New York, NY, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Car Rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Usage, Airport Transport, Outstation and Others: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 - 2022”.

According to the report, the global car rental market was valued at approximately USD 58.26 billion in 2016 and is expected to reach approximately USD 124.56 billion by 2022, growing at a CAGR of around 13.55% between 2017 and 2022.

Car rental is a service which provides car and automobiles on rent for short periods of time. This time period generally ranges from a few hours to weeks. Car rental service is primarily located near airports, tourist places or city, etc. There are many conditions on car rental service which may vary by specific country. The majority of car rental companies use a credit card to take additional fees or deposit amount before giving car on rent. Some companies request to carry identity documents while hiring a car on rent.

Browse through 30 Tables & 20 Figures spread over 110 Pages and in-depth TOC on “Global Car rental Market: By Type, segments, Size, Share, Trends, Analysis, Segment and Forecast 2016 – 2022”.

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The car rental market is expected to witness significant growth due to the increasing tourism industry. The major driving factor for the car rental market is growth in international tourism which in turn supports the demand for car rental services. In addition, healthy economic growth and rising disposable income in developing countries are expected to have a positive impact on the car rental market. The high demand of internet and smartphone that increases the convenience of car rental service is expected to develop an astounding growth of key players of this market. Affordable prices of car rental services and rising demand of car rental on a daily basis need are emerging trends which are likely to open new market avenues in the near future. However, some restraints like a rise in crude oil prices may hamper the growth of this market.

The report covers analysis and forecast for the car rental market on a global and regional level. The study provides historic data of 2016 along with a forecast from 2016 to 2022 based revenue (USD Million). The study includes drivers and restraints for the car rental market along with the impact they have on the demand over the forecast period. Additionally, the report offers the study of opportunities present in the car rental market on a global level.

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In order to give the end-users of this report a comprehensive view on the car rental market. To comprehend the competitive landscape in the market, an analysis of Porter’s Five Forces model for this market has also been incorporated. The study encompasses a market attractiveness analysis, wherein car type segments and end-user segments are benchmarked based on their market size, growth rate, and general attractiveness.

The study provides a decisive view on the car rental market by segmenting the market based on car type, end-user, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022. Based on car type the market is segmented into MUV cars, SUV cars, economy cars, executive cars, luxury cars. Local usage, airport transport, outstation, and others are the end-user segments of the car rental market. The regional segmentation includes the current and forecast demand for North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa with its further split into main countries including France, U.S. Germany, UK, India China, Japan, and Brazil. This segmentation includes demand for car rental based on different end-user in all the regions and countries.

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On the basis of car type, car rental market is divided into MUV cars, SUV cars, economy cars, executive cars, luxury cars. Economy cars accounted for approximately 33.10% share of the global market in terms of revenue in 2016 due to the rising price of fuel. It is the fastest growing car type in the forecast period with CAGR around 13.73%.

Local usage, airport transport, outstation, and others are the different end-users of car rental service. Car rental for airport transport dominated the global market and accounted for a 41% share of the overall market share in 2016. This is primarily owing to rising international business activities.

North America was followed by Europe and the Asia Pacific in 2016. North America and Europe together recognized over 47.80% market share in 2016. The affordability of car hiring or car on rent and its awareness among users is expected to drive this regional car rental industry in the coming years. Car rental market in Europe is expected to have significant growth during the years to come owing to the presence of well-known car service providers like Sixt Rent-A-Car, Europcar in the region.

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The Asia Pacific is one of the fastest-growing regional markets for car rental within the forecast period due to the increasing population coupled with transportation issues in the region. Car rental service is very useful in Asian countries like India, Australia, Cambodia, Japan, China, etc. There are many islands in Indonesia region which are the most attractive tourist destination. This helps to grow the car rental market in the Asia Pacific. Eco Rent A Car, Carzonrent, Al-Futtaim Group are some leading car rental service providers in the Asia Pacific.

Latin America, Middle East, and Africa are likely to have moderate growth for the car rental market during the estimated five years. Increasing disposable income coupled with increasing demand for transportation is expected of fuel the car rental market within the forecast period.

Key industry participants include Avis Budget Group, Inc, Sixt Rent-A-Car, Enterprise Rent-A-Car, The Hertz Corporation, Europcar, Al-Futtaim Group, Carzonrent, Localiza Rent A Car, and Eco Rent A Car.

Browse the full "Car rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Usage, Airport Transport, Outstation and Others: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 - 2022" report at https://www.zionmarketresearch.com/report/car-rental-market

The report segments the global car rental market as:

Car Rental Market: Car Type Segment Analysis

• Luxury cars
• Executive cars
• Economy cars
• SUV cars
• MUV cars

Car Rental Market: End-user Segment Analysis

• Local usage
• Airport transport
• Outstation
• Others (Including self-drive, event transportation, employee transportation solutions)

Car Rental Market: Regional Segment Analysis

• North America 
  • The U.S.
• Europe
  • Germany
  • UK
  • France
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle-East and Africa

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