Car Rental Market Research Report

 

The GMI Research forecasts that the car rental market is witnessing an upsurge in demand over the forecast period. This is mainly due to the rapid development in the tourism sector, growing spending on tourism, followed by the increasing consumer base of the car rental industry.

Introduction of the Car Rental Market:

Car rental is a suitable traveling option by renting a car or hiring automobiles. A car rental company offers various types of automobiles on rent for a short time, ranging from few hours to few weeks. These organizations are generally located near the airport or city area and have an official website for pre-booking the car.

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Car Rental Market Dynamics (Including market share, size)

The global car rental market size is experiencing a strong demand due to the rising trend of online car booking, the emerging demand for on-demand transportation services, and reducing car ownership. The growing concerns of air pollution have led to an upsurge in demand for car rentals as they allow to decrease the sales volume of the personal or owned vehicles. There are unique advantages of renting a car, such as freedom of movement, highly cost-effective, improves convenience, and has no cost of maintenance.

The rising penetration of the internet & smartphones, ease of booking, and growing implementation of advanced technologies in this industry to improve the services offered to the customers will create various new growth opportunities in the market over the forecast period. In addition to this, the rising disposable income, rapid urbanization, and changing living standards of the consumers, particularly in developing countries, will enhance the demand for improved quality of life and comfort services. All these factors are promoting the consumers to rent a vehicle even for short distance traveling to save their time and money. Furthermore, the rapid development in the tourism sector and growing spending on tourism, followed by the increasing consumer base of the car rental industry, will directly fuel the growth of the car rental market share in terms of revenue. On the other hand, the significant shift in consumers' preference towards ridesharing or taxi services worldwide will hamper the growth of the car rental industry.

The outbreak of the COVID-19 will positively impact the growth of the global car rental market, particularly in 2020. The stringent lockdown across the world has adversely influenced the global economy, thus reducing every individual's income. This decrease in income will encourage consumers to rent a car instead of buying a new vehicle. This car rental process does not need large investment and regular maintenance costs. Thereby, the market is anticipated to witness a sharp growth in 2020 and will grow at a significant rate from 2021.

Key Players of the Global Car Rental Market:

·        Europcar

·        Avis Budget Group

·        The Hertz Corporation

·        Enterprise Holdings, Inc.

·        SIXT

·        Localiza

·        ECO Rent A Car

·        Carzonrent India Pvt Ltd.

·        Uber Technologies Inc.

·        ANI Technologies Pvt. Ltd.

Car Rental Market Segmentation:

Global Car Rental Market Report Segment by Rental Category:

·        On Airport

·        Off Airport

Global Car Rental Market Report Segment by Application:

·        Leisure

·        Commercial

Global Car Rental Market Report Segment by Fare Price:

·        Luxury/Premium Cars

·        Economy/Budget Cars

Global Car Rental Market Report Segment by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a full-service market research and business-consulting organization that offers global as well as medium and small businesses with bespoke industry and market analysis to help them in making the toughest business decision. We have a team of industry experts that provides unbiased insights on reports to best meet the specific needs of our clients. GMI Research’s analysts rely on secondary research to lay down the foundation of every report. We use not only the internal but also the external databases to cull out relevant information of the industry. Our main aim is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client, through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

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