According to the latest study titled ‘Global Car Rental Market (2019 Edition): World Market Analysis By Customer (Business, Leisure), Application (Airport, Off-Airport), Type (Economy, Executive, Luxury, MUV, SUV), By Region, By Country: Forecast to 2024 -- By Region (North America, Europe, APAC, ROW), By Country (U.S., Canada, Germany, France, U.K., China, India, Brazil, Saudi Arabia, UAE)’ available with Market Study Report LLC, the global car rental market is presumed to accumulate substantial growth by the year 2024.
With the rise in pollution level, automobile companies have developed green vehicles to control the rise in pollution level. The car rental market has surfaced as an important service in the urban transport sector. Ride-sharing and rental car have become viable and eco-friendly alternative for commuters, hence driving the growth of car rental market.
Mobility has emerged as a new platform and it is enabling the car rental market to offer flexible transport solutions. Growing tourism around the globe, coupled with increasing disposable incomes, rapid urbanization, shifting preferences, and adoption of sustainable living are the main parameters favoring car rental market growth. Moreover, the key players are collaborating with airlines to provide better services to travelers, thereby expanding their footprints, which is further aiding the market growth, cites the study.
As per the study, car rental market was worth US $79.5 billion in 2018 and is anticipated to grow momentously over the forecast period. The report encompasses details regarding revenue shares for each segment and region, alongside the strategic expansion plans, like mergers and acquisitions, for each market player. It also provides a comprehensive insight about the regulatory landscape, trends, drivers, and challenges impacting the car rental market growth.
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Based on type, car rental market is segmented into economy, executives, luxury, MUV, and SUV. While speaking of application spectrum, the industry is divided into airport and off-airport.
In terms of customer type, the industry is categorized as business and leisure. Whereas, considering the geographical landscape, the global car rental market is bifurcated into regions, namely, Europe, Asia Pacific, America, and rest of world.
Some of the vendors that operate in car rental market are Enterprise Holdings, Hertz Global Holdings, Europcar, Avis Budget Group, China Auto Rental, Inc., Sixt A.G., Uber Technologies, Inc., and eHi Car Services.
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