ALBANY, NY, April 06, 2022 (GLOBE NEWSWIRE) — The global car rental market was worth US$64.80 billion in 2020. The global market is expected to grow at a CAGR of 6% during of the forecast period, starting from 2021 by 2031. The global car rental market is expected to surpass the value of US$121.1 billion by 2031. Due to the growing demand for rental services of cars in the world, manufacturers in the global car rental market are expected to have significant development prospects in the coming years. In order to increase their revenue, major companies in the global car rental market are focusing on expanding and strengthening their service offerings by collaborating with and acquiring global and local players.
Car rental companies are stepping up to gain a competitive advantage in the global market. The market is bolstered by governments in developing countries increasing their investment and encouraging the use of rental vehicles. The global market is also growing owing to the growth in the tourism industry and technical advancements in car rental services.
Large companies can stay ahead of the competition by taking advantage of technological advancements and digitalization. Car rental services are usually supplemented by websites that allow online reservations, and car rental offices are usually located near airports or popular city centers. Car rental companies usually include additional services such as GPS navigation systems, entertainment systems and insurance, in addition to the basic rental of a vehicle.
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Key Findings of the Market Report
- The leisure category is expected to have a major market share in terms of customers during the forecast period. The majority of business trips are canceled or not taking place due to COVID-19 as most businesses have moved to online platforms. People started taking more vacations following the outbreak as the situation improved, leading to growth in the tourism industry and demand for car rental services.
- Chauffeur-driven vehicles are likely to occupy a leading position depending on the end use. However, due to the increasing use of services such as Zoomcar and millennials choosing to drive themselves while on vacation, the motorist category is likely to grow throughout the forecast period.
- Players are striving to increase the size of their fleets to meet growing demand. Technology is also used to improve the consumer experience. Advanced audio systems, GPS, connection gadgets, etc. are examples of such technologies. The integration of these technologies is expected to propel the global car rental market in the near future.
- Market growth is also driven by increasing leisure activities among millennials. Additionally, increasing demand for high-end vehicles for short-term transportation services is expected to drive the market throughout the forecast period.
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Car rental market: growth drivers
- North America is expected to dominate the global car rental market, owing to the growth in the number of leisure and business trips made both at home and abroad. The existence of a considerable number of service providers in the region, such as Enterprise Rent-a-Car and Avis Budget Group, as well as the constant evolution of customer preferences towards rental services, should improve the potential revenue generation in North America.
- Advancements in technology have enabled the proliferation of web-based sales channels, leading to an increase in online bookings. Customers can rent a car online anytime and from anywhere. They also help tenants manage and initiate reservations and payments on the go using a tablet or smartphone.
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Global car rental market: main competitors
- Budget Rent A Car System, Inc.
- Enterprise Holdings, Inc.
- The Hertz company
- Avis Rent A Car System, LLC
- National Car Rental
- Carzonrent India Pvt Ltd
Global car rental market: segmentation
- Luxury car
- executive car
- Economy car
- Car SUV
- CUV car
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- Airport transfer
- Outside airport
- Driver driven
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