Global Car Rental Market – Analysis and Forecast (2021-2027)

Industry Insights by Vehicle Type (Executive, Luxury, SUVs, Economy, MUVs), by Application (Airport Transport, Outstation, Local Usage and Others)

Industry Overview

The global car rental market was valued at USD 86.3 billion in 2021 and is expected to reach USD 133.0 billion by 2027, growing at a CAGR of 7.1% during 2021-2027. The growth of this market is attributed towards increasing disposable income of the citizens globally, extensive number of service providers offering car rental services along with evolving lifestyle of the people.  Furthermore, improved road infrastructure has led to enhancement of business and leisure trips across the globe thereby strengthening the growth of global car rental market.

Car rental service enables the consumers to rent car and automobiles for a specified time period may be limited or for small time. The time period for renting a car may vary for upto few hours to weeks as per the need of the customers. These services are gaining immense traction near airports and tourists places. Moreover, evolving trends of making travel convenient and pleasurable is further escalating the growth of global car rental market.

Market Segmentation

Insight by Vehicle Type

On the basis of vehicle type, the global car rental market is categorized into executive, luxury, SUVs, economy, and MUVs. Amongst these segments, executive segment is expected to witness highest CAGR during the forecast period owing to increasing number of business travellers globally specifically in emerging economies. Additionally, it has been observed that cost-effectiveness along with sophisticated features of executive segment thereby make this segment more attractive medium of transport amongst business consumers.

Insight by Application

On the basis of application, the global car rental market is categorized into airport transport, outstation, local usage, and others. Amongst these segments, airport transport is expected to generate largest revenue by 2025. The growth of this segment is attributed towards extensive growth of air travellers globally also various service providers are seeking airport as most appropriate location for  setting up their offices. Moreover, making offices nearby airport helps in making the car available to the customers on an immediate basis as per their requirement.

Industry Dynamics

Industry Trends

Rapid expansion of tourism industry along with high total cost of ownership involved with the personal vehicles are the key trends anticipated in the growth of global car rental market. 

Growth Drivers

Rapid expansion of internet and mobile users globally, increase in global air travel, rapid globalization and extensive number of corporate travellers along with increasing global leisure travellers are the key factors that are pertaining towards the growth of global car rental market. Rapid expansion of mobile and internet users across the globe and increasing dependence of users on technology making payments, booking hotels, flights along with paying for the rental services is the key factor that is pertaining towards the growth of global car rental market. 

Furthermore, there are several service providers of rental services that are launching applications in order to make customers accessible with discount coupons, real-time tracking, promotional offers, fare and availability of service. The service providers are rampantly emphasizing their efforts towards streamlining business processes and extending the availability of service convenience as the customers usually book slots for car in minimum time span. In order to attain this objective the service providers are excessively using IoT management fleet management solutions, as a result to which car rental market is gaining momentum at rapid pace globally.

Challenges

Volatility in crude oil prices, compliance with stringent emission standard along with extensive growth of low price public transport are the key factors that are expected to hinder the growth of global car rental market in the near future.

Geographic Overview

Geographically, North America is anticipated to contribute largest revenue throughout the estimated period in the global car rental market. The growth of the car rental market in this region is attributed towards increasing number of business and leisure trips both domestic and international. Additionally, shifting trends of consumers towards rental services along with existence of prominent key players in this region such as Enterprise Rent-a-Car are other factors pertaining towards the growth of global car rental market.

Asia-Pacific is expected to witness highest CAGR during the forecast period owing to improved road infrastructure along with accessibility to high end luxury vehicles. Furthermore, self-driving renting trends of cars that provide convenience and flexibility to the tourists are other factors that are driving the growth of car rental market in Asia-Pacific.

Competitive Insight

Key players in the car rental market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. Key players such as Avis and Uber have launched mobile applications through which customers get ease of booking cars and choosing their desired vehicle. Moreover, several players are introducing their rental services at affordable prices in order to enhance their consumer base.

Some of the major players operating in the global car rental market are Sixt SE, Uber Technologies Inc., Carzonrent India Pvt Ltd., Europcar, Avis Budget Group, Inc., German Rent a Car, DTG Operations, Inc., Localiza Rent a Car S.A., Enterprise Holdings Inc., Tempest Car Hire, The Hertz Corporation, Alamo, and Eco Rent a Car.

