According to the latest IMARC Group report, entitled âCar Rental Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2021-2026,âThe global car rental market reached a value of US $ 93.7 billion in 2020. In the future, the market value is expected to reach US $ 144.7 billion by 2026, with growth at a CAGR of 7.2% in 2021-2026.
Like the new coronavirus (COVID-19[FEMALE)[FEMININE) as the crisis takes hold of the world, we are constantly monitoring changes in the markets, as well as the buying behaviors of consumers around the world – our estimates on the latest market trends and forecast values ââafter considering the impact of this pandemic. These observations will be incorporated into the report.
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Car rental, or car rental facility, refers to the process of renting a car for a short period of time. These car rental services are provided by agencies that buy multiple fleet vehicles and rent them to customers for a fee. Today, individuals prefer to rent a car because it is a more cost effective alternative to owning a vehicle and provides freedom of movement and travel at low cost. Some rental cars are also equipped with entertainment systems, global positioning systems (GPS), and Wi-Fi networks.
Market trends and drivers:
The global car rental market is primarily driven by the rapid growth of the information technology (IT) industry. With the increasing penetration of smartphones, renting a car through online platforms has become the preferred choice. In addition, the increase in travel and tourism activities has encouraged individuals to opt for car rental services, such as taxis and carpooling, for improved mobility and cost-effective commutes. The high utilization rate of car rental services by daily commuters and office workers also provides a positive outlook for the market. In addition to this, the governments of various countries are focusing on reducing vehicle emissions. As a result, car rental services have become one of the most economical modes of transportation.
Competitive analysis and segmentation of the car rental market 2021-2026:
Competitive landscape with key players:
The competitive landscape of the global car rental market has been studied in the report along with the detailed profiles of the major players operating in the market.
Some of these key players include:
- Avis Budget Group, Inc.
- Carzonrent India Private Limited
- Eco rent a car
- Sixt SE
- Company Holdings, Inc.
- Enterprise Rent-A-Car
- The Hertz company
Key market segmentation:
The report has segmented the global car rental market on the basis of booking, rental duration, vehicle type, application, end user, and region.
Breakage by reservation:
- Offline booking
- Online booking
Breakdown by rental period:
Breakdown by vehicle type:
Breakdown by application:
Breakdown by end user:
Breakdown by region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Explore the full report with table of contents and list of figures: https://bit.ly/3obTZTM
Highlights of the report:
- Market performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- The impact of COVID-19 on the global market
- Value chain analysis
- Global market structure
- Complete mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as part of the customization.
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