The car rental market is expected to grow by USD 66.62 billion during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the car rental market in optimistic, probable, and pessimistic forecast scenarios.
The car rental market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
Adjust their strategic planning to move ahead once business stability kicks in.
Build Resilience by making effective resource and investment choicesfor individual business units, products, and service lines.
Conceptualize scenario-based planning to mitigate future crisis situations.
Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
Pre- as well as post-COVID-19 market estimates
Quarterly impact analysis and updates on market estimates
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
Related Report on Financials Include: Global Automotive Usage-based Insurance Market - Global automotive usage-based insurance market is segmented by pricing scheme (PHYD, PAYD, and MHYD), application (embedded UBI and app-based UBI), and geography (Europe, North America, APAC, MEA, and South America). Download Exclusive Free Sample Report
Railcar Leasing Market in Europe - Railcar leasing market in Europe is segmented by type (freight cars, tank wagons, and intermodals) and geography (Germany, France, the UK, Poland, and the Rest of Europe). Download Exclusive Free Sample Report
Major Three Car Rental Market Participants:
Avis Budget Group Inc. The company offers car rental service through its brands Avis, Budget, and Zipcar.
Carzonrent India Pvt. Ltd. The company offers a line of car rental services including intra-city taxis, outstation cabs, airport pick-up/drop service, and corporate car rental among others.
Enterprise Holdings Inc. The company offers car rental service through its brand Enterprise Rent-A-Car (ECAR).
The car rental market is driven by the growth in the travel and tourism industry. In addition, the advent of intermediaries is expected to trigger the car rental market toward witnessing a CAGR of over over 18% during the forecast period.
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.