Car Rental Market by Type, Mode of Booking, Rental Category, and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 167
  • SKU: IRTNTR40065
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The car rental market size has the potential to grow by USD 66.62 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 18.11%. 

This report provides a detailed analysis of the market by type (economy cars, executive cars, luxury cars, SUVs, and MUVs), mode of booking (offline and online), rental category (air transport, local transport, outstation transport, and other transport), geography (North America, Europe, APAC, South America, and MEA), and key vendors. 

Market Overview

Car-Rental-Market-Market-Size-2020-2025

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • Avis Budget Group Inc.
  • Carzonrent India Pvt. Ltd.
  • Enterprise Holdings Inc.
  • Europcar Mobility Group SA
  • Expedia Group Inc.
  • Hertz Global Holdings Inc.
  • Localiza Rent a Car SA
  • Movida Participacoes SA
  • SIXT SE
  • Turo Inc.

 

The car rental market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as the increasing incorporation of advanced digital technologies in car rental services to achieve growth opportunities. However, factors such as the growing adoption of car-hailing services will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the car rental market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

This car rental market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Car Rental Market: Key Drivers and Trends

  • The increasing incorporation of advanced digital technologies in car rental services has been driving the growth of the car rental market size.
  • The growing internet penetration and the rising number of smartphone users have induced car rental operators to depend on mobile-based applications and online websites for business.
  • Car rental operators are using these digital mediums for advertising and communicating the fare, discount coupons, promotional offers, car availability, and real-time vehicle tracking.
  • Several market vendors are focusing on streamlining their membership procedures to make cars available to customers within minimal time. 
  • The advances in rental processes is one of the critical car rental market trends contributing to the market growth.
  • Car rental service providers are increasingly focusing on various technological innovations to upgrade their distribution networks.
  • They are also implementing online check-in, self-service kiosk, and loyalty programs to enhance the customer experience. These advances will make the car rental process quick and simple.
  • The new services and solutions will facilitate the smooth operation of the car rental process by eliminating counter passages.

 

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Car Rental Market: Segmentation by Geography

Car-Rental-Market-Market-Share-by-Region-2020-2025

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38% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for car rentals in North America. However, market growth in North America will be slower than the growth of the market in other regions.

Low fuel prices, the growth of the tourism industry, the increasing demand for airport transportation, and the low availability of local transportation will facilitate the car rental market growth in North America over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Car Rental Market: Segmentation by Type

Car-Rental-Market-Market-Share-by-Type-2020-2025

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The car rental market by economy cars dominated the global market during the forecast period owing to the rise in the provision of insurance and customer support; and ongoing advances in technology. This market was diversified into many domains, including businesses, residential developments, government fleets, low-income markets, and colleges and universities. 

However, the post COVID-19 impact has brought forth a slowdown in the economy cars segment growth owing to the travel restrictions imposed by various countries. Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the car rental market size.

 

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Car Rental Market: Key Highlights of the Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive car rental market growth during the next five years
  • Precise estimation of the car rental market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the car rental industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of car rental market vendors

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Car Rental Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 18%

Market growth 2021-2025

$ 66.62 billion

Market structure

Fragmented

YoY growth (%)

17.38

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 38%

Key consumer countries

US, China, Japan, Canada, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Avis Budget Group Inc., Carzonrent India Pvt. Ltd., Enterprise Holdings Inc., Europcar Mobility Group SA, Expedia Group Inc., Hertz Global Holdings Inc., Localiza Rent a Car SA, Movida Participacoes SA, SIXT SE, and Turo Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The car rental market growth will increase by $66.62 billion during 2020-2025.
The car rental market is expected to grow at a CAGR of 18.11% during 2020-2025.
Technavio has segmented the car rental market by type (Economy cars, Executive cars, Luxury cars, SUVs, and MUVs) ,other1 (Offline and Online) , and other2 (Air Transport, Local Transport, Outstation transport, and Other transport).
Avis Budget Group Inc., Carzonrent India Pvt. Ltd., Enterprise Holdings Inc., Europcar Mobility Group SA, Expedia Group Inc., Hertz Global Holdings Inc., Localiza Rent a Car SA, Movida Participacoes SA, SIXT SE, Turo Inc. are a few of the key vendors in the car rental market.
North America will register the highest growth rate of 38.38% among the other regions. Therefore, the car rental market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the car rental market growth are:
  • Growth in travel and tourism industry
  • Advent of intermediaries
The car rental market vendors should focus on grabbing business opportunities from the economy cars segment as it accounted for the largest market share in the base year.
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