New York, USA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global car rental market is projected to register a revenue of $1,48,129.4 million at a CAGR of 15.5% during the forecast period (2019-2027), increasing from $92,252.4 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: The increase in disposable income and changing lifestyle are the major factors behind the growth of the market. Moreover, the affordable fare and convenience of timely arrival are other factors enhancing the growth of the market. In addition, car rental companies such as Sixt SE and The Hertz Corporation have incorporated smart digital solutions to their cars to maintain and fulfill all the requirements of high-performance cars fueling the growth of the market.
Restraint: Rising culture of ‘remote’ work is expected to hinder the growth of the market during the forecast period.
Opportunity: The advent of car rental management software is expected to create massive opportunities in upcoming years.
Key Segments of the Market
The report has divided the market into different segments based on vehicle type, multi-utility vehicle, application, and regional analysis.
Vehicle Type: Economic Sub-Segment Expected to be the Most Beneficial
The economic vehicle sub-segment is expected to generate a revenue of $47,323.9 million during the forecast period. The main factors behind the growth of the segment include cumulative concern about environmental pollution.
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Application: Leisure Sub-Segment Expected to be the Most Profitable
The leisure sub-segment is predicted to generate a revenue of $95,179.0 million by the end of 2027, rising from $61,691.0 million in 2018. The main attributor behind the growth is the increasing disposable income, obtainability of online platforms, and the rise in tourism across the globe.
Sales Channel: Online Sub-Segment Expected to be the Most Lucrative
The online sub-segment is predicted to garner a revenue of $1,07,144.0 million by the end 2027. Online car rental system helps enterprises to manage multiple bookings, monitor status of cars, contact the designated customers, and track various rental statuses, and bill different bookings properly. Moreover, pre-requisite car check updates, affluence in accepting reservations, availability checks, scheduling a car for pick up by the customer, and other functions are other factors behind the growth of the segment.
Region: Asia-Pacific Expected to Dominate the Market
Asia-Pacific regional market is anticipated to garner a revenue of $65,651.0 million at a CAGR of 15.0% by the end of 2027. The main factors enhancing the growth of this market include the increasing demand of car rental services in the corporate sector and growing disposable income.
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Key Market Players & Strategies
The most prominent players of the global car rental market include
- Europecar
- Al-Futtaim
- Avis Budget Group
- Enterprise Holdings Inc.
- The Hertz Corporation
- SIXT SE
- Bettercar Rental LLC
- Carzonrent
- Localiza
- Eco Rent a Car
among many others. These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In January 2019, Enterprise Holdings, the world’s largest car rental provider, completed the purchase of Deem, an innovative managed-travel technology platform. The Deem platform includes Deem Work Fource and Deem Ground Work, a suite of online booking and travel technology products for business travelers, travel-management companies, travel managers, and suppliers.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Impact Analysis of COVID-19 on the Market
The coronavirus pandemic has impacted the global car rental market in a negative way. In order to curb the spread of the virus, the governments across countries imposed restrictions on travel and tourism. Because of the restrictions, the demand of car rentals has been decreased. As companies have started working from home, the need of rental cars has also been reduced. However, many rental car companies are providing service to the people suffering from Covid-19 making it easier for them to get the necessary treatment as soon as possible.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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