Pune, India, March 28, 2022 (GLOBE NEWSWIRE) — The world car rental market size is expected to grow significantly due to the increasing penetration of smartphones in developing countries, observes Fortune Business Insights ™ in an upcoming report, titled “Car Rental Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Luxury Cars, Executive Cars, Economy Cars, SUVs and CUVs), by Application Type (Local Use, Airport Transportation, Outstation and Others), by Rental Duration Type (Short Term, Long Term) and Regional Forecast, 2020- 2027. The market size was USD 85.79 Billion in 2019 and is projected to reach USD 144.21 Billion by 2027, growing at a CAGR of 6.7% during the forecast period.
The report provides a detailed overview of the market, covering every facet of industry chain definitions, classifications, applications and frameworks. It sheds light on crucial market dynamics, along with current market trends. The report covers analysis of various sectors in its entirety which propels the growth of the market, such as trends and opportunities, which may affect the market negatively/positively in the long run.
Development of key industry
• In September 2020, Localiza Rent a Car SA acquired Unidas, a Brazilian car rental company and close rival of Localiza for $2.18 billion. The company will acquire a 76.9% stake in Unidas and together operate a fleet of over 4,70,000 vehicles. This acquisition is expected to increase Localiza’s overall market share and help the company improve its services across Brazil.
• In August 2019, Europcar Mobility Group has acquired 100% of the shares of Fox Rent A Car. This acquisition will help the company achieve its goal of $4.5 billion in revenue and 15 million active customers by 2023, as decided by the company’s strategic roadmap.
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|Forecast Period 2021 to 2028 CAGR||6.7%|
|2027 value projection||$144.21 billion|
|Market size in 2020||$58.34 billion|
|Historical data for||2016-2018|
|Number of pages||200|
|Segments Covered||Luxury cars, executive cars, economy cars, SUVs and CUVs|
|Growth engines||Growing smartphone user population to drive growth|
|The economy car segment will dominate the global market|
Car rental market growth factors:
- With the emergence of latest technologies, such as improved GPS tracking and high-speed internet, most players in the car rental market are offering smartphone-based apps to their customers. This strategy helps them effectively acquire new customers and retain old ones. The growing use of smartphones globally, coupled with their high penetration in developing countries due to lower prices, is expected to boost the growth of the global car rental market.
- For example, according to a report by the Indian Cellular and Electronics Association and KPMG, India will register around 820 million smartphone users by 2022. In addition, the growing demand for car rental from business travelers should further strengthen growth. However, rising fuel prices and low penetration of alternative vehicles (such as electric vehicles) may hamper growth.
Click here for the short and long term impact of COVID-19 on this market: https://www.fortunebusinessinsights.com/car-rental-market-105117
Car Rental Market Segment Analysis
- According to vehicle type, the economy car segment led the global market with 37.18% share in 2019.
- Strong competition among major players which results in features like low price, high energy efficiency and better functionality is the key driver for the growth of the segment.
- Based on the application, the airport transportation segment is expected to grow exponentially, at a CAGR of 6.5% through 2027. The increasing number of airports in developing countries across the world is expected to drive the segment growth.
- North America is expected to dominate the global car rental market share over the forecast period. It is estimated that the growing demand for these cars for purposes such as tourism and business travel in the United States will drive growth in the region. For example, according to Statista, by 2021, the car rental segment in the United States will reach $18,223 million.
- The market in Asia-Pacific is estimated to show promising growth during the forecast period. Rising disposable income in developing countries will increase demand in the region. Additionally, the emergence of new players offering car rental through smartphone-based apps is expected to drive growth in the region.
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The report lists the major companies in the global market
• Enterprise Holdings Inc. (Missouri, USA)
• Hertz Global Holdings (Florida, USA)
• Avis Budget Group (New Jersey, USA)
• Europcar Mobility Group (Paris, France)
• Lotte location co.ltd (Gyeonggi province, South Korea)
• TOYOTA Rent a Car (Aichi, Japan)
• Europcar International (Paris, France)
• Sixt SE (Pullach, Germany)
• Localiza Rent a Car SA (State of Minas Gerais, Brazil)
• CAR Inc (Beijing, China)
• Renault Eurodrive (Boulogne-Billancourt, France)
• Alamo Rent A Car LLC (Missouri, USA)
Segmentation of the global car rental market:
By Vehicle Type:
- luxury cars
- Executive cars
- Economy cars
By type of application:
- Local use
- Airport transportation
- External post
By type of rental duration
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
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