December 03, 2019
According to the research report titled ‘Global Car Rental Market - Analysis By Costumer (Business, Leisure), By Application (Airport, Off-Airport), By Type (Economy, Executive, Luxury, MUV, SUV): Opportunities and Forecast (2017-2022) -- By Region (North America, Europe, APAC, RoW), By Country (U.S., Canada, Germany, France, U.K., China, India, Brazil, Saudi Arabia, UAE), Market Share Analysis’ available with Market Study Report LLC, the global car rental market is estimated to grow with a CAGR of 10.24% through the year 2022.
Surging population in urban areas, developing economies, and booming tourism industry are major factors driving the growth of car rental market for the forecast period. Moreover, a vast number of local companies with focus on maximum comfort have entered the market which in turn is aiding the market trends. Improvement in road infrastructure and escalating per capita income of consumers are augmenting the demand for car rental services across the globe.
Based on customer type, car rental market is categorized into leisure and business, in which the leisure car rental segment is registering momentous growth since recent past, on account of burgeoning tourism industry.
In terms of application spectrum, the market is classified into off-airport and airport services, wherein airport segment is estimated to lead the car rental market during the analysis timeline, due to flourishing air tourism, coupled with surging demand from corporate sector. While speaking of type of cars, the market is bifurcated into SUV, MUV, luxury, executive, and economy.
Considering the geographical landscape, the global car rental market is divided into regions namely, Europe, North America, Asia-Pacific, and rest of the world with primary focus on countries such as Canada, US, Germany, UK, France, India, China, Brazil, UAE, and Saudi Arabia.
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The report cites that North America car rental market held the largest regional share in 2016. However, APAC market is expected to grow substantially throughout the forecast period, owing to a large customer base, increasing per capita income, and lack of public transportation service.
The key players in the global car rental market are Enterprise Holdings, Hertz Global, Avis Budget Group, Sixt A.G., Europcar, eHi Car Services, China Auto Rental, Inc., and Uber Technologies, Inc.
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