The car rental market size is expected to reach USD 214.04 billion by 2027

BANGALORE, India, September 1, 2020 /PRNewswire/ — The car rental industry has undergone a sea change with the growth in emission levels and population, becoming one of the most influential industries in fleet transportation. Major factors that are expected to increase the growth of the car rental market size include an increase in the trend of on-demand transportation services and low car ownership rates among millennials.

The global car rental market size was valued at $92.92 billion in 2019 and is expected to reach $214.04 billion by 2027, registering a CAGR of 10.7% from 2020 to 2027.

This report presents an overview of the global car rental industry, current developments, and potential projections to outline the impending pockets of investment.

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In recent years, several governments have focused on improving tourism. Growth in tourism activities and increase in tourism budget propelled the growth in car rental market size.

The main development seen in global car rental is the introduction of electric vehicles in rental services. Rising awareness of environmental pollution and government initiatives to encourage the use of electric vehicles are expected to provide lucrative business opportunities

Technology is a key component that is expected to fuel the growth in car rental market size. The increased adoption of information technology is changing the industry and enabling operators to provide better services to their customers. This involves using integrated management of company and customer data and designing convenient online booking applications.

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North America accounted for the highest share of the global car rental market in 2019, in terms of revenue, and LAMEA is expected to show remarkable growth rate during the forecast period.

Asia Pacific is expected to witness the highest growth during the forecast period. Low-budget rentals generate much of the market revenue, due to the cost-sensitive nature of the economy. Additionally, the regional self-drive rental trend is expected to see strong traction in the coming years.

The economy car segment is expected to hold the largest car rental market share based on car type. This can be attributed to the high fuel efficiency of these cars, which encourages their fleet operators and the adoption of car rental services by individuals.

Based on channel, the online category held the largest car rental market share. The dominance of this segment is attributed to increased mobile penetration, growth of Internet of Things (IoT) and improved user-friendliness.

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By app

By rental category

By type of car

  • Luxury car
  • executive car
  • Economy car
  • Sport utility vehicle (SUV)
  • Multi-Utility Vehicle (MUV)

Main market players

  • Avis Budget Group
  • Europcar
  • Enterprise Holding Inc.
  • Hertz System, Inc.
  • localized
  • SIXT
  • Uber Technologies, Inc.
  • Carzonrent India Pvt Ltd.
  • Eco Rent a Car
  • ANI Technologies Pvt. ltd. (OLA TAXI’S)

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The size of the global electric car rental market is expected to reach $2044.7 million by 2026, $866.2 million in 2020, at a CAGR of 15.4% over the period 2021-2026.

Advancements in battery technology, such as the production of Li-ion batteries, are driving the growth of the electric vehicle industry, as Li-ion batteries have complex chemistry.

The Electric Car Rental Market report focuses on market volume and value at global level, regional level and company level. This report represents overall Electric Vehicle Rental Market Size by analyzing historical data and future prospect from a global perspective.

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The luxury car rental market was worth approximately $10 billion worldwide in 2016.

In 2019, the size of the global luxury car rental market was $16,660 million and it is expected to reach $60,470 million by the end of 2026 growing at a CAGR of 20.0% over the period 2021-2026.

North America is expected to hold the largest luxury car rental market share with nearly 50% of the global market, followed by Europewhich represents approximately 29% of market share.

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The rate of concentration in the carpooling market is high. Although there are many small players in Global, major brands occupy a significant market share. The Top 5 occupied more than 79.04% of the global market in 2017.

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The size of the global mobility as a service (MaaS) market will reach $230,400 million by 2025, $43,440 million in 2019, at a CAGR of 32.6% over the forecast period.

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The global smart mobility market has been valued at $34.04 billion in 2019 and is expected to reach $70.46 billion by 2027, registering a CAGR of 20.2%.

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Pamela W. Robbins