ALBANY, NY, April 06, 2022 (GLOBE NEWSWIRE) — The value of global car rental market stood at US$ 64.80 Bn in 2020. The global market is likely to rise at a CAGR of 6% during the forecast period, from 2021 to 2031. The global car rental market is likely to surpass the value of US$ 121.1 Bn by 2031. Due to increasing demand for automobile rental services throughout the world, manufacturers in the global car rental market are likely to have significant development prospects in the years to eat In order to increase revenue, major companies in the global car rental market are concentrating on extending and strengthening their service offering by collaborating with and buying global and local players.
Car rental companies are stepping up their attempts to achieve a competitive advantage in the global market. The market is strengthened by governments of developing countries increasing their investments and promoting the usage of rented vehicles. The global market is also growing as a result of the growth in tourism industry and technical advances in car rental services.
Major companies can remain ahead of the competition by taking advantage of technological advancements and digitization. Automobile rental services are typically supplemented by websites that allow for online reservations, and car rental offices are generally located near airports or popular city centers. Car rental firms generally include additional services such as GPS navigation systems, entertainment systems, and insurance, in addition to the basic rental of a vehicle.
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Key Findings of Market Report
- The leisure category is predicted to have a higher market share in terms of customers during the forecast period. Majority of business trips is being canceled or not taking place as a result of COVID-19, as most firms have moved to online platforms. People began taking more holidays, following the outbreak as the situation improves, leading to a growth of the tourism industry and demand for car rental services.
- Chauffeured vehicles are likely to have a leading position based on end-use. However, owing to increasing usage of services such as Zoomcar and millennials choosing to drive themselves on vacations, the self-driven category is likely to grow throughout the forecast period.
- Players are putting their efforts on increasing the size of their fleets in order to meet rising demand. Technology is also being utilized to enhance consumer experience. Advanced audio systems, GPS, connecting gadgets, etc. are instances of these technologies. Integration of such technologies are likely to propel the global car rental market in the near future.
- Market growth is also being driven by increase in leisure activities among millennials. Additionally, in demand for premium vehicles for short-term transportation services is likely to increase the market throughout the forecast period.
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Car Rental Market: Growth Drivers
- North America is likely to dominate the global car rental market, owing to growth in the amount of leisure and business travels taken both domestically and abroad. The existence of considerable number of service providers in the region, such as Enterprise Rent-a-Car and Avis Budget Group and, as well as a constant shift in customer preferences toward rental services, are projected to improve revenue generating potential in North America.
- Technological advancements have enabled the proliferation of web-based sales channels, resulting in an increase in online bookings. Customers can rent a car online at any time and from any location. They also help renters manage and initiate bookings and payments while on the road using a tablet or a smartphone.
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Global Car Rental Market: Key Competitors
- Budget Rent A Car System, Inc.
- Enterprise Holdings, Inc.
- The Hertz Corporation
- Avis Rent A Car System, LLC
- National Car Rental
- Carzonrent India Pvt Ltd
Global Car Rental Market: Segmentation
- Luxury car
- Executive Car
- Economy Car
- MUV Car
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- Airport Transfer
- Driver Driven
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