Car rental is a service that contains renting cars for many purposes. The service is obtainable through both online and offline sources. The car rental duration is in terms of hours or calendar month. Car rental services are valuable for individuals who do not have self-owned vehicles. As part of the services, car rentals propose an insurance policy and car damage service. About the other value-added services are free Wi-Fi, entertainment devices, and safety seats for kids. The global market of car rental is undergoing high demand every year. Most often, car rental schemes are cost-effective that upsurge demand.
The car rental global market also verges the number of self-owned vehicles on the street. It eventually reduces air pollution and traffic. The economic rates and ease of booking subsidize the market Growth at an exponential pace. The COVID-19 pandemic stuck the growth of the car rental market due to travel restrictions and the closure of several tourist agencies and car rental service providers. The restrictions have been raised across the world and the car rental market started improving by end of 2021 due to consumer inclination for rental services across main countries in the North American and European region.
According to MRFR analysis, the global Car Rental Market is expected to register a CAGR of ~ 9% from 2021 to 2030 and hold a value of over ~USD 120.1 billion by 2030.
Regional Analysis
North America is the major car rental industry in the world. Its acceptance of car rental software and cost-effective rentals are the pouring factors of this market. The US meets the demand for car rentals proficiently. Also, the steady flow of car rental supply and demand trends is an important reason for success. Other regions that share massive markets are Asia Pacific, and Europe. The flourishing tourism market in Europe is the pouring factor for car rentals in the region. The growing urbanization and population are the demand-heavy factors of the market in Asia pacific regions.
Market Segmentation
The global Car Rental Market has been segmented into vehicle type, and application.
Based on vehicle type, The Global Car Rental Market has been segmented into luxury cars, executive cars, economy cars, SUVs, and MUVs. The economy cars segment accounted for the largest revenue share of over 33.0% and is projected to retain its dominance over the estimated period. Some of the major factors driving the growth of this segment are the compact nature and cost-effectiveness of these cars. As a result, economy cars are progressively preferred for airport and intra-city travel.
Based on application, The Global Car Rental Market has been segmented into local usage, airport transport, outstation, and others. The airport transport segment dominated the market and accounted for over 40.0% of the revenue share. It is projected to hold its dominance over the forecast period. A significant upsurge in air travelers globally in recent years is expected to boost segment growth.
Key Players
Some of the key market players are Enterprise Holdings Inc, Europcar, Carzonrent India Pvt Ltd, SIXT, Eco Rent a Car, Avis Budget Group Inc, Hertz Global Holdings Inc, ANI Technologies Pvt. Ltd., Uber Technologies Inc., Localiza
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