Car Rental Market Size, Trends, Shares, Insights, Forecast - Coherent Market Ins

Posted by Pallavi Reddy on November 26th, 2020

Car rental service is a hire car agency that enables the customer to rents automobiles at affordable rates. This agency is usually located near airports and busy city areas. Car rental services are mainly opted by people who require a vehicle for the temporary and who do not want to own a car. Moreover, car rental services are also ideal for owners of damaged vehicles and looking for repair or insurance compensation. Furthermore, car rental services also provide additional benefits such as navigation systems, entertainment systems, portable Wi-Fi, insurance, and child safety seats.

The global car rental market is projected to surpass US$ 220.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 13.6% during the forecast period (2020 to 2027).

Top Keyplayers in this Market are as follows: Enterprise Holdings, The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, Al Futtaim Group, Localiza - Rent a Car, Eco Rent a Car, and GlobalCARS

Segments covered:

• By Material Type: Intercity/Local Usage, On-Airport, Intra-City/Outstation, Others

• By Car Type: Luxury Cars, Executive Cars, Economy Cars, SUV's, MUV's

Geographies covered:

North America: U.S., Canada

• Latin America: Brazil, Argentina, Mexico, Rest of Latin America

• Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe

• Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific

• Middle East: GCC, Israel, and Rest of Middle East

• Africa: South Africa, North Africa, and Africa

Market Trends

Various industry players are introducing mobile apps for the customer in order to ease the booking and allow the consumer to choose the vehicle of their choice from the portfolio. For instance, in February 2020, Share Car, a car-sharing service based in Indonesia, has introduced its new car sharing app. The app can be installed on both Apple iOS and Android smartphones. Thus, the increasing launch of such apps is expected to augment the market growth.

The rising trend of sharing cars among consumers is expected to bolster the market growth of the car rental. For instance, in October 2019, Ola introduced a new car-sharing service Ola Drive for building a holistic shared mobility landscape in India. It was initially introduced in Bengaluru, later will expand its availability to Hyderabad and Delhi.

Growth Drivers:

• Ease in booking via online service owing increasing penetration of smartphones and rising use of internet

• Growth in the tourism industry across the globe

• Increasing per capita income of the consumers in the developing countrie

Restraints & Challenges:

1. Fluctuating prices of crude oil due to the gap between demand and supply 

2. Low cost of public transportation services such as buses and trains

For More Information: https://www.coherentmarketinsights.com/market-insight/car-rental-market-3901

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