Car Rental Service Market is Rising Due to Growing Demand for Luxury Cars for Short-Term Transportation Services

The global car rental services market is expected to reach a valuation of US$ 134 Bn in 2021. Growing popularity of ride-sharing services is expected to augment the growth of the market, pushing sales at a 7.2% CAGR over the assessment period.

Subscription models are increasingly gaining traction among consumers as they are cost-effective and offer more convenience. Driven by this, various OEMs are entering the market with improved service offerings, which is expected to augment the growth of the market.

Further, players are aiming to improve their present working models, while utilizing their abilities in fleet management and existing public fleet presence to gain a competitive advantage.

Vehicle subscriptions are expected to entice customers who may not represent conventional customer profiles for OEMs. For example, few extravagant OEMs are trying membership models widen their customer base.

Moreover, the car subscription model permits customers to maintain a strategic distance from upfront capital necessities and long-term contracts related with buying or renting. It also allows consumers to access comfort and adaptability with the "all-in" month-to-month expense and responsibility.

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Key Takeaways:

Based on car type, demand for economy cars is expected to surge at a considerable pace over the forecast period.
In terms of end use, the on-airport segment is projected to remain dominant through 2031.
Sales in the mobile application segment are forecast to continue gaining traction over the forecast period.
The U.S. is expected to dominate the North America market owing to the presence of key market players and increasing preference for ride-sharing services.
Demand in the U.K. is expected to remain high due to growing prevalence of medical tourism in the country.
Competition Landscape

Some of the key players operating in the car rental services market are Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, AI Futtaim Group, Localiza-Rent A Car, Eco Rent A Car, and GlobalCARS among others.

Leading players operating in the market are offering services aligned with consumers' expectations to gain a competitive edge in the market. Besides this, players are investing in mergers, acquisitions and collaborations to strengthen their footprint in the market. For instance:

In January 2020, Localiza Rent A Car SA had been ranked 7th place in customer service - EXAME / IBRC (Ibero-Brazilian Institute for Customer Relations)
In 2019, Enterprise Holdings, Inc. had acquired Romsey-based car rental company, SHB Hire Ltd. The latter operates a fleet of over 18,500 commercial vehicles and this acquisition would help the company to form one of the largest U.K. commercial vehicle rental business.
In 2019, Hertz Global Holdings and Air France jointly launched Hertz DriveU, which had designed to meet all customer transportation needs.

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Car Rental Services Market by Category

By Car Type:

Economy Cars
Compact Cars
Intermediate Cars
Premium Cars
Luxury Cars
Others

By End Use:

Intercity
Intracity
On-Airport
Others

By Consumer Type:

Business
Leisure

By Booking Mode:

Offline Access
Mobile Application
Other Internet Access

By Sector:

Organized
Unorganized

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa (MEA)

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.