Car Rental Market Overview:
Car rental is a service provided through online and offline platforms that involves renting out automobiles. The companies commonly offer service for a few hours to a few months. The company serves travelers who are out from their town or who do not own their individual vehicles. Car rental service also includes car damage repair and insurance compensation policy for the consumers. The companies also offer extra products such as WiFi, mobile phones, entertainment systems, and child safety seats.
Global car rental market has seen remarkable growth; expected to rise at a CAGR of ~14% between 2018 and 2023. The rise in purchasing power of the consumers due to the growing economy of the regions will drive the global car rental market. Increase in per capita disposable income of the consumers and rapid growing urbanization will further enhance the car rental market in the global aspects
The prominent players in the Car Rental Market are-
Avis Budget Group (US), Enterprise Holdings, Inc. (US), Europcar (France), The Hertz Corporation (US), and Sixt SE (Germany). Localiza (Brazil), Eco Rent a Car (India), Al-Futtaim Vehicle Rentals Company LLC (Qatar), Capps Truck & Van Rental (US), and Bandago Van Rental (US) are among others
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Car Rental Market Segmentation:
Global car rental market is segmented on the basis of type, mode of booking, application, vehicle type, and region. On the basis of type, the market has been segmented into local, outstation, airport, and others.
On the basis of mode of booking, the market has been segmented into online and offline.
On the basis of application, the market has been segmented into business and non-business.
On the basis of vehicle type, the market has been segmented into sedan, SUV, MUV, luxuries, and others.
Geographically, the global car rental market has been segmented into the four major regions of North America, Europe, Asia-Pacific, and the Rest of the World. North America will dominate the market in terms of both, value and volume during the forecast period followed by Europe. In North America, increase in the number for business and non-business trip will enhance the car rental market. In Europe, growth of tourism and stringent government policies will further fuel the growth for the car rental market
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