Car Rental Market 2020: enormous Growth With Recent Trends & Demand Forecast to 2023
Market Highlights
Car rental is a service whereincars are rented out to the consumers who do not own their individual cars orthose who are out of their town. The car rental companies also offer insurancecompensation to the consumers for damaged repair. Such companies offer servicesfor a time span from a few hours to a few months, depending on the consumerdemand.
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Increase in the per capitadisposable income of the consumers will increase their purchasing power, whichwill further enhance their comfort of renting. In the past years, there hasbeen a massive increase in the business and non-business trips around theglobe, which aid in the growth of the global car rental market. Rapid growth inurbanization and population makes it difficult for the consumers to drive theirown vehicles, which would create a demand for car rental. Favorable governmentnorms and increase in awareness regarding environment and car sharing willenhance the demand for car rental. Avis Budget Group (US) and EnterpriseHoldings, Inc. (US) are a few of the biggest companies in the global car rentalmarket. These companies have a number of subsidiaries, which are mostly throughstrategic mergers and acquisition. However, continuous fluctuation in the crudeoil price and the need for consistent customer service satisfaction are themajor challenges for the companies. High competition in the global market willrestrict the entry of new players in the car rental market.
Market Research Analysis
In terms of region, the globalmarket for the car rental is segmented into North America, Europe,Asia-Pacific, and the Rest of the World. North America is estimated to hold thehighest revenue market share in the base year; expected to dominate during theforecast period followed by Europe and Asia-Pacific. North America is expectedto hold the highest market share in terms of value owing to increased businessand nonbusiness trips. Increase in the number of international travelers in theUS and Canada will further enhance the demand for car rental in North America.In Europe, favorable government policies and consumer awareness will influencethe demand for car rental. In Asia-Pacific, the market for car rental will growat the highest CAGR owing to the increased population and growing averagedisposable income. The rest of the world plays a crucial role owing to themajor car rental companies presence in the Middle East & Africa and SouthAmerica.
Scope of the Report
This study provides an overviewof the global car rental market, tracking three market segments across fourgeographic regions. The report studies key players, providing a five-yearannual trend analysis that highlights market size, volume, and share for NorthAmerica, Europe, Asia-Pacific, and the Rest of the World. The report alsoprovides a forecast, focusing on the market opportunities for the next fiveyears for each region. The scope of the study segments the global automotivecar rental market by type, mode of booking, application, vehicle type, and regions.
By Type
Local
Outstation
Airport
Others
By Mode of Booking
Online
Offline
By Application
Business
Non-Business
By Vehicle Type
Sedan
SUV
MUV
Luxuries
Others
By Regions
North America
Asia-Pacific
Europe
Rest of the World
Key Players
The prominent players in the global car rental marketinclude Avis Budget Group (US), Enterprise Holdings, Inc. (US), Europcar(France), The Hertz Corporation (US), and Sixt SE (Germany). Localiza (Brazil),Eco Rent a Car (India), Al-Futtaim Vehicle Rentals Company LLC (Qatar), CappsTruck & Van Rental (US), and Bandago Van Rental (US) are among others.
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