Car Rental Market
overview
Car rental companies are agencies that
rent cars for a particular period at a certain cost. The services are mostly
organized with several local branches and are generally located near the
region's railway station, airport, and other busy areas. They provide online
services through which consumers can do the reservation. Due to the growing
travelling and population, the market has become one of the important markets
globally. Producers and manufacturers are adding new features like
cost-effectiveness, app-based booking, and instant service to the car rental
system. Various schemes are carried out to increase the market size. With the
increases of the traffic and pollution by the owned by vehicles and improvement
of car booking in online mode car rentals are the new preferred option for
travelling. Cars are the economically faster mode of transportation which
increases the car rental industry at a high rate.
Car Rental
Market Size is expected to
hold a CAGR of 9% with a value of USD 200 billion from 2021 to 2027. Services
added in the car rentals are entertainment devices, free Wifi and safety for
children. The market is solely dependent on the travel and tourism market, but
due to the virus spread globally and pause in the movement reduced the rental
cars declining in the revenue of the market. Several initiatives for pollution,
a young generation depending on the car for travel and urbanization drives the
market. The increases in mobile application, technology advancement,
cost-effectiveness boost the market and provide a new market sector. Improving
new car rental apps is forming new growth opportunities for the market. The
unavailability of service providers in remote areas and lesser access to car
rentals, and lack of awareness are major restraining factors for the market.
The increasing cost of crude oil hinders the market.
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Car Rental
Market Key Players
·
Enterprise Holdings Inc
·
Avis Budget Group Inc
·
Hertz Global Holdings Inc
·
ANI Technologies Pvt. Ltd.
·
Uber Technologies Inc.
·
Europcar
·
Carzonrent India Pvt Ltd
·
SIXT
·
Eco Rent a Car
·
Localiza
Car Rental
Market Segmentation
By type
·
Airpot
·
Outstation
·
Local
·
Others
By application
·
Non Business Booking
·
Business Booking
By mode of
booking
·
Online
·
Offline
By vehicle
mode
·
Muv
·
Suv
·
Sedan
·
Luxury
Regional
analysis
The Car
Rental Market Size is analyzed in Europe, North America, Asia Pacific and
other parts. North America is dominating the market due to the adaptation of
car rental softwares. The cost-effectiveness of car rentals is also driving the
market. The increasing tourism market in Europe is increasing the market share
and boosting the car rentals in the region. Developing urbanization and population
are propelling the market will experience a huge growth rate in the forecast
period.
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Car Rental
Market Industry news
Zoomcar launched India's first car-sharing
platform in 2013 and is dominating the market in the car-sharing ecosystem in
recent times with approx 10,000 cars on its platform. In 2020, the company
launched a SaaS-based mobility solution.
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