With purchasing powers of consumers rising, the Global Car Rental Market expected to grow at 14% CAGR between 2020 and 2023 | Major Key Players are Avis Budget Group (USA), Bandago Van Rental (USA), Capps Truck & Van Rental (USA).

Market Synopsis

The car rental market 2020 is presumed to attract a larger customer base. It is due to the increasing popularity of the service that the market is expected to grow substantially. In a report offered by MRFR, Market Research Future, the global car rental market is supposed to register 14% CAGR over the evaluation period 2020 to 2023. The service portfolios of the players are being innovated to attract more customers. This, in turn, is anticipated to drive the expansion of the car rental market in the upcoming years. Availability of a wide range of services to choose from is supposed to boost the rate of growth of the market in the years to come.

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These services are offered based on time to suit specific purposes of the customers. It is one of the main drivers of the car rental market. Recently, monthly subscription models are also introduced in the market. It is presumed to revolutionize the growth curve of the car rental market. Key players are capitalizing on the rising opportunities due to urbanization. Increasing disposable income and elevation in standards of living are supposed to fuel demand for these services during the projection period. Rising working population is also anticipated to facilitate an upswing in revenue creation over the forecast period. Governments are implementing favorable laws in support of the growth of the car rental market. These factors are, in turn, prognosticated to catapult the car rental market on its growth trajectory. However, the rising popularity of carpooling services might challenge the players of the market in the near future.

Market Segmentation

On the basis of type, the car rental market has been segmented into local, airport, outstation, and others.
On the basis of mode of booking, car rental market has been segmented into online and offline.
On the basis of application, the car rental market has been segmented into business and non-business.
On the basis of vehicle type, the car rental market has been segmented into sedan, MUV, luxuries, SUV, and others.

Regional Analysis

The geographic evaluation of the global car rental market is included in this report. It includes an assessment of the following region based segments - North America, Asia-Pacific, Europe, and the Rest of the World (RoW). These regional segments are studied on the basis of countries to provide an impactful insight into the global market place. North America is assessed to hold the most significant share of the global market. It is anticipated to retain the position through the assessment period. Both in terms of volume and revenue, this region is assessed to exercise dominance. Europe is also a booming market. It is projected to thrive on account of rising population and strong economic development. APAC is also catching up and is presumed to attract huge investments.

Competitive Dashboard

Avis Budget Group (US), Europcar (France), Enterprise Holdings, Inc. (US), The Hertz Corporation (US), Sixt SE (Germany), Capps Truck & Van Rental (US), Eco Rent a Car (India), Localiza (Brazil), Al-Futtaim Vehicle Rentals Company LLC (Qatar), and Bandago Van Rental (US) are few of the important players of the car rental market. These players are innovating their service portfolios to gain leverage and elevate their financial positions in the market.

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Various domestic and international players have entered the market and many more are expected to enter in the foreseeable future. Some of the growth strategies assessed to be witnessed in this car rental market are as follows – mergers & acquisitions, collaborations, agreements, partnerships, and alliances among others. Technological advancements are poised to dominate the growth pattern of these players.

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