Research Nester published a report titled “Car Rental Market: Global Demand Analysis Opportunity Outlook 2033” which delivers detailed overview of the global car rental market in terms of market segmentation by vehicle type, rental type, application, by booking type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global car rental market is anticipated to grow with a CAGR of ~10% during the forecast period, i.e., 2023-2033. The market is segmented by application into on commercial and leisure. Out of these segments, the commercial segment is anticipated to garner the largest market share over the forecast period, owing to the expansion of travel and tourism industry. In addition, increasing adoption of rental car services among tourist is also expected to boost the growth of the segment in the coming years.
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The global car rental market is estimated to garner a revenue of 250 billion by the end of 2033, backed by the increasing number connected cars worldwide. Various features provided by car rental, including various offers and schemes, hassle-free travelling also projected to boost sales of these services in the coming years. Moreover, increasing number of autonomous cars as well as rising trend of car sharing is also projected to propel the growth of the market during the forecast period.
Geographically, the global car rental market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East Africa region. Out of these, the market in North America is estimated to garner the largest market share over the forecast period, owing to the growing rental car industry. Apart from this, the market in Europe is anticipated to register significant growth in the coming years.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Increasing Numbers of Car Rentals to Drive the Market Growth
According to the data, around 29 million cars were rented in United States in 2021.
The surge in the rented car culture expected to accelerate the market growth in the coming years, as rented cars provide safer rides, time and cost savings and others. Moreover, the increasing technological advancements as well as the disposal income are also expected to drive the growth of the global car rental market during the forecast period.
However, the restricting organizational terms and conditions as well as availability of low-cost alternatives are expected to operate as key restraints to the growth of global car rental market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the of global car rental market which includes company profiling Hertz Global Holdings, Inc., Fox Rent a Car, Avis Budget Group, Inc., Sixt Rent a Car, LLC, Europcar International S.A.S.U., Uber Technologies Inc., Silvercar, Inc., Enterprise Holdings, Inc., Ecos (I) Mobility Hospitality Pvt Ltd., Carzonrent India Pvt. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the of global car rental market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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