The car rental market is poised to grow at a steady pace from 2019 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. 22, 2022 /EINPresswire.com/ — Allied Market Research recently released a report titled “Car Rental Market by Application (Leisure and Commercial), Rental Category (On Airport and Off airport) and Vehicle Type (Luxury Car, Executive Car, Economy Car, Sport Utility Vehicle (SUV) and Multi-Utility Vehicle (MUV)): Global Opportunity Analysis and Industry Forecast, 2020-2027″. According to the report, the he global car rental industry was estimated at $92.92 billion in 2019 and is projected to reach $214.04 billion by 2027, growing at a CAGR of 10.7% from 2020 to 2027.
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Major driver of market growth
Rising trend of on-demand transportation services and low car ownership rate among millennials has boosted the growth of the global car rental market. However, the low internet penetration rate in developing countries is hampering the growth of the market. On the contrary, the adoption of car rental management software should open up new opportunities in the years to come.
Commercial Segment to Show Highest CAGR Till 2027
By application, the business segment is expected to show the highest CAGR of 11.5% during the forecast period. The link between the sales organization and car rental service providers to deliver lucrative deals to consumers makes sales the fastest segment of the application. However, the leisure segment held the largest share in 2019, accounting for more than half of the market, owing to increasing urbanization, increase in fleet transportation, and growth in the travel and tourism industry. tourism.
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The economy car held the largest share
The economy car held the largest share in 2019, contributing almost a third of the market. This is due to the expansion and progression of the travel and tourism industry and improved road infrastructure. However, the sport utility vehicle (SUV) segment is expected to register the fastest CAGR of 14.7% during the study period, owing to the increase in population and increase in demand for rental cars due to the boom in the travel and tourism industry.
North America dominates the market
The North American market held the largest share in 2019, contributing more than two-fifths of total revenue. This is due to the lack of route flexibility in public transport and the need for a greener environment. However, the LAMEA market is expected to show the highest CAGR of 15.1% during the study period, owing to the development of travel and tourism industry, increase in disposable income of people .
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Main market players
Avis Budget Group, Inc.
Enterprise Holdings, Inc.
Hertz System, Inc.
Carzonrent India Pvt Ltd.
ANI Technologies Pvt. ltd.
Eco Rent a Car
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