The car rental market is expected to grow strongly and surpass $187.88 billion by 2030
The car rental market size was estimated at USD 103.04 billion in 2021 and is expected to exceed approximately USD 187.88 billion by 2030 CAGR of 6.9%
NEW YORK, NEW YORK CITY, USA, Oct. 12, 2022 /EINPresswire.com/ — The global car rental market size was estimated at USD 103.04 billion in 2021 and is expected to exceed approximately USD 187.88 billion by 2030, on track to grow at a recorded CAGR of 6.9% from 2021 to 2030.
Car rental or rental car companies are companies that offer short-term, fixed-price car rentals. These departments often include several regional offices located near airports and busy urban areas. There is also a website for online reservations. The car rental industry has undergone a significant transformation due to the increase in pollution and the increase in population in recent years. It is now one of the largest segments of fleet transportation. Consumers and manufacturers rely on a variety of car rental options, including renting cars to their owners for three years and renting through an app-based reservation system.
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Due to the surge in the number of people traveling for business and pleasure, the demand for car rental services is increasing. Businesses have been able to attract a wider customer base through dedicated mobile apps. This is due to the growing internet penetration in emerging and established countries. Technology is a key factor in the growth of the industry. Recent technological developments have transformed the sector. Two of the most effective ways to help car rental companies provide better services to their customers are to improve the management of customer and company information and to facilitate online booking.
Over the past decade, global travel has seen a significant increase. Commuters around the world have become more discerning about their travel needs and expect reliable, trustworthy and top quality services. Many of the larger car rental companies are trying to capitalize on this trend by expanding their distribution and brand networks globally. With the integration of a global vehicle rental system, these operators will be able to manage their global operations. Due to factors such as the growing popularity of on-demand mobility services and low millennial ownership, the car rental market has grown.
To propel the growth of the market, there is a growing need for on-demand transportation services
Rising vehicle costs, shrinking parking spaces, and high cost of car maintenance have prompted people to use on-demand transportation services for their daily commute. The market is expected to grow over the forecast period owing to the growing demand for on-demand transportation.
The popularity of on-demand transportation services is also increasing due to the rise in smartphone sales. Smartphone apps make booking easier and allow you to pay for rental and carpooling services online. The market is growing due to the growing popularity and usage of smartphones and other online platforms offered by ride-sharing companies like Uber, Lyft and others for car rental services.
To curb market growth, soaring crude oil prices
Due to limited supply and high demand, the world is experiencing a rapid increase in crude oil prices. This has led to increased car rental costs. This surge in oil and fossil fuel prices is likely to limit the market growth over the forecast period. The United States Energy Information Administration (EIA) predicts that crude oil prices will rise in 2021 due to the increase in the COVID-19 vaccine. A growing economy and looser restrictions have led to a greater increase in global oil demand than oil supply. Renting a car is difficult due to high gasoline and diesel prices in many developing countries. Crude oil prices are not able to change rental prices frequently, which eventually leads to fluctuations in the profits of rental companies. In 2000, crude oil prices were $17. This price was raised to USD 45 by the increase in global demand in 2020. The global oil industry was also affected by the fact that gasoline and diesel prices were significantly increased by government taxes.
Main market trends
Many industry players have introduced mobile apps to facilitate customer booking and allow them to select the vehicle they want from their portfolio. Share Car, an Indonesian car sharing company, launched its car sharing app in February 2020. You can download the app on Android and Apple iOS smartphones. The market is expected to grow with the increased availability of these applications.
The car rental market growth is expected to be driven by the growing popularity of car sharing. Ola has launched Ola Drive, a car sharing service which Ola launched in October 2019. This new service is designed to create a shared mobility ecosystem in India. Economy cars held 31% of global car rental market revenue in 2019, followed by executive cars and fast luxury cars.
UFODrive raised US$19 million in Series A funding rounds in February 2022. Hertz, the car rental company, is the largest investor. Certares, a private equity firm, is the second. Hertz plans to use UFODrive’s digital rental and fleet management technology to operate its global fleet of electric cars.
Udrive is the national brand of the United Arab Emirates, offering a pay-per-minute car rental service. In February 2022, Udrive received another round of strong funding from Cultiv8 International. Udrive will use this investment to support its expansion in the region and further develop its technology.
Hertz Rentals partnered with Tesla Motors in November 2021. By 2022, 100,000 Model 3S will have been delivered to Hertz. Uber drivers should rent half of these vehicles.
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Key market segments
Key Market Players Included in the Report:
Hertz Global Holdings
Avis Budget Group
China Car Rental Inc
eHi Car Services
Uber Technologies Inc.
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