Internet Car Rental Market will reach at 198.14 billion in 2032.Upcoming Trends, Segmented by Type, Application, End-User and Region -Enterprise Rent-A-Car, The Hertz Corporation, Sixt SE, Europcar, Avis Budget Group, China Car Rental, EHi Car Rental, Did

The global car rental market size was valued at USD 98.14 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 42.6% from 2021 to 2032. This market will reach at USD 198.14 billion in 2032. A significant rise in the number of people taking business and leisure trips across the globe is driving the demand for car rental services, thereby propelling the industry's growth. Rising internet penetration across developing as well as developed countries have further helped companies in the market capture a larger customer base with the help of dedicated mobile apps for the convenience of customers. Technology is considered to be a crucial factor driving market growth. The impact of technological advancements has revolutionized the industry in the recent past. Improved customer and corporate information management and hassle-free internet booking applications are the two prominent ways assisting car rental service operators to offer enhanced services to their customers. The increasing reliance of users on smartphones for carrying out various tasks traditionally done by computers has transformed the car rental experience for customers.

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Some of the Top companies Influencing this Market include:

Enterprise Rent-A-Car, The Hertz Corporation, Sixt SE, Europcar, Avis Budget Group, China Car Rental, EHi Car Rental, Didi Car Rental, Top1 Car Rental, Wukong Zuche, Zuzuche.com

Vehicle Type Insights
Based on vehicle type, the market is segregated into luxury cars, executive cars, economy cars, SUVs, and MUVs. The economy cars segment accounted for the largest share of over 33.0% in 2020 and is expected to retain its dominance over the forecast period. Some of the prime factors driving the growth of this segment are the compact nature and cost-effectiveness of these cars. As a result, economy cars are increasingly preferred for airport and intra-city travel.

Internet Car Rental Market Types:

Timeshare, Short Term Rentals, Long-term Lease.

Internet Car Rental Market Applications:

Enterprise, Personal, Government
Regional Insights
North America accounted for the largest market share of approximately 52.0% in 2020, with the U.S. being the largest market. The presence of some of the leading car rental operators in this region, such as Avis Budget Group and Enterprise Rent-a-Car, is anticipated to provide lucrative growth opportunities. The increasing number of business and leisure trips across the region is also a critical factor propelling regional growth. Additionally, the region includes numerous popular tourist destinations that attract a large number of travelers that require car rental services, ultimately boosting the market growth.

The market across the Asia Pacific region is expected to register the highest CAGR of almost 8.0% from 2021 to 2028. Rising disposable incomes of consumers and steadily growing economies, and rising expenditure on business travel are expected to impact the regional market growth favorably. The markets in China and India are expected to grow exponentially over the forecast period. Government bans on car purchases in certain parts of China, in an attempt to address the rising issues of pollution and traffic, are anticipated to encourage people to opt for car rental services.

The report focuses on the Internet Car Rental market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides strategies for companies to overcome threats posed by COVID-19.

The Research Report focuses on the competitive landscape of the industry including company profiles, business overview, sales area, market performance, and manufacturing cost structure. The report analyzes the global primary production, consumption, and fastest-growing countries with prominent players in the global industry. Key market observation is shown to make key findings on business growth. In the competitive assessment section, this Internet Car Rental market report sheds light on the list of manufacturers, market conditions, current trends, company profiles, and market innovations. It also includes various growth opportunities for top players.

Market Diversification: Extensive data on new goods, untapped geographies, recent advancements, and investment opportunities in the Internet Car Rental market.

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ncreasing Demand for Online Car Rental Services to Play Key role in the Market
Technology is a critical component expected to boost the market over the forecast period. Increased adoption of information technology is transforming the industry and enabling operators to deliver improved services to their customers. This includes the utilization of optimized corporate and customer information management and the development of convenient internet booking applications. For instance,

The order online or pick-up model is at the forefront of identifying applications for beacons and near-field communications (NFC). Newer players, like Zipcar and BlaBlaCar, are benefiting from using innovative business models such as car-sharing and adopting technologies such as telematics. Uber and Lyft are using mobile technologies and devices to better meet consumers' personal transportation needs. These initiatives are contributing to the disruption of the car rental industry.
Currently, online booking also serves a variety of purposes, such as verification of documents of the renter, offering information to the renter regarding the car, services like drop and pick-up of the rented car at a certain place, e-signing contracts, and cashless transactions. Smartphone sales are another major factor propelling the market. The rising dependence of users on smartphones for carrying out a variety of activities traditionally done by personal computers has significantly helped transform the car rental experience for customers.

