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Global Car Rental Market to Grow at a CAGR of 12.1% over the Forecast Period of 2020-2025.

According to a new report by EMR titled, ‘Global Car Rental Market Report and Forecast 2020-2025’, the global car rental market stood at a value of around USD 124,344.7 million in 2019. The industry is further expected to grow at a CAGR of 12.1% between 2020 and 2025 to attain a value of USD 246,752.1 million by 2025.

The global car rental market is being driven by the flourishing tourism sector and the growing consumer demand for cost-effective and convenient services. The growing government regulations, coupled with the rising awareness regarding the impact of vehicular emission on the environment, is expected to aid the growth of the car rental industry globally.

North America region is one of the leading markets in the industry, within which the United States car rental market contributes significantly towards its growth. Further, Europe is expected to witness an increase in demand for such services due to the implementation of stringent government policies in the region. With the rapid advancement in technology and increasing automation, the manufacturers are focusing on providing solutions like connected vehicles and the self-serve option to customers in order to enhance their rental experience. In January 2020, Avis Budget Group, Inc. (NASDAQ: CAR) and Fiat Chrysler Automobiles signed a new connected car agreement to add more than 22,000 Fiat vehicles in Avis Budget Group’s European fleet to provide enhanced on-demand car rental experience to the customers in Europe and allowing them to manage the same digitally through Avis mobile app, enabling lock/unlock technology. Such developments are expected to further aid the growth of the global car rental industry over the forecast period.

Market Breakup by Vehicle Types, Booking Types, Application Type, and Regions:

  • By vehicle type, the global car rental industry can be divided into luxury/premium cars, economy/budget cars, SUVs, and MUVs.
  • On the basis of booking type, the industry is segmented into offline access and online access. 
  • On the basis of application type, the industry is categorised into leisure/tourism and business.
  • Region-wise, the global car rental market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global car rental market is being driven by the growth of the tourism and travel sector. 
  • The growing global population and rising disposable incomes, particularly in the emerging economies, is providing further impetus to the market growth. 
  • The increasing popularity of online car booking/renting platforms owing to its ease of use and convenience is providing a boost to the industry. 
  • Car rental is cost-effective and further helps in the reduction of pollution level by decreasing owned-vehicle volumetric sales, which is aiding the growth of the car rental market globally.

Key Offerings of the Report:

  • The EMR report gives a detailed analysis of the global car rental market for the periods (2015-2019) and (2020-2025). 
  • The report offers historical (2015-2019) and forecast (2020-2025) market information for the vehicle types, booking types, application type, and regional markets for the global car rental industry.
  • The report also gives the regional historical (2015-2019) and forecast (2020-2025) price trends of the car rental market. 
  • It also offers an assessment of the market based on the Porter’s Five Forces model, along with providing a SWOT analysis.

The major players in the global car rental market are Ace Rent-a-car, Advantage Rent-a-car, National Car Rental, Avis Budget Group Inc., Eco Rent a Car, Enterprise Holdings Inc., Hertz Corp., Global Cars, Localiza–Rent-a-car SA, and Europcar Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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