BANGALORE, India, Sept. 1, 2020 /PRNewswire/ -- The car rental industry has undergone a dramatic change with growth in emission levels and population, becoming one of the most influential industries in fleet transport. Major factors expected to increase the growth of the car rental market size include a rise in trend in on-demand transportation services and low car ownership rates among millennials.
The global car rental market size was valued at USD 92.92 Billion in 2019 and is projected to reach USD 214.04 Billion by 2027, registering a CAGR of 10.7% from 2020 to 2027.
This report presents an overview of the global car rental industry and current developments and potential projections to depict the imminent pockets of investment.
Over the past few years, several governments have concentrated on improving tourism. Growing tourism activities and the rising tourism budget have propelled the growth of the rental car market size.
The main development seen in the global rental of cars is the introduction of electric vehicles in the rental services. The increasing awareness about environmental pollution and government initiatives to encourage electric vehicle use is expected to offer lucrative business opportunities
Technology is a key component that is expected to fuel the growth of the car rental market size. Increased adoption of information technology is changing the industry and allowing operators to give their customers better services. This involves using integrated management of corporate and customer details and designing convenient internet booking applications.
North America accounted for the highest share in the global car rental market in 2019, in terms of revenue, and LAMEA is anticipated to exhibit a remarkable growth rate during the forecast period.
Asia-pacific is expected to witness the highest growth during the forecast period. Low-budget rentals produce a large portion of market income, owing to the cost-sensitive nature of the economy. Further, the region-wide trend towards self-drive renting is expected to see strong traction in the coming years.
The economical car segment is expected to hold the largest car rental market share based on car type. This can be attributed to these cars' high fuel efficiency, which encourages their fleet operators and individuals' adoption of car rental services.
Based on the channel, the online category held the larger car rental market share. This segment's dominance is attributed to the increased mobile penetration, growth Internet of Things ( IoT), and improved usability.
The global Electric Car Rental market size is projected to reach USD 2044.7 Million by 2026, from USD 866.2 Million in 2020, at a CAGR of 15.4% during 2021-2026.
Advances in battery technology, such as the production of Li-ion batteries, are driving the growth of the EV industry as Li-ion batteries have complex chemistry.
The Electric Car Rental Market report focuses on the market's volume and value at the global level, regional level, and company level. This report represents the overall Electric Car Rental market size by analyzing historical data and future prospects from a global perspective.
In 2018, the global Ride Sharing market size was 24400 Million USD, and it is expected to reach 103600 Million USD by the end of 2025, with a CAGR of 19.8% between 2019 and 2025.
The market concentration rate of Ride Sharing is high. Though there are many small players in Global, the leading brands occupy a large market share. Top 5 took up more than 79.04% of the global market in 2017.
Global Mobility as a Service (MaaS) market size will reach 230400 Million USD by 2025, from 43440 million USD in 2019, at a CAGR of 32.6% during the forecast period.
The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2025.
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