Car Rental Market Dynamics, SWOT Analysis and Competitive Insights till 2028

Posted on 2022-12-08 by researchinsights in Automotive // 0 Comments

San Francisco, California , USA, Dec 09, 2022 — /EPR Network/ —

Car Rental Industry Overview

The global Car Rental Market size is anticipated to reach USD 141.17 billion by 2028, registering a CAGR of 4.6% from 2021 to 2028, according to a new study by Grand View Research, Inc. Considerable growth in the world tourism sector is one of the critical factors propelling the market growth. Additionally, increasing pollution, rising car prices, and the cost-effective nature of car rental services are some of the other key factors boosting the growth of the market.

The market has witnessed significant attention in the last decade due to the increased use of smartphone-based online booking applications. Bookings/reservations through rental stations have witnessed a decline in recent years since online booking allows users to plan and book vehicles quickly and in advance. Also, the internet offers a convenient way to browse through various websites of car rental providers and get access to numerous options and offers.

Car rental operators in developed countries, such as the U.S., are increasingly implementing advanced technology solutions to streamline their processes. Some of the key market players are using smartphone applications to promote discounts and offer information such as real-time car tracking as well as the availability of the vehicle. Industry participants in the moderately fragmented market compete on the basis of pricing, location, fleet size, and marketing expertise.

Car Rental Market Segmentation

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

Based on the Vehicle Type Insights, the market is segmented 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.
The executive cars segment is anticipated to register a CAGR of over 5.5% from 2021 to 2028. The increasing number of business travelers across the globe, specifically in developing countries, is one of the prime factors boosting the growth of the segment.

Based on the Application Insights, the market is segmented into Local Usage, Airport Transport, Outstation, and Others

The airport transport segment dominated the market in 2020 and accounted for over 40.0% of the revenue share.
The local usage segment is expected to register the highest CAGR of approximately6.5% from 2021 to 2028.

Car Rental Regional Outlook

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

Key Companies Profile & Market Share Insights

The global market is moderately fragmented and is characterized by the presence of a large number of international and local players. Key car rental players are anticipated to focus on expansion strategies to gain regional market share, create brand awareness, and penetrate developing markets. The main focus of these players is on enhancing their services to maximize profitability and gain a larger customer base. A strategic partnership is another critical strategy implemented by market participants to strengthen their hold on the market.

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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