Pune, May 18, 2023 (GLOBE NEWSWIRE) -- Global Market Overview
As per the SNS Insider, "The Car Rental Market had a valuation of USD 108 billion in 2022. It is projected to expand at a CAGR of 5% during the forecast period from 2023 to 2030 and is anticipated to reach USD 160.40 billion by 2030".
Market Report Scope
Car rental refers to the practice of renting vehicles, typically automobiles, for a short period of time, usually ranging from a few hours to a few weeks. It is a service provided by car rental companies or agencies that allow individuals or businesses to temporarily use a vehicle without the long-term commitment or financial burden of owning one. Car rental services have become increasingly popular due to their convenience, flexibility, and affordability.
Market Analysis
The car rental market is experiencing substantial growth, primarily fueled by economic development and the growing demand for luxury cars during business trips by corporate travelers worldwide. Additionally, the flourishing tourism sector is contributing to this upward trend as individuals are willing to invest more in creating memorable experiences with their families. The ongoing digital revolution has significantly impacted the car rental industry, introducing transformative changes and opportunities. The emergence of digital platforms has revolutionized the way consumer’s access information, enabling car rental companies to connect with potential customers through various channels. This digitalization has empowered consumers to share and access a wealth of information, making informed decisions and enhancing their overall car rental experience.
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Impact of Recession
A recession can significantly impact the car rental market. Decreased demand, decline in business travel, reduced tourism, financial constraints, increased price competition, and shifts in customer preferences all contribute to the challenges faced by car rental companies during an economic downturn. To navigate these challenges, car rental companies may need to implement cost-saving measures, explore new revenue streams, adapt their services to changing customer preferences, and maintain a strong focus on customer satisfaction.
Key Regional Development
North America remains the dominant region in the car rental market, driven by the increasing number of leisure and business trips within the region and globally. The evolving consumer preferences favoring rental services, along with the presence of major industry players, further propel the growth and revenue prospects in this region. As the market continues to expand, stakeholders are expected to capitalize on these opportunities and provide innovative solutions to meet the growing demand for car rental services in North America.
Car Rental Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 108 Billion |
| Market Size by 2030 | US$ 160.40 Billion |
| CAGR | CAGR of 5% From 2023 to 2030 |
| Key Segments | • by Application (Local Usage, Airport Transport, Outstation, Others) • by Rental Duration (Short-term, Long-term) • by Vehicle Type (Luxury car, Executive car, Economical car, Sports utility vehicle (SUV), Multi-utility vehicle (MUV)) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Enterprise Holdings Inc, Uber Technologies, Inc., Avis Budget Group Inc, Hertz Global Holdings Inc, ANI Technologies Pvt. Ltd., Europcar, Carzonrent India Pvt Ltd, SIXT, Eco Rent a Car, and Localiza |
| Market Drivers | •Consumers' increasing ability to spend their money and economies that are expanding steadily. •Renting a car is becoming more popular as millennials are less likely to possess a car than previous generations. |
Key Takeaway from Car Rental Market Study
- The air transport segment is proving to be a significant growth driver in the market. The increasing popularity of air travel, coupled with the rising demand for seamless travel experiences and last-mile connectivity, has fueled this growth.
- The car rental industry has witnessed remarkable growth in recent years, and within this sector, the luxury car rental segment has emerged as a particularly promising segment. As discerning consumers seek enhanced travel experiences, the demand for luxury car rentals has soared.
Recent Developments Related to Car Rental Market
- Dubai-based car rental platform, Finalrentals, recently announced a successful round of angel investment, securing an undisclosed amount of funding. This strategic investment comes as a major boost to Finalrentals, propelling its growth and expansion plans in the highly competitive car rental industry.
- Kyte, the innovative car rental app, has recently made waves in the tech industry by securing an impressive $60 million in funding. This substantial investment will enable Kyte to further expand its operations, enhance its platform, and continue revolutionizing the car rental experience for customers worldwide.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Car Rental Market Segmentation, By Application
9. Global Car Rental Market Segmentation, By Rental Duration
10. Global Car Rental Market Segmentation, By Vehicle Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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