Report ID: UCMIG25AG2007 | Region: Global | Published Date: February, 2023 | Pages: 165 | Tables: Figures:Automotive Subscription Services Market
Report ID: SQMIG25AG2009 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 86 | Figures: 76
Global Car Rental Market size was valued at USD 98 billion in 2021 and is poised to grow from USD 102.12 billion in 2022 to USD 141.93 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).
Car rental Markets are becoming popular as they enable their customers to travel remotely and to long distances at certain reasonable cost.These cars are rented mainly through app based bookings after the The rental company leases the car from the owners.
There are many factors which have helped the car rental market to grow at this high speed. Increase in air traffic and growth in the trend of online car booking. Car rentals are a preferred option for travel as they are economical and faster mode of transportation compared to another.As the major population of millennials don't own the car, it has helped the car rental companie to grow.Along with rental car, many other value added services are provided by the agency or the form that includes WI Fi, Entertainment device, safety seats for children and insurance policy & car damage services.However, major connectivity issues and lower Internet penetrations in developing countries has hampered the growth of car rental market.
US Car Rental Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Car rental Market market is segmented on the basis of Type, application type, vehicle type, end user, rental length, geography. By application, the market is segmented into Leisure/Tourism and Business,Local Usage, Airport Transport and others. By vehicle type , the market is segmented into Luxury/Premium Car and Economy/Budget Cars and others. By end user , the market is segmented into Self-driven and Chauffeur-driven By Rental length the market is segmented into Short Term and Long Term.By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
By application, the global market is divided into many segments such as Leisure/Tourism and Business,Local Usage, Airport Transport and others . Airport transport held the largest global Car rental Market share due to the wide range of public and business travels from airport to the city center. As the number of airports are increasing in the developing countries, it is estimated that the airport transport segment will dominate the market in the forecasted period.After the ease in lockdown, the number of travelers all around the globe has increased, specifically the air travelers. Therefore, in recent years and in future coming years, it is anticipated to boost the segment growth on a higher level.Along with it, lack of availability of flexible public transport and presence of leading market participants on airports around the clock, will help the segment to grow.
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Globally, North America is estimated to hold the highest global Car rental Market share in 2021.The region has seen the significant rise in travelers which includes business as well as life short trips .Large number of tourist destinations across North America attracts the traveler on a larger number and aids the car rental services market to grow.
Asia Pacific is expected to grow fastest during the forecast period. The reason for the same is Steadily growing economies, rising disposable incomes of consumers, rising expenditure on business travels as well as on the tourist destinations.Due to the increase in pollution and certain other factors, Chinese government has banned the several regions to own the car, which in turn will help the car rental services to grow.
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Digitizing Payment Process to Open New Revenue Channels in Global Market
High Rent to Hinder Market Growth
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Competition in the global Car rental Market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of services compatible with Car rental Market will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years.
Top Player’s Company Profiles
Europcar Mobility Group
Hertz Global Holdings
Alamo Rent A Car
National Car Rental
Dollar Rent A Car
Thrifty Car Rental
Advantage Rent A Car
Payless Car Rental
Budget Rent A Car
National Car Rental
Firefly Car Rental
ACE Rent A Car
Fox Rent A Car
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Car rental market analysis, the global market is estimated to have significant growth during the forecast period because of the technological advancements along with its positive impact on the environment. Car rental Markets will enable services to be more convenient for their users. The market has so much potential for new players also because of the high expected rate of growth and demand.
|Market size value in 2021||USD 98 billion|
|Market size value in 2030||USD 102.12 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Car Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Car Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Car Rental Market:
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Product ID: SQMIG25AG2009