Car Rental Service Market is forecasted to grow at a 7.2% CAGR By 2031- Comprehensive Research Report by FMI

Car Rental Service Market - Analysis, Outlook, Growth, Trends, Forecasts

DUBAI, United Arab Emirates, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Newly released data by Future Market Insights (FMI) shows that the global Car Rental Service Market is expected to reach a valuation of US$ 134 Bn in 2021. Growing popularity of ride-sharing services is expected to augment the growth of the market, pushing sales at a 7.2% CAGR over the assessment period.

Car Rental Service Market Estimated Size 2021US$ 134 Bn
Car Rental Service Market Value-Based CAGR (2021-2031)7.2% 
Car Rental Service Market 2020-2021 Year-Over-Year Growth5.7% 
Car Rental Service Market Top Players Share in 2021.6%-15%

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Subscription models are increasingly gaining traction among consumers as they are cost-effective and offer more convenience. Driven by this, various OEMs are entering the market with improved service offerings, which is expected to augment the growth of the market.

Further, players are aiming to improve their present working models, while utilizing their abilities in fleet management and existing public fleet presence to gain a competitive advantage.

Vehicle subscriptions are expected to entice customers who may not represent conventional customer profiles for OEMs. For example, few extravagant OEMs are trying membership models widen their customer base.

Scope of Report

Forecast Period2021-2031
Historical Data Available for2016-2020
Market AnalysisUS$ Million for Value
Key Regions Covered               North America, Latin America, Europe, East Asia, South Asia, Oceania Middle East & Africa
Key Countries CoveredUS, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa
Key Segments CoveredCar Type, End Use, Customer Type, Booking Mode,  Sector, and Region
Key Companies Profiled
  • Enterprise Holding Inc.
  • The Hertz Corporation
  • Avis Budget Group
  • Europcar Group
  • Carzonrent
  • Sixt SE
  • Enterprise Rent-A-Car
  • AI Futtaim Group
  • Localiza-Rent A Car
  • Eco Rent a Car
  • GlobalCARS
  • Others
Report CoverageMarket Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

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Moreover, the car subscription model permits customers to maintain a strategic distance from upfront capital necessities and long-term contracts related with buying or renting. It also allows consumers to access comfort and adaptability with the “all-in” month-to-month expense and responsibility.

“Growing preference for economic cars and rise-sharing services, coupled with subscription models offered by market players will continue fueling growth of the market over the assessment period,” says an FMI analyst.

Key Takeaways:

  • Based on car type, demand for economy cars is expected to surge at a considerable pace over the forecast period.
  • In terms of end use, the on-airport segment is projected to remain dominant through 2031.
  • Sales in the mobile application segment are forecast to continue gaining traction over the forecast period.
  • The U.S. is expected to dominate the North America market owing to the presence of key market players and increasing preference for ride-sharing services.
  • Demand in the U.K. is expected to remain high due to growing prevalence of medical tourism in the country.

Competition Landscape

Some of the key players operating in the car rental services market are Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, AI Futtaim Group, Localiza-Rent A Car, Eco Rent A Car, and GlobalCARS among others.

Leading players operating in the market are offering services aligned with consumers’ expectations to gain a competitive edge in the market. Besides this, players are investing in mergers, acquisitions and collaborations to strengthen their footprint in the market. For instance:

  • In January 2020, Localiza Rent A Car SA had been ranked 7th place in customer service – EXAME / IBRC (Ibero-Brazilian Institute for Customer Relations)
  • In 2019, Enterprise Holdings, Inc. had acquired Romsey-based car rental company, SHB Hire Ltd. The latter operates a fleet of over 18,500 commercial vehicles and this acquisition would help the company to form one of the largest U.K. commercial vehicle rental business.
  • In 2019, Hertz Global Holdings and Air France jointly launched Hertz DriveU, which had designed to meet all customer transportation needs.

For information on the Research Approach used in the Report, Request Methodology@

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.


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