According to the latest report by IMARC Group, titled “Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, the global car rental market has reached a value of US$76.7 billion in 2021. IMARC Group expects the market to reach US$96.5 billion by 2027, growing at a CAGR of 3.8% during the period 2022- 2027.
Car rental, or leasing a car, refers to the process of renting a car for a short term. These car rental services are provided by agencies that purchase multiple fleet vehicles and rent them out to customers for a fee. Nowadays, individuals prefer renting a car as it is a more cost effective alternative to owning a vehicle and provides freedom of movement and low cost travel. Some rental cars are also equipped with entertainment systems, global positioning systems (GPS) and Wi-Fi networks.
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Global car rental market trends and drivers:
The global car rental market is mainly driven by the rapid growth of the information technology (IT) sector. With the growing penetration of smartphones, renting a car through online platforms has become the most preferred choice. Furthermore, the increase in travel and tourism activities has encouraged individuals to opt for car rental services, such as taxis and ride-sharing, for improved mobility and cost-effective trips. The high usage rate of car rental services by daily commuters and office workers also provides a positive outlook for the market. In addition to this, governments of various countries are emphasizing on minimizing their vehicle emissions. Therefore, car rental services have become one of the most economical modes of transportation.
Competitive analysis and segmentation of the car rental market 2022-2027:
Competitive landscape with key players:
The competitive landscape of the Car Rental market has been studied in the report along with the detailed profiles of key players operating in the market.
Some of these key players include:
Avis Budget Group, Inc.
Carzonrent India Private Limited
Eco rent a car
Enterprise Holdings, Inc.
The Hertz Company
Key Market Segmentation:
The report has segmented the global car rental market on the basis of booking type, rental duration, vehicle type, application, end user and region.
Breakdown by booking type:
Breakdown by rental duration:
Breakdown by type of vehicle:
Breakdown by application:
Breakdown by end user:
Breakdown by region:
North America (USA, Canada)
Europe (Germany, France, UK, Italy, Spain, Russia, Others)
Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Latin America (Brazil, Mexico, others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iran, Others)
Ask the analyst for a customization and explore the full report with table of contents and list of figures: https://www.imarcgroup.com/request?type=report&id=2036&flag=C
Main highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Market drivers and success factors
Impact of COVID-19
Value chain analysis
Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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This press release was published on openPR.