Pune, India, July 26, 2022 (GLOBE NEWSWIRE) — The global car rental market size hit USD 68.84 billion in 2021. The market value is slated to rise from USD 82.54 billion in 2022 to USD 137.25 billion by 2029, exhibiting a CAGR of 7.5% during the forecast period. The market has declined significantly as a result of COVID-19, owing to lack of demand in all areas throughout the pandemic. Due to the growing popularity of smartphone-based online rental car booking apps, the car rental industry received a lot of attention. Customers can rent cars from companies for a short or long period of time, says Fortune Business Insights in its report titled, “Car Rental Market, 2022-2029”.
COVID-19 Impact –
Substantial Decline in Global Tourism Industry owing to COVID-19 Pandemic
According to the International Civil Aviation Organization (ICAO), an overall decrease of 2,703 million passengers compared to 2019 and a loss of approximately USD 372 billion in airline passenger operating revenues impacted the airport transportation car rental business in 2020. Furthermore, as tourism declined globally, rental car companies were forced to sell large portions of their fleets.
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Report Scope & Segmentation:
|Forecast Period 2022 to 2029 CAGR||7.5%|
|2029 Value Projection||USD 137.25 billion|
|Market Size in 2022||USD 82.54 billion|
|Historical Data for||2018-2020|
|No. of Pages||194|
|Segments covered||The market is divided into four segments based on vehicle type, luxury cars, executive cars, economy cars, Sports Utility Vehicles (SUVs), and Multi-Utility Vehicles (MUVs).|
|Growth Drivers||Market Growth will be Driven by On-Demand Transportation Services|
|North America Dominated the Global Market Share|
Market Growth will be Driven by On-Demand Transportation Services
Increasing vehicle prices, limited parking spaces, and high car maintenance costs encourage people to use on-demand transportation services for travel and daily commuting. As a result, rising demand for on-demand transportation is expected to drive market growth during the forecast period.
Increased smartphone sales also influence people’s preferences for on-demand transportation services. For ride-hailing and rental services, smartphone apps allow for easy booking and online payment. As a result, the growing popularity and use of smartphone apps and online platforms for rental services provided by ride-hailing companies, such as Uber, Lyft, and others, are driving the market growth. However, during the forecast period, rising oil or fossil fuel prices are expected to hinder the car rental market growth.
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Highlights of the Report-
The report provides a detailed analysis of the market, focusing on key aspects such as leading companies, vehicle types, and leading service applications. Apart from that, the report provides insights into market trends and highlights key industry developments. In addition to the factors mentioned above, the report includes a number of other factors that have contributed to the market’s growth.
North America Dominated the Global Market Share
Consisting of 36.07% in 2021, North America dominated the global car rental market share. This can be attributed to lack of flexibility in public transportation routes and shift to environment-friendly rental vehicles, further increasing the demand for rental cars for leisure activities and business trips. Furthermore, rising tourism in North America and Europe is increasing the demand for rental services.
The introduction of a dedicated electric vehicle rental service and the entry of leading automobile industry players are expected to grow the business in the European market.
The scenario in Asia Pacific and Latin America, on the other hand, is very different. In these regions, rising vehicle and fuel prices are increasing demand. As the majority of the region’s population has middle-class disposable income, renting a car is a popular way to meet travel needs. Furthermore, the Asia Pacific market is expected to grow significantly due to favorable macroeconomic factors and key players’ introduction of self-driving vehicle rental fleets.
The Middle East and Africa is expected to grow at the fastest CAGR during the forecast period, owing to increased business and tourism in the region.
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Hertz Rental Faced a Hard Hit Owing to COVID-19
During the COVID-19 pandemic, Hertz Rental, a market leader, faced critical challenges and declared bankruptcy. Despite the company’s extensive distribution network, particularly in the U.S., it failed to manage funds effectively during the lockdown. To deal with difficult times, the company recently sought USD 1.65 billion in financing.
List of Players Operating in the Car Rental Market are as follows:
• Enterprise Holdings Inc. (U.S.)
• Hertz Global Holdings (U.S.)
• Avis Budget Group (U.S.)
• Europcar Mobility Group (France)
• Lotte Rental Co. Ltd (South Korea)
• TOYOTA Rent a Car (Japan)
• Europcar International (France)
• Sixt SE (Germany)
• Localiza Rent a Car SA (Brazil)
• CAR Inc (China)
• Alamo Rent A Car LLC (U.S.)
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Car Rental Market Segmentation:
By Vehicle Type:
- Luxury Cars
- Executive Cars
- Economy Cars
By Application Type:
- Local Usage
- Airport Transport
By Rental Duration Type:
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments – Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Car Rental Market
5. Global Car Rental Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
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