Worldwide Car Rental Market Insights, 2019-2024 - Expected to Generate Revenues of $122.6 Billion in the Coming Years

DUBLIN, Feb. 10, 2020 /PRNewswire/ -- The "Car Rental Market Research Report: By Vehicle Type, Channel, Purpose, Usage, Geographical Outlook - Global Industry Analysis and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The World Travel and Tourism Council reported that in 2018, a growth of 3.9% was witnessed by the global travel and tourism industry. It created more than 319 million jobs worldwide and amassed $8.8 trillion in 2018. This massive growth in the industry also boosted the growth of other related industries, such as car rental.

Nowadays, tourists prefer renting cars to explore a new place as it gives them the flexibility of planning their own itinerary without the fear of relying on public transport system. Car rental services allow customers to travel to their choice of places as per their convenience.

Further, the rising disposable income has also established the trend of more people taking short trips. Rather than taking their own vehicle, customers prefer renting cars; airport rentals are the most common as tourists rent a car immediately after landing in a new country and keep the car with them for the whole duration of their stay or drop them off at convenient drop-off points.

Witnessing a 7.9% CAGR, the car rental market is expected to generate a revenue of $122.6 billion in the coming years.

Car rental services are offered via three different vehicle types: luxury, executive, and economy. During 2014-2018, the economy vehicle type was used the most for car rental services. These cars are inexpensive and are smaller in size and have a seating capacity of four to five persons. Being smaller in size, these cars have a high fuel efficiency, which makes them a suitable option for rental services.

Further, amidst growing environmental concerns, these cars are witnessing a high demand as their impact on the environment is not as severe as other cars. In the coming years, the luxury cars are predicted to register a faster growth in demand, as the global disposable income is improving. These cars offer superior performance, comfort, and have better configuration.

One of the key trends in the car rental market is the deployment of electric vehicles for rental purposes. In wake of rising concerns about vehicular emission, governments of many countries are bringing in stringent regulatory policies to cut down on such emissions. From offering subsidies and incentives to creating awareness about the harmful effects of conventional energy sources on the environment, governments and various organizations are working toward popularizing the use of electric vehicles.

In Europe and the U.S., one of the rental companies, Sixt SE offers fully electric cars in the luxury segment, such as BMW i8, BMW i3, tesla Model X, and Tesla Model S. In India, in 2018, Zoomcar India Pvt Ltd. entered into a partnership with Mahindra & Mahindra Ltd for the deployment of electric cars for rental purposes.

The popularity of the internet has resulted in the development of the online or digital car rental system, which is helping the car rental sector become more organized. Online car rental allows the consumers to shortlist the car of choice, and make bookings well in advance without the hassle of visiting the office.

Further, majority of the companies have their own applications, which can be used by consumers to avail any assistance that they may need throughout the rental period. Therefore, the digitization of the car rental process has made it much safer, transparent, and cost-effective, which has been instrumental in making these services popular.

Key Topics Covered

Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Vehicle Type
1.3.2 Market Segmentation by Channel
1.3.3 Market Segmentation by Purpose
1.3.4 Market Segmentation by Usage
1.3.5 Market Segmentation by Region
1.3.6 Analysis Period
1.3.7 Market Data Reporting Unit
1.3.7.1 Value
1.4 Key Stakeholders

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Vehicle Type
4.1.1.1 Economy
4.1.1.2 Executive
4.1.1.3 Luxury
4.1.2 By Channel
4.1.2.1 Online
4.1.2.2 Offline
4.1.3 By Purpose
4.1.3.1 Business
4.1.3.2 Personal
4.1.4 By Usage
4.1.4.1 Local
4.1.4.2 Airport
4.1.4.3 Outstation
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Deployment of Electric Vehicles in Car Rental Services
4.3.1.2 Growing Number of Partnerships
4.3.2 Drivers
4.3.2.1 Rise in the Travel and Tourism Industry
4.3.2.2 Availability of a Convenient Mobility Option
4.3.2.3 Increasing Concern Towards the Environment
4.3.2.4 Impact Analysis of Drivers on Market Forecast
4.3.3 Restraints
4.3.3.1 Consumers' Willingness to Own a Car
4.3.3.2 Low Internet Penetration
4.3.3.3 Lack of Transparency in Pricing System
4.3.3.4 Impact Analysis of Restraints on Market Forecast
4.3.4 Opportunities
4.3.4.1 Digitization of Car Rental System
4.3.4.2 Long Term Car Rental Services
4.4 Porter's Five Forces Analysis

Chapter 5. Global Market Size and Forecast
5.1 By Vehicle Type
5.2 By Channel
5.3 By Purpose
5.4 By Usage
5.5 By Region

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. RoW Market Size and Forecast

Chapter 10. User Analysis
10.1 North America
10.1.1 Car Rental User Analysis
10.1.1.1 By Gender
10.1.1.2 By Usage
10.1.1.3 By Rental Length
10.1.2 Customers' Motivation
10.1.3 Customer Behavior and Trends
10.2 Europe
10.3 APAC

Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 Benchmarking of Key Players
11.3 Strategic Developments of Key Players
11.3.1 New Service Launch
11.3.2 Mergers and Acquisitions
11.3.3 Partnership
11.3.4 Service Expansions
11.3.5 Geographic Expansion
11.3.6 Other Developments

Chapter 12. Company Profiles
12.1 ANI Technologies Pvt. Ltd.
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.2 Uber Technologies Inc.
12.3 Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing)
12.4 Addison Lee Ltd.
12.5 Shenzhou Youche (Fujian) Information Technology Co. Ltd. (UCAR)
12.6 Hertz Global Holdings Inc.
12.7 Avis Budget Group Inc.
12.8 Enterprise Holdings Inc.
12.9 Europcar Mobility Group S.A.
12.10 Sixt SE
12.11 Car2Go Ltd.
12.12 Localiza Rent a Car S.A.

For more information about this report visit https://www.researchandmarkets.com/r/lbkgc5

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets

Related Links

http://www.researchandmarkets.com