New York, U.S., Oct. 28, 2022 (GLOBE NEWSWIRE) — The Global car rental market was valued at USD 98.14 billion in 2020, and it is expected to grow at a CAGR of 4.6% between 2021 and 2028. A significant increase in the number of people traveling for business and pleasure globally is driving the need for car rental services, which is accelerating the growth of the industry.
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The global car rental market was valued at USD 98.14 billion in 2020, and it is expected to grow at a CAGR of 4.6% between 2021 and 2028. A significant increase in the number of people traveling for business and pleasure in the world is driving the need for car rental services, which is accelerating the growth of the industry. People are increasingly choosing on-demand transportation services for daily commuting and communication due to rising vehicle prices, shrinking parking spaces, and costly car maintenance. Therefore, it is expected that over the forecasted period, consumer preference for on-demand transportation will support the expansion of the market.
Better management of customer and business information and hassle-free online booking software are the two most effective strategies to help car rental service providers improve the services they provide to their customers.
Some key developments offered in the global car rental market report:
-June 2022: Carro, an online used car marketplace in Southeast Asia, has a 50% share of Indonesian car rental companies.
–January 2022: Sixt announced the expansion of its network of taxis and rental partners in Italy
–December 2021: Enterprise Holdings has announced that its subsidiary in Ireland has completed the acquisition of the headquarters of Dublin Walker Vehicle Rentals.
–August 2021: Zoomcar, an Indian car rental start-up, has announced plans for a $100 million expansion in South Asia.
-July 2021: MBK Partners, a private equity fund manager, has acquired a 100% stake in leading Chinese vehicle rental company CAR Inc.
Impact of COVID-19 on the global car rental market
The rapid expansion of COVID-19 in 2020 has had a huge influence on the tourism sector as a whole, which in turn has had an impact on the car rental sector. Demand for car rentals at the airport has declined due to the decline in international air travel. In order to maintain safety and stop the spread of the virus, car rental companies adhere to safety and hygiene standards, such as disinfecting their vehicles after each trip. Some car rental companies offer free face masks and hand sanitizers to their customers. Major industry players, such as Hertz and Avis, sold their older cars at a higher price than usual during the epidemic in order to turn these transactions into a source of revenue generation.
Global car rental market, by vehicle type
The car rental market is divided into luxury cars, executive cars, economy cars, sport utility vehicles (SUVs) and multi-utility vehicles based on vehicle type (MUVs)
Due to their greater passenger capacities, SUVs and MUVs are in high demand, and families and groups of friends enjoy traveling great distances in these types of vehicles because they are inexpensive and easy to find. Compared to other automotive sectors, the cost of buying and maintaining an economy car is minimal. Accordingly, the bulk of intercity taxis and airport taxis belong to the class of cheap cars.
Global car rental market, by type of application
Based on the application, the car rental market is divided into four groups: local use, airport transit, layover and others. Recent strong increases in international air travel are expected to accelerate the growth of the segment. In light of this development, several car rental companies are expanding their fleets and marketing their offerings at major airports.
Browse key industry information spread over 198 pages with 119 market data tables, plus figures and graphs from the report “Size of the global car rental market, COVID-19 Sharing and Impact Analysis, by Vehicle Type (Luxury Cars, Executive Cars, Economy Cars, SUVs, CUVs), by Application (Local Use, Airport Transportation, Outstation), by Region (North America ; Europe ; Asia-Pacific ; Latin America ; MEA), And Segment Forecasts, 2021 – 2030”, in detail with the table of contents
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Global car rental market, by region
Between 2021 and 2028, the market is expected to grow in Asia-Pacific region at the highest CAGR of around 8.0%. Markets in China and India would grow rapidly over the forecast period. Government limits on car purchases in some parts of China, which aim to address growing traffic and pollution problems, are likely to influence people’s decisions to use car rental services. North America held the largest market share at over 52.0% in 2020, with the United States being the largest market.
Some key points of the Car Rental Market report are:
- An in-depth analysis of the global car rental market by segments, as well as a
analysis of ideas and factors based on trends.
- Profiles of major market players operating in the global car rental market, which includes The Hertz Corporation (US), Enterprise Holdings Inc. (US), Avis Budget Group (US), Europcar Mobility Group (France), TOYOTA Rent a Car (Japan), Sixt SE (Germany), CAR Inc (China), Alamo Rent a Car LLC (United States).
- The analysis of the main impacting factors in the regions includes the analysis, as well as the drivers,
restraints, opportunities, and challenges prevailing in the global Car Rental market
- Impact of COVID-19 on the global car rental market.
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