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Car Rental Market COVID-19 Impact Study | Forecast Analysis Report 2020-2027
Car rental
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Major driver of the market growth
Rise in trend of on-demand transportation services and low rate of car ownership among millennials have boosted the growth of the global car rental market. However, low rate of Internet penetration in developing countries hampers the market growth. On the contrary, adoption of car rental management software is anticipated to open new opportunities in the coming years.
Commercial segment to portray highest CAGR through 2027
By application, the commercial segment is anticipated to manifest the highest CAGR of 11.5% during the forecast period. The tie-up between the commercial organization and car rental services providers to provide lucrative offers to the consumers makes commercial the fastest segment in the application. However, the leisure segment held the largest share in 2019, accounting for more than half of the market, due to rising urbanization, increase in fleet transportation and growing travel and tourism industry.
Economical car held the largest share
The economical car held the largest share in 2019, contributing to nearly one-third of the market. This is due to expansion and progression of the travel & tourism industry and enhanced road infrastructure. However, the sports utility vehicle (SUV) segment is anticipated to register the fastest CAGR of 14.7% during the study period, owing to rise in population and increase in demand for rental cars due to the booming travel and tourism industry.
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North America dominated the market
The market across North America held the largest share in 2019, contributing to more than two-fifths of the total revenue. This is owing to lack of route flexibility in public transportation and need of greener environment. However, the market across LAMEA is projected to portray the highest CAGR of 15.1% during the study period, due to development of the travel & tourism industry, rise in disposable income of people.
Leading market players analyzed in the report include Avis Budget Group, Inc, EuropeCar, Enterprise Holdings, Inc., Hertz System, Inc., Localiza, Sixt, Carzonrent India Pvt Ltd., Eco Rent a Car, ANI Technologies Pvt. Ltd., and others. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry. The research offers an extensive analysis of key players active in the global car rental industry. Detailed analysis on operating business segments, product portfolio, business performance, and key strategic developments is offered in the research.
Major market players
* Avis Budget Group, Inc
* Enterprise Holdings, Inc.
* EuropeCar
* Localiza
* Hertz System, Inc.
* Carzonrent India Pvt Ltd.
* Sixt
* ANI Technologies Pvt. Ltd.
* Eco Rent a Car
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