According to the latest report by IMARC Group, titled “Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global car rental market size reached US$ 76.7 Billion in 2021. 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.
Global Car Rental Market Trends:
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. On account of these factors, the market value is anticipated to reach US$ 96.5 Billion by 2027, expanding at a CAGR of 3.8% during 2022-2027.
- Based on the booking type, the market has been segmented into online and offline bookings.
- On the basis of the rental length, the market has been categorized into short and long term rentals.
- The market has been divided based on the vehicle type into luxury, executive, economy, SUVs and others.
- On the basis of the application, the market has been segregated into leisure/tourism and business.
- The market has been classified based on the end-user into self and chauffeur-driven.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, India, Japan, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Avis Budget Group, Inc., Carzonrent India Private Limited, Eco rent a car, Enterprise Holdings, Inc., Enterprise Rent-A-Car, Europcar Mobility Group, Localiza, Sixt SE and The Hertz Corporation.
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