The global car rental market is estimated to attain USD 125.4 billion, by the end of 2025, and is projected to grow at the CAGR of 5.1% over the forecast period, 2019 to 2025, according to a new report by Million Insights, High ownership cost linked with personal vehicles and growing tourism sector is projected to boost the market growth.
Technology innovations along with increasing penetration of smartphone users are used for paying & booking in rental services. Various companies operating in rental services are using apps to remind & notify consumers regarding their promotional offers such as coupons, and discounts. Consumer demand vehicle service in quick or minimal time, thus the companies are focusing on providing a convenient solution by using IoT enabled solutions.
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Companies in the market focus on various factors like pricing, fleet size, marketing expertise, and location flexibility to remain competitive in the industry. The industry is highly competitive in nature and is making companies to offer quality services to meet consumer needs. Due to the fierce competition, bigger companies are acquiring small players to maintain their position in the market. Different firms have launched their brands at a reasonable price to expand its revenue and reach across the globe.
Key manufacturers in the market include Europcar, Sixt SE, Avis Budget Group, Enterprise Rent-A-car, and The Hertz Corporation.
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Further key findings from the report suggest:
• The car rental market is projected to propel at significant rate owing to reduced fuel prices as the international travelling is increasing.
• Growing consumer awareness about add-on services, and affordable solutions is encouraging companies to offer enhanced services.
• Airport transport application segment is projected to lead the market by 2025. This growth is attributed to rising air travelling across the world.
• Bleisure travel that is leisure & business trip combination trend is growing in popularity in tourism sector. This trend is expected to increase the demand for rental services.
Million Insights has segmented the global car rental market based on vehicle type, application, and region:
Car Rental Vehicle Type Outlook (Revenue, USD Million, 2014 – 2025)
• Luxury cars
• Executive cars
• Economy cars
Car Rental Application Outlook (Revenue, USD Million, 2014 – 2025)
• Local usage
• Airport transport
Car Rental Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa
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