The global car rental market is expected to generate revenue of $ 1,48,129.4 million, with a CAGR of 15.5% from 2020 to 2027
The global car rental market is expected to experience significant growth by 2027, owing to the increase in premium services catering to the personalized needs of customers. In addition, the online sales channel of the market sub-segment is expected to be the most lucrative. Regionally, the Asia-Pacific region is expected to experience steady growth in the market during the estimated period.
New York, USA, November 02, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global car rental market is expected to generate a turnover of 1.48 $ 129.4 million and grow up healthy 15.5% CAGR during the forecast period of 2020-2027.
According to our analysts, the increasing rate of affluent lifestyle and the growing interest in living and spending more on luxury vehicles are expected to drive the growth of the car rental market during the forecast period. In addition, the involvement of new technologies such as IoT in vehicles to provide enhanced security features with cheaper tariffs is further expected to drive the market growth during the estimated period. Further, the increasing prominence given to car rental management software is expected to bring vital growth opportunities to the market during the analysis period. However, an increase in cheap public transport could hamper the market growth during the forecast period.
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The report divided the market into several segments based on vehicle type, application, sales channel, and region.
Vehicle type: the economical vehicle type should be the most profitable
The economy vehicle type is expected to generate revenues of $ 47,323.9 million throughout the forecast period. With growing concern about environmental pollution, global automakers are placing more emphasis on the supply of electric vehicle (EV) rental cars which are further expected to drive the growth of the car rental market in the world. during the analysis period.
Application: Leisure sub-segment will be the most lucrative
The leisure sub-segment is expected to generate revenue of $ 95,179.0 million and is expected to hold the largest market share during the forecast period. The increase in disposable income, the massive increase in smartphone users, the availability of online platforms and most importantly, an increase in global tourism are expected to further strengthen the growth of the sub-market over the course of the year. analysis period.
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Sales channel: The online sales channel sub-segment is expected to hold the largest market share
The online sales channels sub-segment is expected to generate revenues of $ 1,07,144.0 million during the analysis period. With increasing digitization, the online car rental system offers many benefits such as multiple bookings, tracking various rental statuses, easy acceptance of reservations, scheduling a car for pickup, and much more. others, it should further amplify the growth of the car. sub-segment of the rental market during the forecast period.
Region: Asia-Pacific region is expected to have huge growth opportunities
The Asia-Pacific region is expected to generate revenues of $ 65,651.0 million during the analysis period. This is mainly due to the growing number of smartphone users in this region. With the penetration of smartphones, there is an increase in the booking of rental cars online. In addition, the increasing adoption of car rental services in the corporate sector, to select airline passengers, and the affluent lifestyle are further expected to drive the market growth during the analysis period.
Impact of Covid-19 on the market
As a result of the novel coronavirus pandemic, the car rental market has experienced a negative impact. Due to strict closures, restrictions on tourism resulting in massive revenue losses for the car rental industry. However, gradually to control coronavirus contamination, most people are avoiding public transport and opting for car rental services out of safety and precaution. This creates more investment opportunities for the car rental industry.
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The key players in the market
The major key players in the market include
The Hertz Company.
Eco rent a car.
Budget Opinion Group
Enterprise Holdings Inc.
Bettercar Rental LLC, and many others,
These key players work extensively on adopting various business strategies and tactics such as partnerships and collaborations, product development, and mergers and acquisitions to support market growth.
For example, in September 2020, Enterprise Holdings Inc, which owns brands like Enterprise Rent-A-Car, Alamo Rent A Car, and National Car Rental, announced that its Canadian subsidiary, Discount Car and Truck Rentals, which is a leading Canadian car and truck rental company, has completed its acquisition from customers in Canada. This acquisition allows significant growth for both companies by combining networks and complementary service offers. In addition, the acquisition brings broader car rental service offerings to additional locations with enhanced mobility offerings.
In addition, the report also summarizes several aspects of the market such as SWOT analysis, product portfolio, business and financial performance, as well as some key strategic moves.
Besides, the report contains detailed information of major business manufacturers such as SWOT analysis, product portfolio, financial position – Inquire to access the detailed report on the development strategy of the best companies
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