Car Rental Market | Coherent Market Insights

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Coherent Market Insights

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CAR RENTAL MARKET ANALYSIS

• Car Rental Market, By Category (Intercity/Local
  Usage, On-Airport, Intra-City/Outstation,
  Others), By Car Type (Luxury Cars, Executive
  Cars, Economy Cars, SUV's, MUV's), and By Region
  (North America, Europe, Asia Pacific, Rest of the
  World) - Size, Share, Outlook, and Opportunity
  Analysis, 2020 2027.
• The global car rental market is projected to
  surpass US 220.0 billion by the end of 2027, in
  terms of revenue, growing at CAGR of 13.6 during
  the forecast period (2020 to 2027).

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Drivers

• The advantage such as easy booking via online
  service is a major factor fueling the market
  growth of the car rental. Car rental service
  offers to book online which has made them easy
  booking. This is attributed to the increasing
  penetration of smartphones and the rising use of
  internet around the globe. Moreover, online
  booking also offers various discounts and schemes
  which is further expected to augment the market
  growth of the car rental.

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• The rapid growth of GDP rates in the developing
  countries is expected to drive the market growth
  of the car rental. This is attributed to the
  increasing per capita income of the consumers in
  the region. Moreover, improvement in the car
  rental service such as the easy renting process
  and other benefits offered is also expected to
  contribute to the market growth of the car rental
  over the forecast timeframe. 
• Regionally, North America dominated the global
  car rental market in 2019, reporting 36 market
  share in terms of revenue, followed by Europe and
  Asia-pacific, respectively.

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Figure 1. Global Car Rental Market, Revenue Share
(), By Region, 2019
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Market Restraints

• Fluctuating prices of crude oil due to the gap
  between demand and supply is projected to
  restrict the market growth of the car rental over
  the forecast period.
• The low cost of public transportation services
  such as buses and trains is expected to hamper
  the market growth of the car rental. According to
  the Coherent Market Insights analysis, the
  average cost of a taxi in Los Angeles, North
  America is US 1.80/km and that of a bus is US
  1.50/km.

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Market Opportunities

• An increasing number of car rental services
  around the globe is projected to offer enormous
  growth opportunities to the market for car
  rental. The c coupled with the increasing number
  of travelers around the globe is also projected
  to accelerate the market growth of the car
  rental. The growing production of automobiles is
  another major factor contributing to the market
  growth of car rental.
• Improved road infrastructure across emerging
  economies and rising number of leisure and
  business trips is projected to provide potential
  opportunities to the market of car rental.
  Growing adoption of information technology across
  the industry in order to deliver efficient
  service and strengthening their regional as well
  as global presence is projected to shape the
  market growth over the forecast period.

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Figure 2. Global Car Rental Market Opportunity
Analysis
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Market Trends

• Various industry players are introducing mobile
  apps for the customer in order to ease the
  booking and allow the consumer to choose the
  vehicle of their choice from the portfolio. For
  instance, in February 2020, Share Car, a
  car-sharing service based in Indonesia, has
  introduced its new car sharing app. The app can
  be installed on both Apple iOS and Android
  smartphones. Thus, the increasing launch of such
  apps is expected to augment the market growth.
• The rising trend of sharing cars among consumers
  is expected to bolster the market growth of the
  car rental. For instance, in October 2019, Ola
  introduced a new car-sharing service Ola Drive
  for building a holistic shared mobility landscape
  in India. It was initially introduced in
  Bengaluru, later will expand its availability to
  Hyderabad and Delhi.

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Figure 3. Global Car Rental Market, Revenue
Share (), By Car Type, in 2019
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Global Car Rental Market - Impact of Coronavirus
(Covid-19) Pandemic

• Companies across the globe are increasingly
  asking the employees for working from home, which
  has led to reduction of commute in the cities and
  non-essential travel have descended drastically
  during the pandemic situation. This scenario is
  expected to continue to reduce the demand of car
  rental services across the globe. For instance,
  Hertz Global Holdings Inc. faced soaring
  cancellations and lack of new bookings. The
  company has been cutting off staff and reduce
  high capital spending to reserve liquidity.

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Competitive Section

• Key players are operating in the global car
  rental market are Enterprise Holdings, The Hertz
  Corporation, Avis Budget Group, Europcar Group,
  Carzonrent, Sixt SE, Al Futtaim Group, Localiza -
  Rent a Car, Eco Rent a Car, and Global CARS
• Few Recent Developments
• Sixth SE
• In August 2018, Sixt SE, a European multinational
  car rental company, has started its operation in
  Uzbekistan. Sixt offer cars for rent in more than
  110 countries

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