Car Rental Market overview
Car rental companies are agencies that rent cars for a particular period at a certain cost. The services are mostly organized with several local branches and are generally located near the region's railway station, airport, and other busy areas. They provide online services through which consumers can do the reservation. Due to the growing travelling and population, the market has become one of the important markets globally.
Producers and manufacturers are adding new features like cost-effectiveness, app-based booking, and instant service to the car rental system. Various schemes are carried out to increase the market size. With the increases of the traffic and pollution by the owned by vehicles and improvement of car booking in online mode car rentals are the new preferred option for travelling. Cars are the economically faster mode of transportation which increases the car rental industry at a high rate.
Car Rental Market Size is expected to hold a CAGR of 9% with a value of USD 200 billion from 2021 to 2027. Services added in the car rentals are entertainment devices, free Wifi and safety for children. The market is solely dependent on the travel and tourism market, but due to the virus spread globally and pause in the movement reduced the rental cars declining in the revenue of the market. Several initiatives for pollution, a young generation depending on the car for travel and urbanization drives the market.
The increases in mobile application, technology advancement, cost-effectiveness boost the market and provide a new market sector. Improving new car rental apps is forming new growth opportunities for the market. The unavailability of service providers in remote areas and lesser access to car rentals, and lack of awareness are major restraining factors for the market. The increasing cost of crude oil hinders the market.
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Revenue Growth Rate (CAGR) by 2030 | 9% |
Market Growth Forecast | 2023 - 2030 |
Emerging Market Segments | by Type (Local, Outstation, Airport, Others), Mode of Booking (Online, Offline), Application (Business, Non-Business), Vehicle Type (Sedan, SUV, MUV, Luxuries, Others) |
Market Survey Data | Recession Impact, Pricing Analysis, Patent Analysis, Value Chain Analysis, Policy and Regulations, Disruptions And Trends, Supply And Demand Trends, International Competition and others. |
Market Opportunity Predictions in | North America |
Product Mapping by Regions | Rest of America, US, Canada, Mexico, Brazil, Argentina, Germany, UK, Russia, Italy, Rest Of Europe, China, Japan, India, South Korea, Rest Of Asia-Pacific, Saudi Arabia, UAE, Iran, Qatar, Rest Of The Middle East, South Africa, Nigeria, Rest Of Africa, ROW |
Scope Of Car Rental Industry Ecosystems
Some of the Key Evaluation Pointers of Car Rental Market Report Data 2023:
- Emerging Markets
- Developed Markets
- Market Growth Forecast
- Market Entry Strategies
- Emerging Markets Outlook
- Market Survey Data
- Vendor Share Research
- Vendor Strategies
- Vendor Assessment
- Market Share By Company
- Regional Footprint
- Market Regional Statistics
- Market Share Data
- Market Share By Region
- Market Regional Expansion
- Market Regional Assessment
- Export, Import Data, And Market Share
- Volume/Value, Future Growth Potential
- Long Term (~10 Years) Price Outlook
- Future Business Outlook and many more.
Car Rental Market Key Players
- Enterprise Holdings Inc
- Avis Budget Group Inc
- Hertz Global Holdings Inc
- ANI Technologies Pvt. Ltd.
- Uber Technologies Inc.
- Europcar
- Carzonrent India Pvt Ltd
- SIXT
- Eco Rent a Car
- Localiza
Car Rental Market Segmentation
By type
- Airpot
- Outstation
- Local
- Others
By application
- Non Business Booking
- Business Booking
By mode of booking
- Online
- Offline
By vehicle mode
- Muv
- Suv
- Sedan
- Luxury
Regional analysis
The Car Rental Market Size is analyzed in Europe, North America, Asia Pacific and other parts. North America is dominating the market due to the adaptation of car rental softwares. The cost-effectiveness of car rentals is also driving the market. The increasing tourism market in Europe is increasing the market share and boosting the car rentals in the region. Developing urbanization and population are propelling the market will experience a huge growth rate in the forecast period.
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Car Rental Market Industry news
Zoomcar launched India's first car-sharing platform in 2013 and is dominating the market in the car-sharing ecosystem in recent times with approx 10,000 cars on its platform. In 2020, the company launched a SaaS-based mobility solution.
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