Market overview
Car rental companies are agencies that rent cars for a particular period at a certain cost. The services are mostly organized with several local branches and are generally located near the region's railway station, airport, and other busy areas. They provide online services through which consumers can do the reservation. Due to the growing travelling and population, the market has become one of the important markets globally. Producers and manufacturers are adding new features like cost-effectiveness, app-based booking, and instant service to the car rental system. Various schemes are carried out to increase the market size. With the increases of the traffic and pollution by the owned by vehicles and improvement of car booking in online mode car rentals are the new preferred option for travelling. Cars are the economically faster mode of transportation which increases the car rental industry at a high rate. Car Rental Market is expected to hold a CAGR of 9% with a value of USD 200 billion from 2021 to 2027. Services added in the car rentals are entertainment devices, free Wifi and safety for children. The market is solely dependent on the travel and tourism market, but due to the virus spread globally and pause in the movement reduced the rental cars declining in the revenue of the market. Several initiatives for pollution, a young generation depending on the car for travel and urbanization drives the market. The increases in mobile application, technology advancement, cost-effectiveness boost the market and provide a new market sector. Improving new car rental apps is forming new growth opportunities for the market. The unavailability of service providers in remote areas and lesser access to car rentals, and lack of awareness are major restraining factors for the market. The increasing cost of crude oil hinders the market.
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Market segmentation
the Car Rental Market is fragmented by type, application, boking, and vehicle mode. Based on the application, the market is classified into Non-business booking and Business booking. Business booking is expected to dominate the market in the forecast period. The mode of booking segment is bifurcated into online and offline mode. Due to the increasing use of technologies and mobile phones. Based on the vehicle mode, the Car Rental Market is divided into the sedan, luxury, SUV and MUV. Luxury cars dominate the market due to the major rental firms providing luxury cars.
Regional analysis
The Car Rental Market is analyzed in Europe, North America, Asia Pacific and other parts. North America is dominating the market due to the adaptation of car rental softwares. The cost-effectiveness of car rentals is also driving the market. The increasing tourism market in Europe is increasing the market share and boosting the car rentals in the region. Developing urbanization and population are propelling the market will experience a huge growth rate in the forecast period.
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Industry news
Zoomcar launched India's first car-sharing platform in 2013 and is dominating the market in the car-sharing ecosystem in recent times with approx 10,000 cars on its platform. In 2020, the company launched a SaaS-based mobility solution.
Key Players
• Enterprise Holdings Inc
• Avis Budget Group Inc
• Hertz Global Holdings Inc
• ANI Technologies Pvt. Ltd.
• Uber Technologies Inc.
• Europcar
• Carzonrent India Pvt Ltd
• SIXT
• Eco Rent a Car
• Localiza
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