorable macroeconomic factors and the introduction of self-driving vehicle rental fleets by major players.
The Middle East and Africa is expected to grow at the fastest CAGR over the forecast period, owing to increased business and tourism in the region.
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Hertz rental hit hard by COVID-19
During the COVID-19 pandemic, Hertz Rental, a market leader, faced critical challenges and filed for bankruptcy. Despite the company’s extensive distribution network, particularly in the United States, it failed to manage funds effectively during the lockdown. To weather tough times, the company recently applied for $1.65 billion in funding.
The list of players operating in the car rental market is as follows:
• Enterprise Holdings Inc. (United States)
• Hertz Global Holdings (United States)
• Avis Budget Group (USA)
• Europcar Mobility Group (France)
• Lotte Rental Co. Ltd (South Korea)
• TOYOTA Rent a Car (Japan)
• Europcar International (France)
• Sixt SE (Germany)
• Localiza Rent a Car SA (Brazil)
• CAR Inc (China)
• Alamo Rent A Car LLC (USA)
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Segmentation of the car rental market:
By type of vehicle:
- luxury cars
- Executive cars
- Economy cars
By type of application:
- Local use
- Airport transportation
- External post
By type of rental duration:
1.1. Search scope
1.2. Market segmentation
1.3. Research Methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market factors
3.2. Market constraints
3.3. Market opportunities
4. Key information
4.1. Key Industry Developments – Mergers, Acquisitions and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT analysis
4.4. Technological development
4.5. Value chain analysis
4.6. Impact of COVID-19 on the car rental market
5. Global Car Rental Market Analysis, Outlook and Forecast, 2017-2028
5.1. Main results/summary
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