North America Likely to Play Significant Role in the Development of Market
The North American region is expected to retain its dominance over the forecast period. The rising number of leisure and business trips across the region, both locally and internationally, is among the prominent factors influencing the growth of the regional market. Additionally, a continuous shift in consumer preference toward rental services and the presence of prominent service providers in the region like Avis Budget Group and Enterprise Rent-a-Car is expected to accelerate the revenue generation prospects.

Recently, the usage of these services increased in several cities, fueled by increased initiatives by service operators. For instance, Uber Technologies Inc. adopted mobile technologies and other devices to meet consumers' personal transportation requirements more efficiently. With smartphone apps, rental services have entered a new realm of possibilities to facilitate this mode of short-term car rentals.

Vehicles are collected and returned at several possible predetermined spaces for durations that are measured in blocks of 1 hour or 30 minutes. The entire transaction can even be completed on the phone without any human interaction. In addition to cars, Hertz has also made the model of car rentals available to commercial vehicles like good vans.​
This growth in revenue share can be primarily attributed to the increased usage of car rental services in the United States, the rising adoption of electric cars, and growing concerns and awareness of lower emissions among consumers in the region.

In April 2022, SIXT, one of the leading global mobility providers, is continuing its rapid expansion across the US and announces the opening of new branches in Charlotte and Baltimore, offering customers more rental choices on the East Coast.
In May 2021, Uber has launched a new car rental service called Uber Rent in Washington DC, as well as announcing an expansion to its Uber Reserve option to some of the US' biggest airports. As the announcement mentioned, the service is only launching in the US capital initially, though it is expected to be rolled out across the country later.

Competitive Landscape
The market is moderately consolidated, with numerous international and domestic companies operating across the world. However, the industry is on the verge of consolidation, with few players capturing a major market share. Key participants include Enterprise Rent-A-Car, The Hertz Corporation, Sixt SE, Europcar, and Avis Budget Group. The primary focus of these players is on enhancing their services to gain a customer base and maximize profitability. For instance,

Sixt SE has launched a smartphone app allowing company car drivers to manage everything related to their contracts at the push of a button. From March 2021, the car rental firm Hertz introduced an annual membership fee for its 24/7 service that allows members contactless rental of cars and vans.
Collaboration is another key strategy implemented by industry players to strengthen their positions in the market. For instance,

In May 2021, Uber launched a new car rental service called Uber Rent in partnership with the Dublin-based car rental company CarTrawler. The partnership will see CarTrawler run Uber's car rental technology, which is being rolled out across the United States.
In February 2021, Humax announced that it would supply the WTC Auto Rent RAiDEA mobility service platform to customers in the Middle East by improving technology for a round trip, free-floating, and one-way infrastructure specially designed for cars, including electric scooters, bikes, motorcycles, and cars.

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Recent Developments
In February 2022, In February 2022, UFODrive raised 19 million US dollars in its Series A funding round. The main investors are car rental company Hertz and the private equity firm Certares. Hertz plans to use UFODrive's digital rental and fleet management technology to operate its global electric car fleet.​
In February 2022, Udrive, the UAE's homegrown brand providing a pay-per-minute car rental service, completed another strong funding round with investments of USD 5 million from Cultiv8 and Oman Holding International. The investment will support Udrive for the upcoming expansion in the region and enhancements of its technology.​
In November 2021, Hertz rentals partnered with Tesla Motors to supply 100,000 Model 3S by 2022, and half of these vehicles are expected to be rented out to Uber drivers.
In April 2021, GoAir partnered with Eco Europcar and launched car rental services across 100 cities in India, including 25 airports. Through Eco Europcar, GoAirwill is offering Chauffeur-driven cars from mid to luxury car segments.
In February 2021, Theeb Rent a Car, a Saudi-based car rental firm, expanded its car rental fleet in the Kingdom. The company's expansion strategy is to modernize and develop its fleet to offer different car brands and models to its customers.

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