According to IMARC Group’s latest report, titled “Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global car rental market reached a value of US$ 76.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 96.5 Billion by 2027, exhibiting at a CAGR of 3.8% during 2022-2027.
Industry Definition and Application:
Car rental refers to a service provided by car hire agencies to temporarily rent vehicles for a short duration through online or offline channels. It is widely utilized by travelers arriving at a new destination and individuals who do not own private vehicles at a predetermined rate. Car rental offers considerable advantages, such as eliminating maintenance service costs, depreciation loss, insurance fees, and vehicle-related taxes. Apart from this, it provides optimal convenience, safety, and security to users through various services, such as navigation systems, car damage repair, insurance compensation policies, and Wi-Fi networks.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends:
The global car rental market is primarily being driven by significant growth in the tourism industry. In line with this, the increasing consumer inclination towards car rental services for improving mobility, comfort, and hygiene while traveling is propelling the market growth. Additionally, the integration of car damage assessment with artificial intelligence (AI) to provide a data-driven approach against fraudulent practices and improve reliability is providing an impetus to market growth. Other factors, including online shifting of car rental platforms with digital payment solutions, increasing internet penetration, and enhanced customer experience due to reduced paperwork, are anticipated to drive the market toward growth.
Competitive Landscape With Key Players:
The competitive landscape of the car rental market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Avis Budget Group, Inc.
- Carzonrent India Private Limited
- Eco rent a car
- Sixt SE
- Localiza
- Enterprise Holdings, Inc.
- Enterprise Rent-A-Car
- Europcar
- The Hertz Corporation
Key Market Segmentation:
The report has segmented the global car rental market on the basis of booking type, rental length, vehicle type, application, end-user and region.
Breakup by Booking Type:
- Offline Booking
- Online Booking
Breakup by Rental Length:
- Short Term
- Long Term
Breakup by Vehicle Type:
- Luxury
- Executive
- Economy
- SUVs
- Others
Breakup by Application:
- Leisure/Tourism
- Business
Breakup by End-User:
- Self-Driven
- Chauffeur-Driven
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, South Africa, Others)
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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