LONDON–(BUSINESS WIRE)–The size of the global car rental market is expected to grow by USD 103.75 billion according to Technavio. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter, but to gradually fade over subsequent quarters, with limited impact on economic growth for the year as a whole. Request free sample pages
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Market estimates include pre and post COVID-19 impact on car rental market – Download a free sample report
The targeted market is expected to have a negative impact due to the increase in COVID-19 cases in various countries around the world. The extension of containment efforts by governments around the world will lead to reduced economic activity, hampering the growth of the car rental industry.
Technavio’s custom research reports offer detailed insights into the impact of COVID-19 at the industry level, regional level, and subsequent supply chain operations. This custom report will also help clients track new product launches in direct and indirect markets related to COVID-19, upcoming vaccines and pipeline analysis, and important developments in vendor operations and regulations. governmental.
https://www.technavio.com/report/car-rental-market-industry-analysis
The market is driven by the integration of advanced digital technologies. Additionally, advancements in rental processes are expected to drive the growth of the car rental market.
Car rental operators are increasingly adopting the latest technologies to improve service convenience and grow their business. Through the use of technology, operators can streamline their enrollment procedures and improve the customer experience. Several vendors offer solutions integrated with voice assistants such as Amazon Alexa that allow consumers to make car reservations, view current and past reservations, and request an electronic receipt via voice commands. The increasing adoption of these advanced digital technologies will positively influence the growth of the global car rental market.
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Top five car rental companies:
Avis Budget Group Inc.
Avis Budget Group Inc. owns and operates the business in segments such as the Americas and International. The company offers a range of car and truck rental services through brands such as Avis, Budget and Zipcar.
Carzonrent India Pvt. ltd.
Carzonrent India Pvt. ltd. owns and operates the business in segments such as Outstation, Local, Airport Transfer, Self-Drive and Business Travel. The company offers a wide range of car rental services, including airport transfer, business travel and self-driving.
Enterprise Holding Inc.
Enterprise Holdings Inc. owns and operates the business in segments such as Neighborhood Network, Airport & Travel and Business Rental. The company offers car rental services under the Enterprise Rent-A-Car, National Car Rental and Alamo franchise.
Europcar Mobility Group SA
Europcar Mobility Group SA owns and operates the business in segments such as Cars & Vans and International Coverage, Low-Cost and New-Mobility. The company offers a range of vehicle rental services through its Europcar, Goldcar, InterRent, Ubeeqo and GoCar brands.
Expedia Group, Inc.
Expedia Group Inc. owns and operates the business in segments such as Core OTA, trivago, HomeAway and Egencia. The Company offers online car rental marketing and retail services through its brand, CarRentals.com.
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Car Rental Type Outlook (Revenue, USD Billion, 2020-2024)
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Economy cars
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Executive cars
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luxury cars
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SUV
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VUM
Car Rental Market Regional Outlook (Revenue, USD Billion, 2020-2024)
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APAC
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Europe
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AEM
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North America
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South America
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Main leading countries
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