The global car rental market size is anticipated to reach at USD 125.4 billion by 2025 to expand at CAGR of 5.1%. Increasing number of smartphone users globally and rising dependency on technology for carrying out activities such as booking and paying for rental services have been vital to market growth over the years. A number of vehicle rental companies are rolling out apps to notify their customers about promotional offers, discount coupons, fare, real-time tracking, and availability. As customers demand availability of cars in minimal time, industry players are focusing on enhancing their service convenience and streamlining business processes by utilizing IoT-enabled fleet management solutions.
Amid the COVID-19 pandemic, car rental services are suspended across many countries. In some countries with ease of restrictions car rental ventures have resumed with full swing and adopted to the new normal. Safety norms and COVID protocols are now ruling in the public transport industry throughout the globe.
Car Rental Market Report Suggest:
• Along with reduction in fuel prices, there has been a considerable rise in number of international travelers worldwide, thereby resulting in rising demand for rental services
• Rising consumer awareness regarding rental add-ons and availability of affordable solutions is compelling car rental market players to focus on enhancing their services and prioritizing customers’ convenience
• Airport transport is anticipated to emerge as the largest application segment over the coming years, owing to a significant increase in number of air travelers across the globe. Numerous small companies are also entering this segment with new technologies and processes, further propelling the revenue generation prospects of the segment
• ‘Bleisure’ travel, which refers to a combination of a business and leisure trip, is one of the emerging and most promising trends in the travel and tourism industry. This trend is poised to propel the demand for car hiring and renting services among leisure and business travelers.
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Car Rental Market Segmentation
Grand View Research has segmented the global car rental market by vehicle type, application, and region:
Car Rental Vehicle Type Outlook (USD Million, 2014 – 2025)
• Luxury cars
• Executive cars
• Economy cars
Car Rental Application Outlook (USD Million, 2014 – 2025)
• Local usage
• Airport transport
Car Rental Regional Outlook (USD Million, 2014 – 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa
List of Key Players of Car Rental Market
• The Hertz Corporation
• Sixt SE
• Avis Budget Group
• Enterprise Rent-A Car
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