Car Rental Market: Global and Regional Analysis with Forecast to 2027, Business Opportunities, Post COVID Scenario
The car rental market is expected to reach $ 214.04 billion by 2027. This study presents market analysis, trends, and future estimates to determine pockets of investment.
PORTLAND, ORAGON, UNITED STATES, November 30, 2021 /EINPresswire.com/ – According to a new report released by Allied Market Research, titled, Car rental market: Global Opportunity Analysis and Industry Forecast, 2014-2022, The Global Car Rental Market was valued at $ 79,648 million in 2015 and is expected to reach $ 164,335 million by 2022, at a CAGR by 11.6% over the forecast period. The economy car segment is expected to dominate the market throughout the analysis period. North America accounted for around 40% of the global market in 2015.
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With the growth in pollution level and population, the car rental industry has undergone a radical transformation in recent years and is one of the most important industries in the transportation of fleets. Manufacturers and consumers rely on different car rental programs, which are profitable. In addition, car rentals go a long way in reducing the level of air pollution by reducing volumetric sales of owned vehicles. Additionally, with the increase in air traffic and the growth of the online booking trend in the travel industry, car rentals are the preferred options for traveling as cars are the most economical mode of transportation. and the fastest. These benefits are driving the growth of the car rental industry at an exponential rate.
By car type, the car rental market is categorized into luxury car, executive car, economy car, sport utility vehicle (SUV), and multi-utility vehicle (MUV). Economy car segment accounted for the highest revenue in 2015, is expected to grow at a CAGR of 12.5%, due to the high rate of economy car adoption in emerging Asia-Pacific economies and by LAMEA.
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By rental category, the car rental market is suitable both at the airport and outside the airport. The non-airport category is further divided into local use, remote station and others. In 2015, the non-airport rental category segment accounted for over 61% of the market share and is expected to register a CAGR of 12.0%. This is attributed to the development of the travel industry and the increase in disposable income globally. The non-airport rental category is expected to experience the fastest growth, registering a CAGR of 12.8%, due to improved road infrastructure around the world.
In addition, North America generated the highest income in 2015 and is expected to grow at a CAGR of 8.8%, due to the increase in disposable income of people in countries like the United States and the United States. Canada. Asia-Pacific is forecast to grow at the highest CAGR of 16.5% due to the high rate of adoption of economy and company cars.
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Key Findings of the Car Rental Market
In 2015, the economy car segment dominated the overall car rental market, generating revenue of $ 22,802 million in 2015, and is expected to grow at a CAGR of 12.5%.
The non-airport rental category is expected to grow at the highest CAGR of 12.0% during the forecast period.
In 2015, the local use segment dominated the non-airport market, accounting for $ 19,073 million, and is expected to lose the highest market share to the non-airport rental category in 2019.
North America led the market, generating revenue of $ 32,248 million in 2015, and is expected to grow at a CAGR of 8.8%.
Asia-Pacific is expected to take most of the market after 2017, due to increased vehicle sales.
Major players operating in the market include Avis Budget Group, Inc., Carzonrent India Pvt Ltd., Enterprise Holdings Inc., Europcar, The Hertz Corporation, Sixt Rent a Car, Uber Technologies Inc., Localiza, Eco Rent a Car, Budget Rent a Car System, Inc., German Rent a Car, Tempest Car Hire, DTG Operations, Inc. and Alamo.
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