Car Rental Market Overview, Global Size, Share, Trends, Growth, Latest Insights and Industry Analysis 2022-2027

The latest report published by IMARC Group, titled "Car Rental Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global car rental market size reached US$ 76.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 96.5 Billion by 2027, exhibiting a growth rate (CAGR) of 3.8% during 2022-2027.

A car rental, or hire car, service allows individuals to rent automobiles temporarily for a specific time, generally ranging from a few hours to a few weeks through offline or online channels. Such services are most widely aimed at offering individuals and travelers who do not own personal vehicles. They are often organized with various local branches, which allow any customer to return a vehicle to a separate location, and are generally stationed near airports or busy city areas. Renting a vehicle is more cost effective than owning a vehicle as it provides freedom of movement and low-cost traveling, as well as enables avoiding high ownership costs.

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Global Car Rental Market Trends:

The increasing number of individuals going on leisure and business trips, coupled with the growing travel and tourism industry, is driving the market growth across the globe. Furthermore, technological advancements are encouraging the market growth. For instance, improved corporate and customer information management, as well as hassle-free internet booking applications, are positively influencing the demand for car rental services. Additionally, these service providers offer several other products, including insurance compensation policies, car damage repair, global positioning systems (GPS), Wi-Fi networks, and entertainment systems, which are expected to boost the market growth.

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

Key Market Segmentation:

The report has segmented the global car rental market based on 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, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, South Africa, 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.