July 15, 2020
According to the research report titled ‘Global Car Rental Market (2019 Edition): World Market Analysis By Customer Application , Type By Region, By Country: Forecast to 2024 -- By Region (North America, Europe, APAC, ROW), By Country available with Market Study Report LLC, global car rental market accounted for USD 79.5 billion in the year 2018 and is expected to grow significantly by the year 2024.
Shifting preferences towards ride sharing and car rentals along with booming tourism industry are major factors driving the market growth. Growing trends of sharing economy, evolving consumer preferences as well as lifestyle, and rapid urbanization are also stimulating the industry outlook, claim market analysts.
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Key players in this business space are focusing on providing high quality and flexible services to executives and common people through their car rental services. Together with extending their individual operations near airport locations since airport services are relatively expensive. Besides this, rising number of startups coupled with increasing collaborations among the leading companies is further fueling the market size.
As per customer type, the market is split into leisure and business segments. The application scope of worldwide car rental market comprises of off-airport and airport segments. By type, the market is classified into SUV, MUV, luxury, executives, and economy.
Considering the geographical landscape, global car rental industry is divided into Asia-Pacific, North America, Europe, and Rest of the World, with key focus on countries such as UAE, Saudi Arabia, Brazil, India, China, U.K, France, Germany, Canada, and the U.S.
Uber Technologies Inc., eHI Car Services Inc., China Auto Rental Inc., Sixt A.G., Europcar Mobility Group, Avis Budget Group Inc., Enterprise Holdings Inc., and Hertz Global Holdings Inc. are the major contenders in global car rental market.