The global car rental market was valued at $79,648 million in 2015, and is expected to reach $164,335 million by 2022, growing at a CAGR of 11.6% from 2016 to 2022. Car rental companies offer automobiles on rent with a suitable fee for a certain duration that can range from hours to months. Various types of cars are available on rent, including economy cars, executive cars, luxury cars, SUV’s and MUV’s. These cars are rented for different purposes, including airport transport, local usage, outstation, event transportation, self-drive, and employee transportation. Besides the basic vehicle on rent, car rental firms often offer additional services such as entertainment systems, GPS navigation systems, and insurance. These companies offer their facilities to people who do not own a vehicle, whose vehicle is out of maintenance, or having no access or limited access to personal vehicles. In addition, owners of broken vehicles and tourists & travelers avail these services. This service is generally structured across various local branches that facilitates customer for easy returning of the vehicles at their preferred location. The car rental market is often managed through websites, allowing customers for online reservations.
Development of the travel & tourism industry, rise in disposable income of people in North America & Europe, enhanced road infrastructure, and increase in investment by global funds and players opting for aggregator-based business model are the key drivers of the market. However, negative impact of volatile prices of gasoline & petroleum products on expenditure of the car rental industry hampers the market growth. Growth in trend of internet usage to customize travel trips and for reservations & bookings is expected to unfold various opportunities for the growth of the market.
The market segmentation is based on type of car, rental category, and geography. The type of car segment is categorized into luxury car, executive car, economical car, sports utility vehicle, and multi utility vehicle. The rental category is bifurcated into on airport and off airport rental. Off airport rental is sub segmented into local usage, outstation, and others. Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, South Korea, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the market include Avis Budget Group, Inc., Carzonrent India Pvt Ltd., Enterprise Holdings Inc., Europcar, The Hertz Corporation, Sixt Rent a Car, Uber Technologies Inc., Localiza, Eco Rent a Car, and Budget Rent a Car System, Inc.
Car Rental Market Key Segmentation
BY TYPE OF CAR
BY RENTAL CATEGORY
MARKET PLAYERS IN THE VALUE CHAIN
Other players in value chain include (profiles not included in the report)
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