According to this report the global car rental market was valued at $79,648 million in 2015, and is expected to reach $164,335 million by 2022, growing at a CAGR of 11.6% during the forecast period. The economical car segment is anticipated to dominate the market throughout the analysis period. North America accounted for approximately 40% share of the global market in 2015.
Car rental companies offer automobiles on rent with a suitable fee for a certain duration, which can range from hours to months. Presently, various types of cars including economy cars, executive cars, luxury cars, SUVs, and MUVs are available on rent. These cars are rented for different purposes such as airport transport, local usage, outstation, event transportation, self-drive, and employee transportation. Besides basic vehicle renting, car rental firms often offer additional services such as entertainment systems, GPS navigation systems, and insurance.
These companies offer their facilities to people who do not own a vehicle, whose vehicles are out for maintenance or have no access or limited access to personal vehicles. In addition, owners of broken vehicles and tourists & travelers avail of these services. This service is generally structured across various local branches that facilitate customers to easily return vehicles at their preferred locations. The car rental procedure is often managed through websites, making way for customers to book their vehicles online.
The market is anticipated to witness significant growth over the years, owing to the low rate of car ownership among millennials and the increasing trend of on-demand transportation services.
The global car rental market is segmented on the basis of application, rental category, vehicle type, and geography. By application, it is classified into leisure and commercial. By rental category, it is divided into on-airport and off airport. On the basis of vehicle type, it is categorized into a luxury car, executive car, economical car, sports utility vehicle (SUV), and multi utility vehicle (MUV). Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the Car rental market include Avis Budget Group, Inc, EuropeCar, Enterprise Holdings, Inc., Hertz System, Inc., Localiza, Sixt, Carzonrent India Pvt Ltd., Eco Rent a Car, and ANI Technologies Pvt. Ltd.
This study presents the analytical depiction of the global car rental market along with the current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the profitable trends to enable stakeholders to gain a stronger foothold in the market.
The report presents information related to key drivers, restraints, and opportunities with detailed impact analysis.
The current market is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the market.
Porter's five forces analysis illustrates the potency of buyers and suppliers.
Key Market Players
Avis Budget Group
Enterprise Holdings Inc.
Hertz System, Inc.
Uber Technologies, Inc.
Carzonrent India Pvt Ltd.
Eco Rent a Car
ANI Technologies Pvt. Ltd. (OLA TAXI'S)
Key Findings of the Car Rental Market
In 2015, the economical car segment led the overall car rental market, generating revenue of $22,802 million in 2015, and is estimated to grow at a CAGR of 12.5%.
Off-airport rental category is anticipated to grow at the highest CAGR of 12.0% during the forecast period.
In 2015, the local usage segment led the off-airport market, accounting for $19,073 million, and is expected to lose the highest market share to the outstation off-airport rental category in 2019.
North America led the market, generating revenue of $32,248 million in 2015, and is projected to grow at a CAGR of 8.8%.
Asia-Pacific is anticipated to take over the major market share post 2017, owing to the rise in sales of vehicles.
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview 3.1. Market Definition and Scope 3.2. Key Findings 3.2.1. Top Impacting Factors 3.2.2. Top Investment Pockets 3.2.3. Top Winning Strategies 3.3. Porter'S Five Forces Analysis 3.4. Market Share Analysis (2019) 3.5. Market Dynamics 3.5.1. Drivers 22.214.171.124. Increasing Trend of On-Demand Transportation Services. 126.96.36.199. Low Rate of Car Ownership Among Millennials. 3.5.2. Restraint 188.8.131.52. Low Rate of Internet Penetration in Developing Regions 3.5.3. Opportunities 184.108.40.206. Adoption of Car Rental Management Software
Chapter 4: Car Rental Market, by Application 4.1. Overview 4.2. Leisure 4.2.1. Key Market Trends, Growth Factors and Opportunities 4.2.2. Market Size and Forecast, by Region 4.2.3. Market Analysis by Country 4.3. Commercial 4.3.1. Key Market Trends, Growth Factors, and Opportunities 4.3.2. Market Size and Forecast, by Region 4.3.3. Market Analysis by Country
Chapter 5: Car Rental Market, by Rental Category 5.1. Overview 5.2. On-Airport 5.2.1. Key Market Trends, Growth Factors and Opportunities 5.2.2. Market Size and Forecast, by Region 5.2.3. Market Analysis by Country 5.3. Off Airport 5.3.1. Key Market Trends, Growth Factors, and Opportunities 5.3.2. Market Size and Forecast, by Region 5.3.3. Market Analysis by Country
Chapter 6: Car Rental Market, by Car Type 6.1. Overview 6.2. Luxury Car 6.2.1. Key Market Trends, Growth Factors and Opportunities 6.2.2. Market Size and Forecast, by Region 6.2.3. Market Analysis by Country 6.3. Executive Car 6.3.1. Key Market Trends, Growth Factors, and Opportunities 6.3.2. Market Size and Forecast, by Region 6.3.3. Market Analysis by Country 6.4. Economical Car 6.4.1. Key Market Trends, Growth Factors, and Opportunities 6.4.2. Market Size and Forecast, by Region 6.4.3. Market Analysis by Country 6.5. Sports Utility Vehicle (Suv) 6.5.1. Key Market Trends, Growth Factors, and Opportunities 6.5.2. Market Size and Forecast, by Region 6.5.3. Market Analysis by Country 6.6. Multi Utility Vehicle (Muv) 6.6.1. Key Market Trends, Growth Factors, and Opportunities 6.6.2. Market Size and Forecast, by Region 6.6.3. Market Analysis by Country
Chapter 7: Car Rental Market, by Region 7.1. Overview 7.2. North America 7.3. Europe 7.4. Asia-Pacific 7.5. LAMEA
Chapter 8: Company Profiles 8.1. Avis Budget Group 8.1.1. Company Overview 8.1.2. Company Snapshot 8.1.3. Business Performance 8.1.4. Key Strategic Moves and Developments 8.2. Europcar 8.3. Enterprise Holdings Inc. 8.4. Hertz System, Inc. 8.5. Localiza 8.6. Sixt 8.7. Uber Technologies, Inc. 8.8. Carzonrent India Pvt Ltd. 8.9. Eco Rent a Car 8.10. Ani Technologies Pvt. Ltd. (Ola Taxi's)