Global
Car Rental Market is
expected to be USD 189.30 billion by 2026 from USD 92.92 billion in 2019, at a
CAGR of 10.7 % from 2020 to 2026. Global Car Rental Market depends on the
number of car rental services, preference for leisure travel, need for regular
commutations and increasing spending power of the people. Increasing tourism
activities and continuously expanding tourism budget have supported the growth
of the car rental market. The growing dependence of travellers on smartphones
for carrying out a variety of activities traditionally done by personal
computers has significantly helped transform the car rental experience for
customers. Besides, the penetration of smartphones drives the market growth in
a big way. Many governments have been focusing on developing the tourism sector
to attract more visitors, adding to the demand for car rental. But, high car
rentals for extended counters may restrict market growth.
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Car rental agencies
provide automobiles for a short period at a specific cost. The car rental
services are usually provided by operators with many local branches, generally
situated near airports or busy areas in the city and are accompanied by a
website to allow online reservations. The rental period may vary from a few
hours to weeks as per the requirement of the customer. During the last few
years, the trend of online booking, easily accessible car rental services for
daily or occasional travel and preference for leisure travel have changed the
scenario of the car rental market.
The car rental
market is divided into Economy/budget cars and Luxury/premium cars based on
vehicle type. Economy/budget cars lead the Global Car Rental Market due to its
high fuel-efficiency. And, this segment is expected to secure a major market
share in the projection period, also owing to its more adoption among fleet
owners and customers. Moreover, increasing gasoline prices and growing
environmental concerns have driven the demand for these cars globally, because of
its low environmental effect
Online tourist vehicle
bookings are increasing globally due to the expanding usage of smartphones and
the rising number of travellers aged between 25 and 34, who prefer to book
vehicle rentals by online channels. Online booking and usage of smartphones
serve a variety of purposes, including verification of the renter's documents,
offering details of the rental vehicles, pick and drop services, e-signing
contracts, and cashless transactions.
With the rising trend in
technology, renting a vehicle through online booking has become the most
favored choice of customers over the past few years. Moreover, it provides
additional facilities to monitor a rental vehicle's operation, performance, and
maintenance. Such features are tremendous assets for drivers and fleet
managers, allowing them to recognize risks in advance and implement timely
modifications in their rental services.
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North America is expected
to be the most prominent car rental market globally, in the forecast period.
North America Car Rental Market is characterized by the strong presence of many
car rental operators, and the use of advanced apps supported progressive
technology. In 2018, the usage of these services increased in several cities,
fueled by increased initiatives by the service operators. For instance, Uber
Technologies Inc. adopted mobile technologies and other devices to meet
consumers' transportation requirements more efficiently.
“The leading players” operating
in the Global Car Rental Market are The leading players considered
for market analysis are Avis Budget Group Inc., Eco Rent a Car, Enterprise
Holdings Inc., Europcar Group, Car2go, Hertz Corp., Sixt, Movida, Ace
Rent-a-car, Global Cars, Localiza–Rent-a-car SA, Advantage Rent-a-car, National
Car Rental, Locamerica, and others.
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