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The Car Rental Market has been segmented by Booking Type (Offline Access and Online Access), Application Type (Leisure/Tourism and Business), Fare Price (Luxury/Premium Car and Economy/Budget Cars), End User (Self-driven and Chauffeur-driven), Rental Length (Short Term and Long Term), and Geography.
Fastest Growing Market:
The car rental market is expected to register a CAGR of ~7.5% during the forecast period, 2020-2025.
The car rental market covers the latest market trends, government policies, and technological development in the car rental market and market share of major car rental service providers across the world.
|By End User|
|By Fare Price|
|By Rental Length|
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Online tourist vehicle bookings are increasing globally, due to the rising usage of smartphones and growth in the number of users aged between 25 and 34 years, who prefer to book vehicle rentals through online channels.
Currently, online booking also serves a variety of purposes, such as verification of documents of the renter, offering information to the renter regarding the car, services like drop and pickup of the rented car at a certain place, e-signing contracts, and cashless transactions.
With the growing trend in technology, renting a vehicle through online booking has become the most preferred choice of customers over the past few years. Moreover, it provides additional facilities to monitor a rental vehicle’s operation, performance, and maintenance in real time. Such features are tremendous assets for drivers and fleet managers, enabling them to better and more efficiently identify risks and implement timely improvements of their rental services.
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North America dominated the global car rental market. In North America, the United States dominated the regional market.
Some of the major factors driving the growth of the market are the growing tourism industry and the rise in business opportunities in the country (as many employees are being sent on-site in the United States).
Additionally, the car rental companies, to maintain their competitive position in the market, are expanding their services. For instance, Enterprise has started a CarShare program with Princeston University, in order to encourage faculty and staff to leave their cars at home, where graduate students and undergraduates are also eligible for the program.
US car rental services are present all across the country. Major car renting companies have their fleets in almost all major cities. The size of the fleet depends on the number of domestic travelers, preferring to rent a car and the volume of foreign passengers coming to that city.
The state of New York is located in the northeast part of the United States and is one of the major tourist attractions. New York is the most competitive market for car rentals due to the presence of numerous car rental providers. Spanning over 140,000sq-km, the state provides its travelers with a lot of historic and scenic tourist destinations, in turn, increasing the demand for rental services.
Additionally, New York has more than 25 notable airports, with total passenger traffic of over 50 million per annum. The airports also provide a wide selection of car rental service providers to their commuters. The state is one of the most expensive locations to rent a car, with a daily average of around USD 76. This can increase with the rise in rent for luxury cars or renting cars at the intercity or interstate travel. Apart from offices at the major airports, car rentals are also present throughout the state, which caters to local and foreign travelers.
After North America, Europe and Asia-Pacific are expected to dominate the car rental market.
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Some of the major companies dominating the car rental market are Avis Budget Group Inc., Sixt, Hertz, Enterprise Holdings Inc., and Europcar Group. The market is moderately fragmented with the presence of both global and regional players in the market.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Booking
5.1.1 Offline Booking
5.1.2 Online Booking
5.2 By Application
5.3 By End User
5.4 By Fare Price
5.4.1 Economy/Budget Cars
5.4.2 Luxury/Premium Cars
5.5 By Rental Length
5.5.1 Short Term
5.5.2 Long Term
5.6.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.6.3 Asia Pacific
220.127.116.11 Rest of Asia-Pacific
5.6.4 Rest of the World
18.104.22.168 South America
22.214.171.124 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Avis Budget Group Inc.
6.2.2 Hertz Global Holdings Inc.
6.2.3 Enterprise Holdings Inc.
6.2.4 Sixt SE
6.2.5 Fast Rent a Car
6.2.6 Bettercar Rental
6.2.7 Europcar Mobility Group
6.2.8 Shenzhen Topone Car Rental Co. Ltd
6.2.9 China Auto Rental
6.2.10 TT Car Transit
6.2.11 Renault Eurodrive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS