Tokyo, Jan. 13, 2022 (GLOBE NEWSWIRE) — The world car rental market size was worth approximately US$102.08 billion in 2021. Increase in technological advancement is driving the growth of car rental market. The growing popularity of online rental car booking apps is also fueling the growth of the market. Furthermore, the characteristics like time saving and cost effectiveness provide lucrative opportunities for the development and growth of the car rental market. Car rental also helps control pollution by reducing the volume of own-car sales. Moreover, the development of infrastructure in developing regions opens a new avenue for market growth. Also, increasing internet penetration in developed regions will help the market grow over the forecast period.
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North America is the largest car rental market segment in terms of region. The United States is considered as the leading country due to the major market players operating in this region. These market players have adopted car rental software in smart phone applications, which is driving the growth of the North America car rental market. Companies such as Avis, Alamo, Hertz, Enterprise, Thrifty and Dollar are the major players in the car rental market in the United States.
Report scope car rental market
|Market size in 2021||US$102.08 billion|
|CAGR from 2021 to 2030||6.9||%|
|Biggest earner||North America|
|Companies covered||Avis Budget Group, Europecar, Sixt SE, Enterprise Holdings Inc., Localiza, The Hertz Corporation, Toyota Rent-a-Car, Alamo Rent-a-Car LLC, Carzonrent India Pvt Ltd, ANI Technologies Pvt. ltd|
The Asia-Pacific region is the fastest growing region in the car rental market. Countries like China, Japan, India and South Korea are showing the strongest growth in the region. People, who cannot afford to buy their own car, rent a car for commuting and commuting. Companies such as Guangzhou Refine Car Rental, NTours and Dollar Car Rental, Niconico Rent-a-car, Smile Rental Car and SKY Rent-a-car are some of the leading car rental companies in the Asia-Pacific region.
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- Based on vehicle type, economy car segment dominated the global car rental market in 2020 with the highest market share. This is mainly attributed to the low maintenance costs of economy cars. Economy cars are fuel-efficient cars that reduce fuel or gasoline costs.
- Based on the rental duration, the short-term segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to short trips and journeys. Rental cars are mainly used to travel short distances.
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Increase in the number of companies work places
The number of head offices increased over the decade. The population of employees has also increased over time. Initially, the number of male employees was high, but now the scenario has changed. For the safety and security of employees, companies have started to provide taxi or transport services for remote locations. This has increased the demand for car rental services. The company rents the car from car rental companies for its employees. As a result, the increase in the number of corporate workplaces is driving the growth of the car rental market.
Soaring crude oil prices
The demand for gasoline or crude oil has increased over time. But there is shortage of fossil fuels and cannot meet global demand. Consequently, this increased the price of crude oil. This had a significant impact on the growth of the transportation and automotive industry. Also, government taxes have increased on gasoline and crude oil. It also increased the price of fuel. Thus, surging crude oil prices will limit the growth of the car rental market over the forecast period.
Rise in the tourism sector
The growth of the tourism sector has contributed to the economic development of developing regions, by stimulating the growth of the automotive industry and transport. The trend of travel and tourism has increased in the millennial generation. Millennials are more interested in traveling and going for walks. Long trips and short group trips require a vehicle. Because of this, the demand for car rental services has increased among this generation group. Additionally, millennials cannot own their own car, which has also increased the demand for car rental services. Accordingly, the boom in the tourism sector creates lucrative opportunities for the growth of the car rental market.
Low internet penetration rate
The car rental service is primarily operated through online reservations using smartphone apps. This requires a good internet connection. But countries like North Korea, Eritrea, South Sudan, Comoros, Central African Republic, Somalia, Burundi, Niger, Kiribati, and Liberia have low internet penetration. This limits market players to operate in these regions. Drivers need GPS to track the location of passengers. This has increased the importance of internet penetration for car rental service providers. The high price of internet connection is also hampering the growth of the market. Thus, the low internet penetration rate in developing and underdeveloped regions is a huge challenge for the growth of the car rental market.
Segments covered in the report
By type of vehicle
- luxury cars
- Economy cars
- Executive cars
By type of request
- Local use
- External station
- Airport transportation
By rental duration
- North America
- Asia Pacific
- Rest of the world
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