NEW YORK, May 18, 2020 (GLOBE NEWSWIRE) – The world car rental market was valued at $ 86.3 billion in 2019 and is expected to reach $ 131.0 billion by 2025, growing at a CAGR of 6.9% in 2020-2025. In 2019, the tourism industry saw massive growth with tourists increasing their tourism budget, which significantly supports the growth of the car rental market. Tourism thrives as tourists find it as a socially acceptable leisure and activity, so apart from business meetings or exploring the city, tourists splurge to visit new places. Moreover, car rental offers convenience and flexibility to the tourist to explore any location.
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The executive type vehicles segment is expected to experience the fastest growth in the global car rental market during the forecast period (2020-2025)
Based on vehicle type, the global car rental market is segmented into Executive, Luxury, SUV, Economy, and MUV. Of all vehicle types, the executive type vehicles segment is expected to experience the fastest growth in the global market during the forecast period. This is due to the growing number of business travelers around the world, especially in emerging economies.
Explore key industry insights in 46 tables and 30 figures taken from the 134 pages of the report, “Global Car Rental Market Analysis and Forecast to 2025 – Industry Analysis by Vehicle Type (Executive, luxury, SUV, economy, MUV), by application (airport transport), Remote station, Local use and others) â
Geography overview
Geographically, North America is the largest car rental market and is expected to generate the largest revenues by 2025. This is due to the growing number of business and leisure travel, both domestic and international. On the other hand, Asia-Pacific is expected to experience the highest CAGR during the forecast period due to improved road infrastructure and accessibility to high-end luxury vehicles.
Competition overview
Some of the major players operating in the global car rental market are Sixt SE, Uber Technologies Inc., Carzonrent India Pvt Ltd., Europcar, Avis Budget Group, Inc, German Rent a Car, DTG Operations, Inc., Localiza Rent a Car SA, Enterprise Holdings Inc., Tempest Car Hire, The Hertz Corporation, Alamo and Eco Rent a Car.
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Car rental around the world Market coverage
Vehicle Type Overview and Forecast 2015 – 2025
- Executive
- Luxury
- SUV
- Economy
- MUV
Application Overview and Forecast 2015 – 2025
- Airport transport
- External post
- Local use
- Others
Geographic segmentation
Car Rental Market by Region
North America
- By vehicle type
- By application
- By country – United States, Canada and Mexico
Europe
- By vehicle type
- By application
- By country – Germany, UK, France, Italy, Spain, Netherlands and rest of Europe
Asia-Pacific (APAC)
- By vehicle type
- By application
- By country – China, Japan, India, Australia and rest of Asia-Pacific
Rest of the world (RoW)
- By vehicle type
- By application
- By country – Brazil, United Arab Emirates and other countries
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