Car Rental Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Report Scope

This report analyzes the global car rental market in terms of vehicle type, rental category, and geography. On the basis of vehicle type, the global car rental market is segmented into economic vehicles, executive vehicles, SUVs, MUVs, and luxury cars. Similarly, on the basis of rental category, the global car rental is further classified into airport transport, local transport, and outstation transport. The geographical distribution of the global car rental market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Overview:

The perpetual rise in the number of air travelers for leisure as well as business trips is driving the car rental market worldwide. The advancements in technologies leading to the integration of telematics and navigation solutions in cars has been instrumental in ensuring transparency and winning confidence of people over car rental services. The introduction of car rental apps has further augmented the reach of car rental services. The availability of wide range of vehicles with different cost plans has allowed consumers the flexibility of choosing vehicles as per their need, thereby supporting the market growth. These factors are expected to contribute towards a double digit compounded annual growth rate (CAGR) during the forecast period 2021 - 2029.1.1 Report Description

Purpose of the Report

The purpose of this strategic research study titled “Car Rental Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 - 2029” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global car rental industry.

1.1.1 Target Audience

• Industry Investors
• Car Rental Service Providers
• App Developers
• End-users

1.1.2 USP and Key Offerings

The report titled “Global Car Rental Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 - 2029” offers strategic insights into the global car rental market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on vehicle type, rental category, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the key industry participants, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and recent developments. Other in-depth analysis provided in the report includes:

• An overview of the global car rental market
• Current and future market trends to justify the forthcoming attractive sub-markets within the digital car rental market
• Qualitative assessment tools such as market drivers, challenges and future prospects, value chain, and attractive investment proposition.
• Focus on each level of market segmentation based on product approvals, launch, and current and anticipated market dynamics.
• A general overview of the industry structure
• Company profiles highlighting key information about the major players operating in the global car rental market
• Market competition scrutiny tools such as market share analysis, fractal map, etc.
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global car rental market, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above mentioned factors. On the basis of rental category, the car rental market is categorized into following segments:

• Airport Transport
• Local Transport
• Outstation Transport

As of 2020, the airport transport category led the overall car rental market. The category accounted for over 40% of the global car rental service revenues in the same year. The perpetual rise in the number of air travelers globally is expected to have positive impact on the overall demand car rentals in the air transport segment. Thus, the air transport category is expected to witness healthy growth during the forecast period 2021 - 2029. On the other hand, both outstation and local travel categories are expected to register strong gains in the coming years. With the lack of proper public transport infrastructure, especially in the emerging economies, people are turning towards rental car services for their day-to-day intra-city navigation. The car rental service companies offer variable rates as per the distance covered, making long trips (outstation trips) cost effective for their customers. On the basis of vehicle type, the car rental market is categorized into following segments:

• Economy Vehicle
• SUV
• MUV
• Executive Vehicle
• Luxury Vehicle

As of 2020, economy vehicles dominated the overall car rental market worldwide and are expected to witness robust growth, especially in Asia Pacific and Rest of World. This is majorly on account of the benefits offered by these cars in terms of cost and mileage. Commuters generally prefer economy rental cars for their day-to-day intra-city navigation. The trend shall prolong and the segment is expected to register robust growth during the forecast period. Executive cars are witnessing strong growth owing to the rising demand from corporate delegates. There has been a significant rise in the number of business travelers, who generally opt for higher quality service offered by the executive cars. MUVs are also expected to register stronger gains during the forecast period on account of their ability to accommodate large number of people and offer high speed and power capabilities.On the basis of geography, the global car rental market is segmented into following regions and countries.

• North America
• U.S.
• Canada
• Europe
• U.K.
• France
• Germany
• Rest of Europe
• Asia Pacific
• Japan
• China
• India
• Rest of Asia Pacific
• Rest of the World
• Latin America
• Middle East and Africa

North America comprising Canada and the United States is currently the largest regional car rental market followed by Europe and Asia Pacific. As of 2020, the region accounted for over 38 percent of the global market revenue. The trend shall prolong and the region is presumed to remain the largest car rental market throughout the forecast period 2021 - 2029. The growth in the region is driven by easy availability of insurance and rise in the number of air travelers for leisure as well as corporate trips. On the other hand, Asia Pacific is expected to witness maximum growth, outpacing North America and Europe during the same period. Japan remains one of the most prominent car rental markets in the region. Surge in inbound arrivals has supported the car rental market in the country. The leading car rental companies in the country like Toyota are focusing on tapping foreign travelers by offering features like WiFi, multi-language booking platforms and in-car navigation among others.


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