Abstract: What`s New for 2022?
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Global Car Rental Business Market to Reach $84.2 Billion by 2026
- Car rental, an integral part of the global travel and transportation industry, represents a major market worldwide. Globalization and the ensuing rise in global travel, over the decades, have supported the growth and development of the car rental industry. The market largely depends on air travel industry since it provides land transportation for air travelers. Industrial development and expansion in commercial operations of business organizations across the globe over the years have translated into increased business trips, rise in air passenger traffic, and subsequent demand for more number of air flights in operation, thereby creating the demand for car rental services. Key noteworthy trends in post Covid environment would include increase in the number of online transactions and the advent of mobile applications for easy travel booking. In the upcoming years, information technology will continue to result in the evolution of a new breed of car rental companies capable of leveraging technologies such as GPS/Satellite Navigation/Telematics, and Internet to optimize the efficiency of fleet management, reduce fleet costs, increase revenue-per-rental, enhance booking/reservation efficiencies and provide superior service enhancements in terms of increased comfort, and better rental networks. To survive in an increasingly competitive marketplace, companies are expected to focus on expanding brand portfolios to include truck rental brands, and value-oriented leisure brands for cost wary consumers and cost conscious corporate customers.
- Amid the COVID-19 crisis, the global market for Car Rental Business estimated at US$66.6 Billion in the year 2022, is projected to reach a revised size of US$84.2 Billion by 2026, growing at a CAGR of 3.7% over the analysis period. Airport, one of the segments analyzed in the report, is projected to record 2.8% CAGR and reach US$35.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Airport segment is readjusted to a revised 4.3% CAGR for the next 7-year period. Car rental companies draw their best earnings from business customers who rent a car near airport locations. It is convenient and easy for airline passengers to rent a car near the airport location than from an off-airport location. Car rentals located outside the Airport premises is referred to as off-airport or non-airport car rentals, and includes hiring points such as neighborhood and downtown locations. The off-airport business is witnessing greater opportunities, with companies focused on increasing off-airport locations to capture more customers. The U.S. Market is Estimated at $25.3 Billion in 2022, While China is Forecast to Reach $10.9 Billion by 2026
- The Car Rental Business market in the U.S. is estimated at US$25.3 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$10.9 Billion by the year 2026 trailing a CAGR of 8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.7% CAGR. Developed regions including the US, Canada, Japan and Europe constitute the primary revenue contributors. Highly established tourism industry in these regions, healthy aviation sector and higher number of airport arrivals, large urban population and increased mobility needs of urban dwellers, and robust corporate activity involving employee mobility, are some of the major factors driving growth. Select Competitors (Total 131 Featured) -
- Avis Budget Group, Inc.
- Enterprise Holdings, Inc.
- Europcar Mobility Group
- Rent-A-Wreck of America, Inc.
- Sixt AG
- The Hertz Corporation