The global car rental market is expected to experience significant growth by 2027, owing to the increase in superior services catering to the personalized needs of customers. Furthermore, the online sales channel of the market sub-segment is anticipated to be most lucrative. Regionally, the Asia-Pacific region is predicted to witness steady growth of the market during the estimated timeframe.
New York, USA, Nov. 02, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global car rental market is envisioned to generate a revenue of $1,48,129.4 million and grow at a healthy CAGR of 15.5% during the forecast period from 2020-2027.
As per our analysts, the increasing rate of affluent lifestyle and growing interest in living and spending more on luxury vehicles is projected to bolster the growth of the car rental market over the forecast period. In addition, the involvement of new technologies like IoT in vehicles to provide enhanced safety features with less expensive rates is further predicted to thrive the growth of the market during the estimated timeframe. Besides, the growing emphasis on car rental management software is expected to bring vital growth opportunities for the market during the analysis period. However, a surge in low-cost public transportation may hinder the growth of the market during the forecast period.
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Segments of the Market
The report has divided the market into several segments based on vehicle type, application, sales channel, and region.
Vehicle Type: Economic Vehicle Type to be Most Profitable
The economic vehicle type is projected to generate a revenue of $47,323.9 million throughout the forecast period. With increasing concern about environmental pollution, the global auto-makers are paying more emphasis on offering rental electric vehicle cars (EV) which are further anticipated to boost the growth of the car rental market during the analysis timeframe.
Application: Leisure Sub-Segment to be Most Lucrative
The leisure sub-segment is predicted to garner a revenue of $95,179.0 million and is projected to hold the largest market share during the forecast period. The increasing disposable income, massive rise of smartphone users, availability of online platforms, and most importantly, a surge in tourism all across the world is further expected to fortify the growth of the market sub-segment during the analysis timeframe.
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Sales Channel: Online Sales Channel Sub-Segment Anticipated to Hold the Largest Market Share
The online sales channel sub-segment is expected to generate revenue of $1,07,144.0 million during the analysis timeframe. With increasing digitization, the online car rental system provides numerous benefits such as multiple bookings, tracking various rental statuses, easy acceptance of reservations, scheduling a car for pick-ups, and many more, this is moreover expected to amplify the growth of the car rental market sub-segment during the forecast timeframe.
Region: Asia-Pacific Region Expected to Have Enormous Growth Opportunities
The Asia-Pacific region is projected to generate a revenue of $65,651.0 million during the analysis period. This is mainly due to the increasing number of users of smartphones in this region. With the penetration of smartphones, there is a rise in online rental car booking. In addition, the growing adoption of rental car services in the corporate sector, to pick airline passengers, and the affluent lifestyle is further anticipated to boost the growth of the market during the analysis timeframe.
Covid-19 Impact on the Market
In the wake of the novel coronavirus pandemic, the car rental market has witnessed a negative impact. Due to stringent lockdowns, restrictions on tourism resulting massive revenue losses for the rental car industry. However, gradually to check the contamination of coronavirus, most people avoid public transport and opt for rental car services for safety and precaution. This further creates more investment opportunities for the rental car industry.
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The Key Players of the Market
The major key players of the market include
The Hertz Corporation.
Eco Rent a Car.
Avis Budget Group
Enterprise Holdings Inc.
Bettercar Rental LLC, and many others,
These key players are widely working on adopting various strategies and business tactics such as partnerships and collaborations, product development and merger and acquisition to sustain the market growth.
For instance, in September 2020, Enterprise Holdings Inc, which is an owner of brands like Enterprise Rent-A-Car, Alamo Rent A Car, and National Car Rental, announced that its Canadian subsidiary, Discount Car and Truck Rentals, which is a leading Canadian car and truck rental company, closed its acquisition from serving customers in Canada. This acquisition provides ample growth for both of the companies by combining complementary networks and service offerings. In addition, the acquisition is bringing up broader offerings of rental car services at additional locations with enhanced mobility offerings.
Furthermore, the report also summarizes several aspects of the market like SWOT analysis, product portfolio, business, and financial performances, and some key strategic moves.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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