Car rental market: Sport utility vehicles (SUVs) expected to grow at a CAGR of 14.7% from 2020 to 2027
The car rental market is expected to reach $214.04 billion by 2027. This study presents market analysis, trends, and future estimates to determine investment pockets.
PORTLAND, ORAGON, USA, Sept. 7, 2022 /EINPresswire.com/ — According to the report released by Allied Market Research, the global car rental market earned $92.92 billion in 2019 and is expected to generate 214, 04 billion USD by 2027, registering a CAGR of 10.7% from 2020 to 2027. The research offers detailed analysis of changing market dynamics, top investment pockets, key segments, the value chain and the competitive landscape.
Rise in on-demand transportation services and lower propensity to own a car among millennials is driving the growth of the global car rental market. However, lower internet penetration in developing countries is hampering the growth of the market. On the other hand, the adoption of car rental management software is expected to present new opportunities in the coming years.
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• Travel restrictions imposed due to lockdown during the coronavirus outbreak have forced people to postpone bookings.
• As lockdown restrictions have been eased in some countries, some people prefer car rental for intercity use over public transport to ensure safety and minimize the risk of infection.
• The economic crisis and salary cuts would force people to opt for car leasing rather than buying new cars which require huge capital.
Get a detailed analysis of the impact of COVID-19 on car rental market demand here!
The report offers detailed segmentation of the global car rental market based on application, vehicle type, and region.
Based on applications, leisure segment accounted for the largest share in 2019, holding more than half of the market, and is expected to maintain its leading position during the forecast period. However, the commercial segment is expected to show the highest CAGR of 11.5% from 2020 to 2027.
According to vehicle type, the economy car segment contributed the largest share in 2019, accounting for nearly one-third of the market, and will maintain its highest share during the forecast period. However, the sport utility vehicle (SUV) segment is expected to witness the fastest CAGR of 14.7% during the forecast period.
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Based on region, North America held the highest market share in 2019, accounting for more than two-fifths of the total share, and will maintain its dominance by 2027. However, it is estimated that LAMEA will experience the highest CAGR of 15.1% from 2020 to 2027. The research also touches on regions such as Europe and Asia-Pacific.
The report analyzes key players in the global car rental market including Avis Budget Group, Inc., Enterprise Holdings, Inc., EuropeCar, Localiza, Hertz System, Inc., Carzonrent India Pvt Ltd., Sixt, ANI Technologies Pvt . Ltd., Eco Rent a Car, and others.
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We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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