Car rental service is a hire car agency that enables the customer to rents automobiles at affordable rates. This agency is usually located near airports and busy city areas. Car rental services are mainly opted by people who require a vehicle for the temporary and who do not want to own a car. Moreover, car […]
Global Car Rental Market Growth and Key Insights Through 2027
Car rental service is a hire car agency that enables the customer to rents automobiles at affordable rates. This agency is usually located near airports and busy city areas. Car rental services are mainly opted by people who require a vehicle for the temporary and who do not want to own a car. Moreover, car rental services are also ideal for owners of damaged vehicles and looking for repair or insurance compensation. Furthermore, car rental services also provide additional benefits such as navigation systems, entertainment systems, portable Wi-Fi, insurance, and child safety seats.
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.
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.
Market Opportunities
Increasing number of car rental services around the globe is projected to offer enormous growth opportunities to the market for car rental in the forecast period. This, coupled with increasing number of travellers 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.
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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.
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 GlobalCARS
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