According to IMARC Group’s latest report, titled “Car Rental Market: Global Industry Trends, Share, Size, 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 grow at a CAGR of 7.2% during 2021-2026.
We are regularly tracking thme direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Car rental, or hire a car facility, refers to the process of renting a car for a short duration. These car rental services are provided by agencies that purchase several fleet vehicles and rent them to customers for a fee. Nowadays, individuals prefer to hire a car on rent as it is a more cost-effective alternative than owning a vehicle and offers freedom of movement and low-cost traveling. Some rental cars are also equipped with entertainment systems, global positioning systems (GPS), and Wi-Fi networks.
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The global car rental market is primarily driven by the rapid growth of the information technology (IT) sector. With the rising penetration of smartphones, renting a car through online platforms has become the most preferred choice. Besides this, increased travel and tourism activities have encouraged individuals to opt for car rental services, such as taxis and carpooling, for improved mobility and cost-effective traveling. The high usage rate of car rental services by daily commuters and office goers is also providing a positive outlook to the market. Besides this, governments of various countries are emphasizing on minimizing their vehicular emissions. Consequently, car rental services have emerged as one of the most economical modes of transportation. On account of these factors, the market value is anticipated to reach US$ 144.7 Billion by 2026.
Car Rental Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the global 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.
- Europcar
- Sixt SE
- Carzonrent India Private Limited
- Eco rent a car
- Localiza
- Enterprise Holdings Inc.
- Enterprise Rent-A-Car
- The Hertz Corporation
Key Market Segmentation:
The report has segmented the global car rental market on the basis of booking, rental length, vehicle type, application, end-user and region.
Breakup by Booking:
- Offline Booking
- Online Booking
Breakup by Rental Length:
- Short Term
- Long Term
Breakup by Vehicle Type:
- Luxury
- Executive
- Economy
- SUVs
- Others
Breakup by Application:
- Leisure/Tourism
- Business
Breakup by End-User:
- Self-Driven
- Chauffeur-Driven
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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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