Press release
Car Rental Market Accelerates into the Future with Strong Growth Forecast Through 2028
Car rental or car hire agencies are agencies that rent automobiles for a short period of time at certain cost. This service is often organized with many local branches, which are generally located near airports or busy areas in the city and are complemented by a website to allow online reservations.
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With growth in pollution levels and population, the car rental industry has experienced a drastic transformation over the past few years, becoming one of the most prominent industries in fleet transportation. Manufacturers and consumers rely on various car rental schemes that are cost-effective, such as leasing cars from their owners for a period of three years and then putting these cars on rent through app-based bookings. In addition, car rentals majorly help curb the pollution level by reducing volumetric sales of owned vehicles.
Moreover, with an increase in air traffic and growth in the trend of online car booking, car rentals are the preferred options for travel, as cars are the most economical and faster modes of transportation. These advantages promote growth of the car rental industry at an exponential rate.
Factors such as rise in trend of on-demand transportation services and low rate of car ownership among millennials drive growth of the car rental market. However, low rate of internet penetration in developing regions hampers the market growth. Further, adoption of car rental management software is anticipated to provide lucrative growth opportunities for the players operating in the car rental market.
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Key Developments:
In February 2020, Sixt, one of the leading providers of high-quality mobility services is expanding network of stations in Central Asia and incorporating new locations at Uzbekistan.
In November 2019, Europcar Mobility Group acquired Fox Rent A Car, one of the players in the U.S. car rental market. In addition, this acquisition would strengthen Europecar's ability to provide services to the customers on a global scale.
In October 2019, Avis Budget Group renewed the multi-year agreement for extending its relationship as exclusive car rental provider for AARP members. This partnership is expected to provide AARP members with discounted rates and special offers.
In May 2019, Sixt SE incorporated car sharing services in Munich after Berlin and Hamburg. In addition, the customers in Munich can not only opt for traditional car rental but also use a vehicle for short period of time.
The global car rental market is segmented on the basis of application, rental category, vehicle type, and region. By application, it is classified into leisure and commercial. By rental category, it is divided into on-airport and off airport. On the basis of vehicle type, it is categorized into luxury car, executive car, economical car, sports utility vehicle (SUV), and multi utility vehicle (MUV). Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Generally, car rental and ride hailing services require three parties for their operation i.e. drivers, riders, and service providers. All the process such as matching rider with drivers, fare estimation & calculation, ride payment, and reputation management are done by using smartphones with mandatory internet connectivity. Some countries such as Eritrea, Burundi, Chad, and Somalia have low penetration of internet that threatens the growth of the ride hailing market in such regions. A ride driver must have a GPS equipped smartphone that have active internet connection to identify the exact pickup and drop location of customers. Therefore, such low penetration of internet in some regions hampers the car rental market globally.
By Application
LEISURE
COMMERCIAL
By Rental Category
On airport
Off airport
By Car Type
Luxury car
Executive car
Economical car
Sports utility vehicle (SUV)
Multi utility vehicle (MUV)
List of Key Players of the Car Rental Market
Carzonrent India Pvt Ltd.,
Uber Technologies, Inc.,
Eco Rent a Car,
Avis Budget Group,
Hertz System, Inc.,
Localiza,
ANI Technologies Pvt. Ltd. (OLA TAXI'S),
Europcar,
SIXT,
Enterprise Holdings Inc
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Key Benefits For Stakeholders
This study presents the analytical depiction of the global car rental market analysis along with the current trends and future estimations to depict the imminent investment pockets.
The overall car rental market opportunity is determined by understanding the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities of the global car rental market with a detailed impact analysis.
The current car rental market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
Porter's five forces analysis illustrates the potency of buyers and suppliers in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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