The car rental market comprises several vehicle rental options to various end users including business travelers, leisure travelers, and others through brick-and-mortar stations as well as online portals. Car rental services provide benefits including accessibility, flexibility in travel plans, and cost-saving advantages compared to car ownership.
Market key trends:
The growth of the car rental market is accelerated by on-demand mobility. On-demand mobility services that allow customers to rent vehicles for short periods through smartphone applications and websites have picked up huge popularity. Mobile apps have simplified the process of car rental where customers can easily search for vehicles nearby, filter options as per preferences, book and unlock the cars with just a few taps. This convenience and ease of use have boosted the adoption of on-demand rental services especially among young travelers and corporate employees. Various car rental operators are collaborating with ridesharing and taxi service providers to integrate their fleets on each other's platforms and expand their customer reach through online channels.
Segment Analysis
The global car rental market is segmented on the basis of rental type, application, vehicle type, and geography. Based on rental type, the market can be segmented into airport transport, local usage, outstation, and others. The local usage segment currently dominates the market as people prefer renting cars for local commute and driving within cities. The high demand for inter-city traveling is also fueling the growth of the outstation rental segment.
Key Takeaways
Global Car Rental Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America currently accounts for the largest share in the global car rental market due to high business and leisure travel. However, Asia Pacific is expected to witness the fastest growth rate owing to rising disposable incomes and growth in tourism industry in developing countries of the region.
Key players operating in the car rental market are Avis Budget Group, Enterprise Rent-A-Car, Europcar, Hertz, Sixt, Alphabet, Carzonrent, Eco Rent A Car, and Localiza Rent A Car. Avis Budget Group currently dominates the global market share due to its extensive network and diverse fleet of vehicles for varied customer needs.
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