Car Rental Market Analysis, Trends Forecast by Regions and Types to 2028

Posted on 2022-10-06 by researchinsights in Automotive // 0 Comments

San Francisco, California , USA, Oct 06, 2022 — /EPR Network/ —

Car Rental Industry Overview

The global car rental market size was valued at USD 98.14 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028.

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.

Gather more insights about the market drivers, restrains and growth of the Global Car Rental market

There has been a significant increase in global travel across the world over the last decade. Global commuters are increasingly demanding familiar, reliable, and high-quality travel services during their travel. Some of the key car rental operators are attempting to leverage this trend by expanding their brand and distribution platforms on a global level. The implementation of an integrated global car rental system is anticipated to enable these operators to manage their geographically dispersed business operations.

An emerging trend in the travel and tourism industry is the evolution of ’bleisure’. This relatively new term describes a combination of leisure travel with a business trip and is gaining popularity across the globe. Bringing the family on corporate trips is becoming more acceptable since companies follow this trend to aid employee retention and alleviate some of the key road warriors’ stress. This incentive is increasingly appealing to recruits as younger employees are generally becoming business travelers. This concept is particularly advantageous for international trips where employees can get acquainted with locations, especially essential business details.

The rapid spread of COVID-19 had a significant impact on the overall tourism sector in 2020, which, in turn, affected the car rental market. Additionally, a decrease in air traffic across the globe has resulted in low demand for car rentals at airports. To ensure safety and avoid transmission of the virus, car rental operators are following hygiene and safety norms such as disinfecting their vehicles after each ride. Some car rental operators are providing free hand sanitizers and masks to their customers. Key competitors in the market, including Hertz and Avis, have disposed of their older cars at a higher volume during the pandemic than usual to make these transactions a source of revenue generation.

Browse through Grand View Research’s Automotive & Transportation Industry Research Reports.

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Car Rental Market Segmentation

Grand View Research has segmented the global car rental market by vehicle type, application, and region:

Car Rental Vehicle Type Outlook (Revenue, USD Million, 2018 – 2028)

Luxury Cars
Executive Cars
Economy Cars
SUVs
MUVs

Car Rental Application Outlook (Revenue, USD Million, 2018 – 2028)

Local Usage
Airport Transport
Outstation
Others

Car Rental Regional Outlook (Revenue, USD Million, 2018 – 2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Car Rental market include

Enterprise Rent-A-Car
The Hertz Corporation
Sixt
Europcar
Avis Budget Group

Order a free sample PDF of the Car Rental Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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