Car Rental Market Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2022-2027

According to IMARC Group's latest report, titled "Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global car rental market reached a value of US$ 76.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 96.5 Billion by 2027, exhibiting at a CAGR of 3.8% during 2022-2027.


Car rental, or hire a car facility, refers to the process of renting a car for a short duration. These car rental services are provided by agencies that purchase several fleet vehicles and rent them to customers for a fee. Nowadays, individuals prefer to hire a car on rent as it is a more cost-effective alternative than owning a vehicle and offers freedom of movement and low-cost traveling. Some rental cars are also equipped with entertainment systems, global positioning systems (GPS), and Wi-Fi networks.



We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.



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Global Car Rental Market Trends and Drivers:

The global car rental market is primarily driven by the rapid growth of the information technology (IT) sector. With the rising penetration of smartphones, renting a car through online platforms has become the most preferred choice. Besides this, increased travel and tourism activities have encouraged individuals to opt for car rental services, such as taxis and carpooling, for improved mobility and cost-effective traveling. The high usage rate of car rental services by daily commuters and office goers is also providing a positive outlook to the market. Besides this, governments of various countries are emphasizing on minimizing their vehicular emissions. Consequently, car rental services have emerged as one of the most economical modes of transportation.



Car Rental Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the car rental market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Avis Budget Group, Inc.
Carzonrent India Private Limited
Eco rent a car
Sixt SE
Localiza
Enterprise Holdings, Inc.
Enterprise Rent-A-Car
Europcar
The Hertz Corporation


Key Market Segmentation:

The report has segmented the global car rental market on the basis of booking type, rental length, vehicle type, application, end-user and region.


Breakup by Booking Type:

Offline Booking
Online Booking


Breakup by Rental Length:

Short Term
Long Term


Breakup by Vehicle Type:

Luxury
Executive
Economy
SUVs
Others


Breakup by Application:

Leisure/Tourism
Business


Breakup by End-User:

Self-Driven
Chauffeur-Driven


Breakup by Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iran, Others)


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Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape


If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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This release was published on openPR.