The global car rental market reached a value of US$ 93.7 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$ 144.7 Billion by 2026, growing at a CAGR of 7.2% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Car rental refers to the facility of renting automobiles temporarily for a predefined period through online or offline channels. Car rental services are primarily aimed at serving travelers and individuals who do not own private vehicles. Renting automobiles is considered to be a more cost-effective alternative to owning a vehicle as it offers freedom of movement, low-cost traveling and enables the evasion of high ownership costs. The service providers also offer various other products, such as car damage repair, insurance compensation policies, entertainment systems, global positioning systems (GPS) and Wi-Fi networks, for providing enhanced convenience to users.
Global Car Rental Market Trends and Drivers:
- Significant growth in the travel and tourism industry across the globe is one of the key factors driving the growth of the car rental industry. Furthermore, the rising urban population with increasing inclination toward adventure and travel is also providing a boost to the market growth. In line with this, individuals are adopting car rental services in the form of taxis and carpooling for increased mobility and cost-effective traveling.
- The implementation of favorable government policies, along with the increasing awareness regarding environment conservation, is acting as another growth-inducing factor. Governments of both the developed and emerging economies are emphasizing on minimizing their vehicular emissions and promoting car rental services as one of the most economical modes of transportation. Other factors, including the introduction of car rental services through websites and smartphone-based applications, coupled with increasing expenditure capacities of the masses, are expected to drive the market further.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global car rental market along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on booking type, rental length, vehicle type, application, end user and region.
Breakup by Booking Type:
- Offline Booking
- Online Booking
Breakup by Rental Length:
Breakup by Vehicle Type:
Breakup by Application:
Breakup by End-User:
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The global car rental industry is highly fragmented with the presence of several small and large players. Some of the major players in the market are:
- Avis Budget Group, Inc.
- Carzonrent India Private Limited
- Eco rent a car
- Sixt SE
- Enterprise Holdings, Inc.
- Enterprise Rent-A-Car
The Hertz Corporation Key Questions Answered in This Report:
- How has the global car rental market performed so far and how will it perform in the coming years?
- What are the key regional markets?
- What has been the impact of COVID-19 on the global car rental market?
- What is the breakup of the market based on the booking?
- What is the breakup of the market based on the rental length?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end-user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the market?
- What is the structure of the global car rental market and who are the key players?
- What is the degree of competition in the market?