Car Rental Market Future Prospects and Opportunity Assessment

The global car rental market is highly consolidated in nature with a few players dominating the overall market, states a research study by Transparency Market Research (TMR). In 2013, a few prominent players, namely EuropCar, Avis Budget Group Inc., Enterprise Rent-a-Car, Sixt, and The Hertz Corporation collectively held a share of 76.60% in the global car rental market. These players are emphasizing on broadening fleet sizes and increasing their profitability. In addition, technological advancements and the introduction of innovative gadgets are expected to enable the leading players to gain a competitive advantage in the overall market. The high initial capital investment required is one of the key challenges faced by new entrants in the global car rental market.

As per the research study,

The global car rental market was valued at US$ 64.80 Bn in 2020. It is estimated to expand at a CAGR of 6% from 2021 to 2031. The global car rental market is expected to cross the value of US$ 121.1 Bn by the end of 2031.

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Presence of Prominent Players in U.S. to Bolster North America Car Rental Market

On the geographical front, North America is expected to lead the global car rental market and reach a value of US$28.58 bn by the end of 2019. The significant demand from the U.S. is the primary factor augmenting the car rental market in North America. The U.S. market for car rental is projected to reach a value of US$23.78 bn by 2019, thanks to the presence of leading players in this nation. Asia Pacific and Europe are estimated to follow North America and witness substantial growth during the forecast period.

On the basis of type of car, the economy car segment is anticipated to lead the global and the U.S. car rental market. This segment is projected to account for a share of 31.44% in the global market by the end of 2019. The robust growth of this segment can be attributed to the cost effectiveness offered by economy cars. In addition, the easy availability of these cars for car rental is one of the primary factors expected to fuel the growth of this segment in the next few years.

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Booming Tourism Industry Drives Demand for Car Rental Worldwide

The tremendous rise in the number of business and leisure trips around the world is one of the primary factors augmenting the growth of the global and U.S. car rental market. In addition, the increasing number of air travelers and the growing demand for car rentals from airports to their desired destinations are anticipated to fuel the growth of the car rental market across the globe. The increasing number of internet users worldwide and the introduction of applications for car rental bookings are accelerating the growth of the overall market.

The growing awareness among consumers regarding the benefits and convenience offered by car rental services and the developing global tourism industry are projected to provide substantial opportunities for the leading players in the overall market.

Volatility in Crude Oil Prices to Hamper Market Growth

On the flip side, the low cost of public transportation and stringent regulations imposed by governments regarding emissions are estimated to restrict the growth of the global and U.S. car rental market in the next few years. Additionally, constant fluctuations in crude oil prices are expected to hamper the market’s growth throughout the forecast period. Nevertheless, the option of customized travel trips, online bookings, and hassle-free processes is likely to supplement the growth of the market.

This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Car Rental Market – Global and U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013–2019.”

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The global and U.S. car rental market has been segmented as below:

Global and U.S. Car Rental Market, by Car Type

Luxury Cars
Executive Cars
Economy Cars
SUVs
MUVs

Global and U.S. Car Rental Market, by Category

Local Usage
Airport Transport
Outstation
Others (Self-drive, Event Transportation, Employee Transportation Solutions)

Global and U.S. Car Rental Market, by Geography

Europe
North America
Asia Pacific
Rest of the World

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