Report Scope
This report analyzes the global car rental market in terms of vehicle type, rental category, and geography. On the basis of vehicle type, the global car rental market is segmented into economic vehicles, executive vehicles, SUVs, MUVs, and luxury cars. Similarly, on the basis of rental category, the global car rental is further classified into airport transport, local transport, and outstation transport. The geographical distribution of the global car rental market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Overview:
The perpetual rise in the number of air travelers for leisure as well as business trips is driving the car rental market worldwide. The advancements in technologies leading to the integration of telematics and navigation solutions in cars has been instrumental in ensuring transparency and winning confidence of people over car rental services. The introduction of car rental apps has further augmented the reach of car rental services. The availability of wide range of vehicles with different cost plans has allowed consumers the flexibility of choosing vehicles as per their need, thereby supporting the market growth. These factors are expected to contribute towards a double digit compounded annual growth rate (CAGR) during the forecast period 2021 – 2029.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Car Rental Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global car rental industry.
1.1.1 Target Audience
1.1.2 USP and Key Offerings
The report titled “Global Car Rental Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” offers strategic insights into the global car rental market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on vehicle type, rental category, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the key industry participants, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and recent developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global car rental market, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above mentioned factors.
As of 2020, the airport transport category led the overall car rental market. The category accounted for over 40% of the global car rental service revenues in the same year. The perpetual rise in the number of air travelers globally is expected to have positive impact on the overall demand car rentals in the air transport segment. Thus, the air transport category is expected to witness healthy growth during the forecast period 2021 – 2029. On the other hand, both outstation and local travel categories are expected to register strong gains in the coming years. With the lack of proper public transport infrastructure, especially in the emerging economies, people are turning towards rental car services for their day-to-day intra-city navigation. The car rental service companies offer variable rates as per the distance covered, making long trips (outstation trips) cost effective for their customers.
As of 2020, economy vehicles dominated the overall car rental market worldwide and are expected to witness robust growth, especially in Asia Pacific and Rest of World. This is majorly on account of the benefits offered by these cars in terms of cost and mileage. Commuters generally prefer economy rental cars for their day-to-day intra-city navigation. The trend shall prolong and the segment is expected to register robust growth during the forecast period. Executive cars are witnessing strong growth owing to the rising demand from corporate delegates. There has been a significant rise in the number of business travelers, who generally opt for higher quality service offered by the executive cars. MUVs are also expected to register stronger gains during the forecast period on account of their ability to accommodate large number of people and offer high speed and power capabilities.
North America comprising Canada and the United States is currently the largest regional car rental market followed by Europe and Asia Pacific. As of 2020, the region accounted for over 38 percent of the global market revenue. The trend shall prolong and the region is presumed to remain the largest car rental market throughout the forecast period 2021 – 2029. The growth in the region is driven by easy availability of insurance and rise in the number of air travelers for leisure as well as corporate trips. On the other hand, Asia Pacific is expected to witness maximum growth, outpacing North America and Europe during the same period. Japan remains one of the most prominent car rental markets in the region. Surge in inbound arrivals has supported the car rental market in the country. The leading car rental companies in the country like Toyota are focusing on tapping foreign travelers by offering features like WiFi, multi-language booking platforms and in-car navigation among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Car Rental market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Rental Category
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Vehicle Type
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
