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.
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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
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Car Rental Market: Segmentation by Geography
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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
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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.
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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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.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Growth in travel and tourism industry
- Advent of intermediaries
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