The new report by Expert Market Research titled, ‘Global Car Rental Market Report and Forecast 2020-2025′, gives an in-depth analysis of the global car rental market, assessing the market based on its segments like booking type, application type, vehicle type, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2015-2025)
- Historical Market Size (2019): USD 124,344.7 million
- Forecast CAGR (2020-2025): 12.1%
- Forecast Market Size (2025): USD 246,752.1 million
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The car rental industry has undergone a drastic transformation over the past few years with rising levels of pollution and population, making it one of the most important fleet transport market. Manufacturers and consumers rely on various economical car rental schemes, including three-year car rental from their owners and then app-based reservations. In addition, automobile rental companies make an essential contribution to reducing emissions by reducing the volumetric sales of own cars.
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Industry Definition and Major Segments
A car rental or a car rental service is a company that charges cars for short term rentals. This is mostly structured with several local branches or are primarily situated in proximity to airports or busy city areas and often complemented by an online booking website. Car rental companies usually serve customers who have an out-of-service car temporarily, such as travelers out of the city or owners of damaged or disabled cars waiting for repair and insurance coverage. Car rental agencies can also serve the car industry’s needs due to the variety of sizes, through rental of cars or trucks as well as other types of vehicles, including motorcycles or scooters, are also available in certain markets.
The industry can be divided on the basis of its vehicle type as luxury/premium cars, economy/budget cars, SUVs and MUVs.
The industry can be broadly categorized on the basis of its application type into:
The industry can be divided on the basis of its booking type as offline access and online access.
The EMR report looks into the regional car rental markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
A substantial rise in the number of air passengers worldwide is anticipated to further improve the income produced from the segment in the coming years. Numerous businesses all over, by widening their brands as well as promoting their services through major airports worldwide, are seeking increasingly to benefit from this phenomenon. Prominent car rental companies have their offices on airports, where clients can use recruiting facilities round the clock, driving growth in the segment and anticipated significant growth in local travel and out station applications in the coming years. The lack of flexibility in road transport and regular schedules in public transit systems has led to travelers being preferred to hire cars in day-to-day travel, which has been driving the market in particular.
Key Market Players
The major players in the market are Ace Rent-a-car, Advantage Rent-a-car, National Car Rental, Avis Budget Group Inc. [CAR (NASDAQ)], Eco Rent a Car, Enterprise Holdings Inc., Hertz Corp. [HRI (NYSE)], Global Cars, Localiza-Rent-a-car SA [RENT3 (BVMF)], and Europcar Group [EUCAR (EPA)], among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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