Global Car Rental Market to Reach US$ 96.5 Billion by 2027

According to IMARC Group's latest report, titled "Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global car rental market reached a value of US$ 76.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 96.5 Billion by 2027, exhibiting at a CAGR of 3.8% during 2022-2027.

Car rental offers the facility of renting automobiles temporarily for a period through offline or online channels. These services are aimed at serving individuals and travelers that do not have private vehicles. Renting an automobile is considered to be a cost-effective alternative to owning a vehicle as it offers freedom of movement while enabling the evasion of high ownership costs and low-cost travelling.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Car Rental Market Trends and Drivers:

The rapid urbanization and shifting consumer inclination toward recreational travelling are some of growing consumer awareness outlook for the market. The introduction of car rental services through websites and smartphone-based applications, along with increasing expenditure capacities bolstering the market growth. The car rental service providers are also offering various services, including car damage pair insurance compensation, global positioning systems (GPS), and Wi-Fi networks, to expand their reach, which, in turn, is creating a positive outlook for the market.

Car Rental Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the car rental market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Avis Budget Group, Inc.
• Sixt SE
• Eco rent a car
• Enterprise Holdings, Inc.
• Carzonrent India Private Limited
• Localiza
• Enterprise Rent-A-Car
• Europcar
• The Hertz Corporation

Key Market Segmentation:

The report has segmented the global car rental market on the basis of booking type, rental length, vehicle type, application, end-user and region.

Breakup by Booking Type:

• Offline Booking
• Online Booking

Breakup by Rental Length:

• Short Term
• Long Term

Breakup by Vehicle Type:

• Luxury
• Executive
• Economy
• SUVs
• Others

Breakup by Application:

• Leisure/Tourism
• Business

Breakup by End-User:

• Self-Driven
• Chauffeur-Driven

Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (Egypt, United Arab Emirates, Saudi Arabia, Turkey, Qatar, Iran, Others)

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.