The report predicts the global Car Rental Market to grow with a CAGR of 15.5% over the forecast period from 2022-2031.
The global car rental market is estimated to generate a revenue of $1,48,129.4 million by 2031, increasing from $92,252.4 million in 2022, at a 15.5% healthy CAGR.
Impact Analysis of COVID-19 on the Car Rental Market
The outbreak of COVID-19 pandemic has created a severe impact on the global market for car rental services. The car rental market is predicted to witness a low growth rate mainly due to the massive hit to the tourism industry along with the avoidance of customers to social life. For example, as per data published by the world tourism organization, it is expected that the global market for the tourism sector will decrease by 60-80% in 2020 majorly owing to the outbreak of Covid-19. Thus, car rental service providers are following measures such as the reduction in workforce and others. These elements are creating a negative impact on the global car rental market, during the forecast period.
However, notable players such as Rent-a-car, Revv, and others are offering integrated services like sanitized and touchless cabs, in the COVID-19 chaos. In addition, due to work from home culture along with the fear of getting infected while using public transportation, customers are more preferring for car rental services. Considering these factors, the global car rental market may have significant market opportunities in the upcoming years.
Car Rental Market Analysis:
The exponential growth of the car rental market is mainly attributed to the improved road infrastructure, increased disposable incomes in developing countries such as India, Indonesia, and Brazil, and an upsurge in travel & tourism activities across the globe. In recent years, smartphones and internet penetration are massively increased in emerging countries. Therefore, car rental service companies are easily promoting their products/services through digital channels, which is positively impacting the global market car rental services. Furthermore, technological innovations is one of the critical component expected to foster the growth of the global car rental market, throughout the forecast period.
However, the fluctuations in oil prices are expected to restrain the demand for car rental services, which will eventually decrease the growth of the global market, during the projected period.
The car rental industry is increasing at a fast pace owing to the enormously growing urban population along with the tourism sector. With the surge in number of tourists for international travel in different economies such as India, China, and Australia is expecting to offer key opportunities to the car rental market. Moreover, global car rental companies offering more enhances and efficient service platforms such as innovative apps to attract more customers. This increased adoption towards the digitalization of car rental services may create massive opportunities, in the coming years.
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Based on the vehicle type, the global car rental market is mainly classified into economic cars, Luxury cars, executive cars, SUVs, and MUVs. The SUV vehicle type will have rapid market growth and it is expected to register a revenue of $13,131.9 million by 2031, increasing from $7,532.6 million in 2022. On the other hand, the economic vehicle type will have a massive share in the global market and is estimated to generate a revenue of $47,323.9 million, during the forecast years.
On the basis of application, the global car rental market is bifurcated into leisure and commercial. The leisure sub-segment of the global car rental market shall have a significant share and it is expected to cross $95,179.0 million by 2031, with the rise from $61,691.0 million in 2022. However, the commercial sub-segment for the car rental industry shall be the rapidly-growing sub-segment and is expected to register a revenue of $52,947.4 million, during the review period.
Depending on the sales channel, the global market is classified into online and offline. The online sales channel for the car rental market will have rapid growth and it is predicted to generate a revenue of $1,07,144.0 million by 2031, during the forecast period. However, the offline sales channel is expected to generate revenue of $40,982.4 million, during the forecast period.
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The North America car rental market was valued at $16,614.7 million in 2022 and is expected to generate a revenue of $30,529.5 million by 2031. Asia-Pacific car rental market share is expected to surge at a growth rate of 15.0% by generating revenue of $65,651.0 million by 2031.
Some of the key players involved car rental market include Enterprise Holdings Inc., Avis Budget Group, SIXT SE, Europecar, The Hertz Corporation. Bettercar Rental LLC, Carzonrent, Eco Rent a Car., Al-Futtaim., and Localiza.
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