According to the latest report of the IMARC group, entitled “car rental market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,“The global car rental market reached a value of US$76.7 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$96.5 billion from by 2027, with a CAGR of 3.8% in 2022-2027.
Industry definition and application:
Car rental refers to a service provided by car rental agencies to temporarily rent vehicles for a short term through online or offline channels. It is widely used by travelers arriving at a new destination and people who do not have a private vehicle at a pre-determined rate. Car leasing offers tremendous benefits, such as the elimination of maintenance service costs, lost depreciation, insurance costs, and vehicle-related taxes. Apart from that, it provides ultimate convenience, safety and security to the users through various services, such as navigation systems, auto damage repair, insurance policies and Wi-Fi networks.
Impact of Covid-19:
We regularly monitor the direct effect of COVID-19[feminine] in the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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The global car rental market is mainly driven by the significant growth of the tourism industry. In this light, the increasing consumer inclination towards car rental services to improve mobility, comfort and hygiene while traveling is propelling the growth of the market. Additionally, the integration of car damage assessment with artificial intelligence (AI) to provide a data-driven approach against fraudulent practices and improve reliability is giving impetus to the growth of the market. Other factors, including car rental platforms moving online with digital payment solutions, increasing internet penetration and improving customer experience through reduced paperwork, are expected to lead the market to growth.
Competitive landscape with key players:
The competitive landscape of the Car Rental market has been studied in the report along with the detailed profiles of key players operating in the market.
Some of these key players include:
- Avis Budget Group, Inc.
- Carzonrent India Private Limited
- Eco rent a car
- Sixt SE
- Enterprise Holdings, Inc.
- Enterprise Rent-A-Car
- The Hertz Company
Key Market Segmentation:
The report has segmented the global car rental market on the basis of booking type, rental duration, vehicle type, application, end user and region.
Breakdown by booking type:
- Offline booking
- Online booking
Breakdown by rental duration:
Breakdown by type of vehicle:
Breakdown by application:
Breakdown by end user:
- With driver
Breakdown by region:
- North America (USA, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, South Africa, Others)
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Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market trends
- Market drivers and success factors
- Impact of COVID-19
- Value chain analysis
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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