Global Car Rental Market to Grow Substantially and Reach worth USD 189.3 billion by 2026
Published | 26 August 2020
Global Car Rental Market is expected to be USD 189.30 billion by
2026 from USD 92.92 billion in 2019, at a CAGR of 10.7 % from 2020 to 2026.
Global Car Rental Market depends on the number of car rental services,
preference for leisure travel, need for regular commutations and increasing
spending power of the people. Increasing tourism activities and continuously
expanding tourism budget have supported the growth of the car rental market.
The growing dependence of travellers on smartphones for carrying out a variety
of activities traditionally done by personal computers has significantly helped
transform the car rental experience for customers. Besides, the penetration of
smartphones drives the market growth in a big way. Many governments have been
focusing on developing the tourism sector to attract more visitors, adding to
the demand for car rental. But, high car rentals for extended counters may
restrict market growth.
Car rental agencies provide automobiles for a short period at a
specific cost. The car rental services are usually provided by operators with
many local branches, generally situated near airports or busy areas in the city
and are accompanied by a website to allow online reservations. The rental
period may vary from a few hours to weeks as per the requirement of the
customer. During the last few years, the trend of online booking, easily
accessible car rental services for daily or occasional travel and preference
for leisure travel have changed the scenario of the car rental market.
"Economy/Budget Car Segment dominates the Car Rental
Market."
The car rental market is divided into Economy/budget cars and
Luxury/premium cars based on vehicle type. Economy/budget cars lead the Global
Car Rental Market due to its high fuel-efficiency. And, this segment is
expected to secure a major market share in the projection period, also owing to
its more adoption among fleet owners and customers. Moreover, increasing gasoline
prices and growing environmental concerns have driven the demand for these cars
globally, because of its low environmental effect.
"The Key Drivers of the Global Car Rental market are
Increasing Demand for Online Car Rental Services and Increasing sales of
smartphones."
Online tourist vehicle bookings are increasing globally due to
the expanding usage of smartphones and the rising number of travellers aged
between 25 and 34, who prefer to book vehicle rentals by online channels.
Online booking and usage of smartphones serve a variety of purposes, including
verification of the renter's documents, offering details of the rental
vehicles, pick and drop services, e-signing contracts, and cashless
transactions.
With the rising trend in technology, renting a vehicle through
online booking has become the most favored choice of customers over the past
few years. Moreover, it provides additional facilities to monitor a rental
vehicle's operation, performance, and maintenance. Such features are tremendous
assets for drivers and fleet managers, allowing them to recognize risks in
advance and implement timely modifications in their rental services.
"North America dominates the Global Car Rental
Market."
North America is expected to be the most prominent car rental
market globally, in the forecast period. North America Car Rental Market is
characterized by the strong presence of many car rental operators, and the use
of advanced apps supported progressive technology. In 2018, the usage of these
services increased in several cities, fueled by increased initiatives by the
service operators. For instance, Uber Technologies Inc. adopted mobile
technologies and other devices to meet consumers' transportation requirements
more efficiently.
“The leading players” operating in the Global Car Rental Market are The leading
players considered for market analysis are Avis Budget Group Inc., Eco Rent a
Car, Enterprise Holdings Inc., Europcar Group, Car2go, Hertz Corp., Sixt,
Movida, Ace Rent-a-car, Global Cars, Localiza–Rent-a-car SA, Advantage
Rent-a-car, National Car Rental, Locamerica, and others.
The in-depth analysis of the report provides the growth
potential, upcoming trends, and statistics of the Global Car Rental Market size
& forecast. The report promises to provide state-of-the-art technology of
Global Car Rental Market and industry insights, which help decision-makers to
make sound strategic decisions. Furthermore, the report also analyzes the
market drivers, challenges, and competitive dynamics affecting the
market.
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