Dublin, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The "Global Car Rental Market to 2027: Trends, Opportunities and Competitive Analysis" report has been added to ResearchAndMarkets.com's offering.
The global car rental industry is expected to reach an estimated $145.6 billion by 2027 with a CAGR of 6.7% from 2021 to 2027.
The future of the global car rental industry looks promising with opportunities in business and leisure travel industry.
The major drivers for this market are the growing global tourism industry, increase in international air travelers, and rising income levels across the globe.
Emerging trends, which have a direct impact on the dynamics of the industry, include enhanced user experience through digitization, additional green vehicles in the fleets of rental car companies, and the concept of self-driving instead of hiring a driver.
The analyst forecasts that leisure travelers will remain the largest segment, and it is also expected to witness the highest growth over the forecast period. The study includes trends and forecast for the global car rental industry by location type, traveler type, mode of booking, vehicle type, and region.
Enterprise Rent-A-Car, Hertz Group AG, Avis Budget Group Inc., Uber, Europcar Mobility Group S.A., Redcap Tour, ANI technologies Pvt. limited, and Sixt AG are the major car rental service providers in the global car rental industry.
List of Car Rental Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain.
With these strategies car rental companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base.
Car Rental Industry Insights
The analyst forecasts that leisure customer will remain the largest market by traveler type and it is also expected to witness the highest growth during the forecast period due to the rise in air travel and increasing domestic tourism.
North America is expected to remain the largest region mainly due to the growing adoption of rental vehicles, and increasing corporate travels. Asia Pacific is expected to witness highest growth over the forecast period due to rapid urbanization and increased expenditure on traveling by domestic tourists.
FAQS
Q1. What is the car rental market size?
Answer: The global car rental market is expected to reach an estimated $145.6 billion by 2027.
Q2. What is the growth forecast for car rental market?
Answer: The car rental market is expected to grow at a CAGR of 6.7% from 2021 to 2027.
Q3. What are the major drivers influencing the growth of the car rental market?
Answer: The major drivers for this market are increasing in air travel, rising growing global tourism industry, increase in international air travelers, and rising income levels across the globe.
Q4. What are the major location types or end use industries for car rental?
Answer: On-airport is the major segment by location type for car rental.
Q5. What are the emerging trends in car rental market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include enhanced user experience through digitization, additional green vehicles in the fleets of rental car companies, and the concept of self-driving instead of hiring a driver.
Q6. Who are the key car rental companies?
Answer: Some of the key car rental companies are as follows: Enterprise Rent-A-Car, Hertz Group AG, Avis Budget Group Inc., Uber, Europcar Mobility Group S.A., Redcap Tour, ANI technologies Pvt. limited, and Sixt AG
Q7. Which car rental traveler type segment will be the largest in future?
Answer: The analyst forecasts that leisure customer will remain the largest market by location type and it is also expected to witness the highest growth during the forecast period due to the rise in air travel and increasing domestic tourism.
Q8: In car rental market, which region is expected to be the largest in next 5 years?
Answer: North America is expected to remain the largest region mainly due to the growing adoption of rental vehicles, and increasing corporate travels. Asia Pacific is expected to witness highest growth over the forecast period due to rapid urbanization and increased expenditure on traveling by domestic tourists.
Q9. Do we receive customization in this report?
Answer: Yes, the analyst provides 10% customization without any additional cost.
Key Topics Covered:
1. Executive Summary
2. Market Background and Classifications
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Industry Trends and Forecast Analysis from 2016 to 2027
3.1: Macroeconomic Trends (2016-2021) and Forecast (2022-2027)
3.2: Global Car Rental Industry Trends (2016-2021) and Forecast (2022-2027)
3.3: Global Car Rental Industry by Location
3.3.1: Off-Airport
3.3.2: On-Airport
3.4: Global Car Rental Industry by Customers
3.4.1: Business
3.4.2: Leisure
3.4.3: Others
3.5: Global Car Rental Industry by Vehicle Type
3.5.1: Luxury Cars
3.5.2: Executive Cars
3.5.3: Economy Cars
3.5.4: Sports Utility Vehicles
3.5.5: Multi Utility Vehicles
3.6: Global Car Rental Industry by Mode of Booking
3.6.1: On-Line Booking
3.6.2: Off-Line Booking
4. Industry Trends and Forecast Analysis by Region from 2016 to 2027
4.1: Global Car Rental Industry by Region
4.2: North American Car Rental Industry
4.2.1: North American Car rental Industry by Location
4.2.2: North American Car rental Industry by Customers
4.2.3: North American Car rental Industry by Mode of Booking
4.2.4: North American Car rental Industry by Vehicle Type
4.2.5: The United States Car Rental industry
4.2.6: Canadian Car Rental industry
4.2.7: Mexican Car Rental Industry
4.3: European Car Rental Industry
4.4: APAC Car Rental Industry
4.5: ROW Car Rental Industry
5. Competitor Analysis
5.1: Service Portfolio Analysis
5.2: Industry Share Analysis
5.3: Geographical Reach
5.4: Porter's Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Car Rental Industry by Location
6.1.2: Growth Opportunities for the Global Car Rental Industry by Customers
6.1.3: Growth Opportunities for the Global Car Rental Industry by Mode of Booking
6.1.4: Growth Opportunities for the Global Car Rental Industry by Vehicle Type
6.1.5: Growth Opportunities for the Global Car Rental Industry by Region
6.2: Emerging Trends in the Global Car Rental Market
6.3: Strategic Analysis
6.3.1: New Services Launches
6.3.2: Capacity Expansion of the Global Car Rental Industry
6.3.3: Mergers, Acquisitions and Joint Ventures in the Global Car Rental Industry
6.3.4: Certification and Licensing
6.3.5: Technology Development
7. Company Profiles of Leading Players
7.1: Enterprise Rent-A-Car
7.2: Hertz Global Holdings, Inc.
7.3: Avis Budget Group Inc.
7.4: Europcar Mobility Group S.A
7.5: Sixt SE
7.6: Localiza Rent a Car SA
7.7: ICHINEN HOLDINGS CO., LTD.
7.8: Redcap Tour Co., Ltd.
7.9: Empresas Tattersall SA
7.10: Warisan TC Holdings Berhad
For more information about this report visit https://www.researchandmarkets.com/r/l104hl
