Car Rental Market by Type, Mode of Booking, Rental Category, and Geography - Forecast and Analysis 2020-2024

Car Rental Market by Type, Mode of Booking, Rental Category, and Geography - Forecast and Analysis 2020-2024

  • November 2019 •
  • 167 pages •
  • Report ID: 5828702 •
  • Format: PDF
Global Car Rental Market: About this market
This car rental market analysis considers sales from airport transport, local transport, outstation transport, and other transport. Our study also finds the sales of car rental in APAC, Europe, MEA, North America, and South America. In 2019, the airport transport segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as providing numerous services to their customers, including complimentary vehicle insurance will play a significant role in the airport transport segment to maintain its market position. Also, our global car rental market report looks at factors such as growing travel and tourism industry, strong global economic recovery and increasing HNWIs and increasing incorporation of advanced digital technologies in car rental services. However, rise in number of car-sharing services, growing adoption of car-hailing services, inadequate consumer awareness along with fluctuations in oil prices may hamper the growth of the car rental industry over the forecast period.

Global Car Rental Market: Overview
Increasing incorporation of advanced digital technologies in car rental services
Car rental operators are increasingly using technology to improve service convenience and tap into large markets. Operators are streamlining their membership procedures to make cars available to customers within minimal time. The high penetration of the Internet and the subsequent penetration of smartphone users are the main drivers for increased dependency on technology. Currently, most of the car rental companies depend extensively on their mobile-based applications and online websites for business. The same medium is used to communicate the fare, discount coupons, promotional offers, availability of cars, and real-time tracking details of vehicles used. Such advanced digital technologies in car rental services will lead to the expansion of the global car rental market at a CAGR of over 17% during the forecast period.
Advances in rental processes
Car rental service providers are focusing on technological innovations to upgrade their distribution channels and enhance customer experience by including online check-in, self-service kiosk, and loyalty programs. These advances helped in making the car rental process quick and easy. In addition, these new services and solutions have also removed counter passages, facilitating the smooth running of the rental process. This development is expected to have a positive impact on the overall market growth.

Competitive Landscape
With the presence of several major players, the global car rental market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading car rental manufacturers, that include 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 Participações SA, SIXT SE, and Turo Inc.
Also, the car rental market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.