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 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.
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