Automobile Rental And Leasing Market Estimated To Experience A Hike In Growth By 2023 | Global Industry Analysis | Major Companies: Enterprise Holdings, The Hertz Corporation, Avis Budget

The Business Research Company’s Automobile Rental And Leasing Market Report - Opportunities And Strategies - Global Forecast To 2030

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The global automobile rental and leasing market is expected to decline from $366.9 billion in 2019 to $239.6 billion in 2020 at a compound annual growth rate (CAGR) of -35%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 15.06% from 2021 and reach $421.3 billion in 2023. The market is expected to grow at a CAGR of 8.1% to nearly $492.6 billion by 2025, and at a CAGR of 8.0% to $723.3 billion by 2030.

The key drivers of the automobile rental and leasing market include:
Coronavirus disease (COVID-19) is an infectious disease that is caused by a newly discovered coronavirus. The disease outbreak has affected the automobile rental and leasing market across several countries in the world, and mostly in the countries where lockdown is declared to contain the disease.

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Automobile Rental And Leasing Market Segmentation:-
By Type
1. Passenger Car Rental
2. Passenger Car Leasing
3. Truck, Utility Trailer, And Recreational Vehicle Rental And Leasing
The automobile rental and leasing market is segmented by type into passenger car rental, truck, utility trailer, and RV (recreational vehicle) rental and leasing, and passenger car leasing. The passenger car rental market was the largest segment of the automobile rental and leasing market, accounting for 61.6% of the total in 2019. It was followed by truck, utility trailer, and RV (recreational vehicle) rental and leasing, and passenger car leasing. Going forward, the passenger car leasing segment is expected to be the fastest growing segment in the automobile rental and leasing market, at a CAGR of 6.2%.

By Type Of Mode-
1. Online
2. Offline
The automobile rental and leasing market is segmented by mode into passenger online and offline. The offline market was the largest segment of the automobile rental and leasing market segmented by mode, accounting for 50.6% of the total in 2019. Going forward, the online segment is expected to be the fastest growing segment in the automobile rental and leasing market segmented by mode, at a CAGR of 9.1%.

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By Geography - The automobile rental and leasing market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

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Some of the major key players involved in the automobile rental and leasing market are
1. Enterprise Holdings
2. The Hertz Corporation
3. Avis Budget
4. Daimler Group
5. LeasePlan

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.