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Tokyo, Jan. 13, 2022 (GLOBE NEWSWIRE) -- The global car rental market size was worth at around US$ 102.08 billion in 2021. The increase in technological advancements is driving the growth of car rental market. The growing popularity of online car rental booking applications is also fueling the market growth. Furthermore, the features such as time saving and cost-effectiveness provide lucrative opportunities for the development and growth of car rental market. The car rental also helps to control pollution by reducing sales volume of self-owned cars. Moreover, the infrastructure development in the developing regions is paving new way for the growth of market. In addition, rise in internet penetration across developed regions will help market to grow during the forecast period.
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North America is the largest segment for car rental market in terms of region. The U.S. is considered as the leading country due to major market players operating in this region. These market players had adopted car rental software in smart-phone applications, which is driving the growth of car rental market in North America region. The companies such as Avis, Alamo, Hertz, Enterprise, Thrifty, and Dollar are the leading market players of car rental in the U.S.
Report Scope of the Car Rental Market
| Report Highlights || Details |
| Market Size in 2021 || US$ 102.08 Billion |
| CAGR from 2021 to 2030 || 6.9 || % |
| Largest Revenue Holder || North America |
| Base Year || 2021 || |
| By Region || |
- North America
- Rest of the World
| Companies Covered || Avis Budget Group, Europecar, Sixt SE, Enterprise Holdings Inc., Localiza, The Hertz Corporation, Toyota Rent Car, Alamo Rent Car LLC, Carzonrent India Pvt Ltd, ANI Technologies Pvt. Ltd |
Asia-Pacific region is the fastest growing region in the car rental market. The countries such as China, Japan, India, and South Korea show the highest growth in the region. The people, who cannot afford to buy their own car, rent a car for their trips and journeys. The companies such as Guangzhou Refine Car Rental, NTours and Dollar Car Rental, Niconico Rent car, Smile Rental Car, and SKY Rent car are some of the leading car rental companies in the Asia-Pacific region.
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- Based on the vehicle type, the economy cars segment dominated the global car rental market in 2020 with highest market share. This is mainly attributed to low maintenance costs of economy cars. The economy cars are fuel-efficient cars which help to save cost on fuel or gasoline.
- Based on the rental duration, the short-term segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to short trips and journeys. The rental cars are mostly used to travel short distance places.
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Increase in number of corporate workplaces
The number of corporate offices had increased over the decade. The population of employees had also increased over the period of time. Initially, the number of male employees was high, but now the scenario has been changed. For the safety and security of female employees, the corporate companies have started providing cab or transportation services for the distant locations. This has increased the demand for car rental services. The corporate hire the car from the car rental companies for their employees. As a result, the increase in number of corporate workplaces is driving the growth of car rental market.
Surge in crude oil prices
The demand for gasoline or crude oil has increased over the period of time. But there is shortage of fossil fuels and cannot meet the global demand. Therefore, this has increased the price of crude oil. This had significant impact on the transportation and automotive industry growth. Also, the government taxes have increased on the gasoline and crude oil. This has also increased the price of fuel. Thus, the surge in crude oil prices will restrict the growth of car rental market during the forecast period.
Rise in the tourism sector
The growth in tourism sector has contributed for the economic development in developing regions, by driving the growth of automotive and transportation industry. The traveling and tourism trend has increased in millennial generation. The people of millennial generation are more interested in trips and rides. The long distant trips and short group journeys require vehicle. Due to this fact, the demand for car rental services has increased among this generation group. Also, the millennials can't own their own car, which has also increased the demand for car rental services. As a result, the rise in tourism sector is creating lucrative opportunities for the growth of the car rental market.
Low rate of internet penetration
The car rental service is mostly operated through online bookings with the help of smartphone applications. This requires good internet connection. But the countries such as North Korea, Eritrea, South Sudan, Comoros, Central African Republic, Somalia, Burundi, Niger, Kiribati, and Liberia has low rate of internet penetration. This restricts market players to operate in these regions. The drivers require GPS to track location of passengers. This has increased the importance of internet penetration for car rental service providers. The high price of internet connection also hampers the growth of market. Thus, the low rate of internet penetration in developing and underdeveloped regions is a huge challenge for the growth of the car rental market.
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Segments Covered in the Report
By Vehicle Type
- Luxury Cars
- Economy Cars
- Executive Cars
By Application Type
- Local Usage
- Airport Transport
By Rental Duration
- North America
- Rest of the World
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