New York, July 15, 2021 (GLOBE NEWSWIRE) -- Car Rental Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Car Rental Market Research Report, Type, Mode of Booking, Application, Vehicle Type and Region - Forecast till 2027” the market size to be worth USD 205.68 billion by 2027, registering a CAGR of 14.1% during the forecast period (2021 - 2027), The market was valued at USD 94.14 billion in 2020.
COVID-19 Pandemic to have Temporary Impact on the Global Market
COVID-19 has had a negative impact on the car rental market. The car rental industry is heavily reliant on the tourism industry. Tourism restrictions have had an impact on the car rental market. The global shutdowns have reduced the number of rental cars on the road. There is a substantial income loss in the market as a result of a decline in car rental demand. Share losses have also occurred as a result of market volatility in COVID-19. When compared to other vehicle rental markets, the impact of COVID-19 is moderate in car rental. Losses in the market cause cost containment and the disposal of core assets in the market. However, the post-pandemic car rental industry trends predict significant demand through 2023.
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Key Players
Notable players in the global car rental market include Enterprise Holdings Inc, Avis Budget Group Inc, Uber Technologies, Inc., Hertz Global Holdings Inc, ANI Technologies Pvt. Ltd., Europcar, Carzonrent India Pvt Ltd, SIXT, Eco Rent a Car, Localiza.
Industry News
In February 2021- Humax supplied WTC Auto Rent RAiDEA mobility service platform in the Middle East. This technology is perfect for round trip, free-floating, and one-way infrastructures and specifically designed for cars, including electric scooters, bikes, motorcycles, and cars.
In February 2021- Theeb Rent a Car, a Saudi-based car rental company has extended its car rental fleet in the Kingdom. The company has added more than 1,700 cars from luxury brands such as BMW, Mercedes, and also economic models such as Chevrolet, Kia, Ford, Nissan, Toyota, and Hyundai, including the new 2021 models. The expansion is a tactic of the company to modernize and develop its fleet to provide different car models and brands to cater to the needs of its customers.
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Alluring Features that Boost Market Growth
Due to the increasing economy, the number of individuals preferring car rental is higher. The growing urbanization is a demand driver in the car rental sector. The majority of people believe that renting a car is a better option than owning one. The government is launching a number of initiatives to control traffic and air pollution. It results in increased promotion of the car rental market. The government's incentives attract new entrants into the worldwide vehicle rental sector.
The advancement of technology is another demand driver for the car rental sector. The expansion of mobile applications simplifies the process of renting a car. The car booking applications boost the availability of rental cars to the audience. The car booking applications inform the audience about the cost of renting a car. These apps have remarkable features such as cost comparison, car type selection, and passenger limit. The market's growth is aided by the availability of a wide range of car rental plans and the flexibility of booking. These are the key driving variables that will influence the car rental industry outlook.
This market is one of the fastest expanding in the transportation service industry. The leading businesses' adoption of car rental software offers the market with strong prospects. Improving mobile car rental apps is a critical aspect of the expansion of the global car rental market. This market's efficiency is improved by car rental software. Other benefits of using this software include easy fleet optimization, cost management, and custom reports. The adoption of car rental software creates huge industry growth prospects.
Unavailability of Service Providers
There are three crucial pieces in the car rental sector. Riders, drivers, and service providers are important parties. Furthermore, the service provider manages the entire car rental process. The service provider controls the cost estimation and payment for car bookings. The unavailability of service providers in remote areas is a key market constraint. The underdeveloped areas do not have any access to car rentals.
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Market Segmentation
The worldwide car rental market has been segmented into type, mode of booking, application, and vehicle type.
By type, the global car rental market has been segmented into local, outstation, airport, and others.
By mode of booking, the worldwide car rental market has been segmented into online and offline.
By application, the global car rental market has been segmented into business and non-business.
By vehicle type, the worldwide car rental market has been segmented into sedan, SUV, MUV, luxuries, and others.
Regional Analysis
North America to Garner the Largest Share
North America has the largest share of the car rental market. The availability of service providers fuels the expansion of the car rental sector in this region. During the projection period, the US car rental industry will dominate the market. This market is being driven by the adoption of car rental software and the availability of low-cost rentals. The United States efficiently serves the demand for car rentals. The consistent flow of car rental supply and demand patterns is also a crucial reason for success.
Segmentation of Market covered in the research:
Information by Type (Local, Outstation, Airport, Others), Mode of Booking (Online, Offline), Application (Business, Non-Business), Vehicle Type (Sedan, SUV, MUV, Luxuries, Others), and Region and by Region (North America, Europe and Asia-Pacific)
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