Current Car Rental Market Scenario and Growth Prospects 2021-2031 | TMR study
Transparency Market Research provides key insights into the global market car rental market. In terms of revenue, the global car rental market is expected to expand at a CAGR of 6% during the forecast period, due to numerous factors, about which TMR offers in-depth insights and forecast in its Global Car Rental Market report.
Companies are expanding their car rental range by adding different technologies. Manufacturers are multiplying their partnerships with different international and local distributors to have a better reach in each region.
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Car rental market: key segments
As for cars, the economy car is mainly used for car rental. The profitability of buying the car and the wide availability of these cars are driving the growth of the market.
By category, the airport transfer segment accounts for the highest share of the global car rental market owing to the increase in leisure and business travel among international and domestic consumers.
In terms of customers, the leisure segment is expected to hold the dominant market share during the forecast period. Most business trips are canceled or not taking place due to COVID-19 as companies have now come to the virtual platform. After conditions improved, people started taking a lot of vacations after the pandemic, which led to an increase in travel and demand for car rental services.
In terms of booking, the online segment holds the largest market share due to the growing number of mobile platforms such as Uber and Lyft. This will continue to fuel sales in this segment during the forecast period.
Based on rental duration, short-term trips hold the highest share of the market due to the increase in short-term leisure trips taken by millennials.
Based on the fare price, the economy price is preferred by consumers as it gives them the opportunity to travel more via rental cars.
Based on end use, chauffeur-driven cars have the highest market share. However, the autonomous vehicle segment is expected to grow over the forecast period owing to an increase in the adoption of services such as Zoomcar and millennials preferring to drive themselves while on vacation.
Car Rental Market: Important Regions
The global car rental market has been divided into North America (United States, Canada and Rest of North America), Europe (UK, Germany, France and Rest of Europe), Asia- Pacific (China, India, Japan and rest of Asia Pacific), Middle East and Africa (GCC, South Africa and rest of MEA) and South America (Brazil and rest of South Africa). The global car rental market is dominated by North America owing to the increase in the number of leisure and business trips undertaken both locally and internationally.
A steady shift in consumer preference for rental services, along with the presence of major service providers in the region, such as Avis Budget Group and Enterprise Rent-a-Car, are expected to drive revenue generation opportunities in North America.
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Car rental market: key players
The major players operating in the global car rental market are Alamo, Avis Rent A Car System, LLC, Budget Rent A Car System, Inc., Carzonrent India Pvt Ltd., Enterprise Holdings, Inc., Europcar, The Hertz Corporation , Localiza, National Car Rental, Sixt Group, etc.
Global car rental market: segmentation
Car rental market, by car
- Luxury car
- executive car
- Economy car
- Car SUV
- CUV car
Car rental market, by category
- Airport transfer
- Outside airport
- Local use
- External post
Car rental market, by customer
Car rental market, by booking
Car rental market, by rental duration
Car rental market, by rate
Car rental market, by end use
- Driver driven
About Transparency Market Research
Transparency Market Research, a global market research firm registered in Wilmington, Delaware, USA, provides personalized research and advisory services. The company examines the factors that shape demand dynamics in various markets. Market insights and insights assess opportunities in various segments. Opportunities in segments based on source, application, demographics, sales channel, and end-use are analyzed which will determine market growth over the next decade.
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