According to IMARC Group’s recent report, titled “Car Rental Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2021-2026”, the global car rental market reached a value of US$ 93.70 Billion in 2020. Looking forward, IMARC Group expects the global market to continue its strong growth during the next five years (2021-2026).
Car rental is the facility of renting vehicles temporarily for a predefined period through online or offline channels. Car rental services are primarily focused on serving travelers and individuals who do not own private automobiles. Car rental is a cost-effective alternative to owning a vehicle as it offers low-cost traveling, freedom of movement, and reduced fuel consumption on individual vehicles. Several car rental service providers also offer various other services, such as car damage repair, insurance compensation policies, entertainment systems, GPS and Wi-Fi networks, for an enhanced consumer experience.
The rising urban population, coupled with significant expansion of the travel and tourism industry across the globe, are primarily driving the global car rental market growth. Furthermore, the rising adoption of car rental services in the form of taxis and carpooling for increased mobility and cost-effective traveling is also propelling the global market. Additionally, due to the rising air pollution, the governments of several countries are focusing on minimizing vehicular emissions and promoting car rental services as one of the most economical and sustainable modes of transportation. Other factors, such as the introduction of car rental services through websites and smartphone-based applications, rising consumer disposable income levels, the growing number of car rental service providers, etc., are further expected to drive the car rental market growth in the coming years.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Car Rental Market 2021-2026 Segmentation and Competitive Analysis:
The report has segmented the global car rental market on the basis of region, booking, rental length, vehicle type, application and end-user.
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Breakup by Booking:
- Offline Booking
- Online Booking
Breakup by Rental Length:
- Short Term
- Long Term
Breakup by Vehicle Type:
Breakup by Application:
Breakup by End-User:
The competitive landscape of the car rental market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Avis Budget Group Inc.
- Eco rent a car
- Sixt SE
- Carzonrent India Private Limited
- Enterprise Rent-A-Car
- The Hertz Corporation
- Enterprise Holdings Inc.
Explore full report with table of contents: https://www.imarcgroup.com/car-rental-market
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Historical, Current and Future Trends
- Market Drivers and Success Factors
- Structure of the Global Market
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
- The Impact of COVID-19 on the Global Market
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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