Forecast Parameters

• - Identifying variables and establishing market impact.
• - Establishing market trends regionally.
• - Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
• - Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
• - Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
• - Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
• - Understanding adoption, production, export, import and regulatory framework.

Data Validation

• - Estimated and forecasted data was validated through industry experts.
• - Apart from industry experts, data triangulation methods were used for validation.
• - Bottom up and top-down approach has been used for estimation and forecast of market data, whereas top-down approach was used for validation.
• - Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.

Source: VynZ Research

Source: VynZ Research

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Vehicle Type
                1.2.2.    By Application
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Research Methodology
                1.5.1.    Data Sources
                        1.5.1.1.    Primary Research
                        1.5.1.2.    Secondary Research
                1.5.2.    Methodology
                        1.5.2.1.    Data Exploration
                        1.5.2.2.    Forecast Parameters
                        1.5.2.3.    Data Validation
                        1.5.2.4.    Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2027

5.    Market Segmentation Estimate and Forecast

        5.1.    By Vehicle Type
                5.1.1.    Executive
                        5.1.1.1.    Market Definition
                5.1.2.    Luxury
                        5.1.2.1.    Market Definition
                        5.1.2.2.    Market Estimation and Forecast to 2027
                5.1.3.    SUVs
                        5.1.3.1.    Market Definition
                        5.1.3.2.    Market Estimation and Forecast to 2027
                5.1.4.    Economy 
                        5.1.4.1.    Market Definition
                        5.1.4.2.    Market Estimation and Forecast to 2027
                5.1.5.    MUVs
                        5.1.5.1.    Market Definition
                        5.1.5.2.    Market Estimation and Forecast to 2027

        5.2.    By Application
                5.2.1.    Airport Transport 
                        5.2.1.1.    Market Definition
                        5.2.1.2.    Market Estimation and Forecast to 2027
                5.2.2.    Outstation
                        5.2.2.1.    Market Definition
                        5.2.2.2.    Market Estimation and Forecast to 2027
                5.2.3.    Local Usage 
                        5.2.3.1.    Market Definition
                        5.2.3.2.    Market Estimation and Forecast to 2027
                5.2.4.    Others
                        5.2.4.1.    Market Definition
                        5.2.4.2.    Market Estimation and Forecast to 2027

6.    North America Market Estimate and Forecast

        6.1.    By Vehicle Type
        6.2.    By Application 
        6.3.    By Country
                6.3.1.    U.S. Market Estimate and Forecast
                6.3.2.    Canada Market Estimate and Forecast
                6.3.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

        7.1.    By Vehicle Type
        7.2.    By Application 
        7.3.    By Country
                7.3.1.    Germany Market Estimate and Forecast
                7.3.2.    France Market Estimate and Forecast
                7.3.3.    U.K. Market Estimate and Forecast
                7.3.4.    Italy Market Estimate and Forecast
                7.3.5.    Spain Market Estimate and Forecast
                7.3.6.    The Netherlands Market Estimate and Forecast
                7.3.7.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

        8.1.    By Vehicle Type
        8.2.    By Application 
        8.3.    By Country 
                8.3.1.    China Market Estimate and Forecast
                8.3.2.    Japan Market Estimate and Forecast
                8.3.3.    India Market Estimate and Forecast
                8.3.4.    Australia Market Estimate and Forecast
                8.3.5.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Vehicle Type
        9.2.    By Application 
        9.3.    By Country
                9.3.1.    Brazil Market Estimate and Forecast
                9.3.2.    U.A.E. Market Estimate and Forecast
                9.3.3.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.    Sixt SE
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    Uber Technologies Inc.
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    Carzonrent India Pvt Ltd.
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Europcar
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Avis Budget Group, Inc.
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    German Rent a Car
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    DTG Operations, Inc.
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Localiza Rent a Car S.A.
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    Enterprise Holdings Inc.
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.    Tempest Car Hire
                10.10.1.    Snapshot
                10.10.2.    Overview
                10.10.3.    Offerings
                10.10.4.    Financial Insight
                10.10.5.    Recent Developments
        10.11.    The Hertz Corporation
                10.11.1.    Snapshot
                10.11.2.    Overview
                10.11.3.    Offerings
                10.11.4.    Financial Insight
                10.11.5.    Recent Developments
        10.12.    Alamo 
                10.12.1.    Snapshot
                10.12.2.    Overview
                10.12.3.    Offerings
                10.12.4.    Financial Insight
                10.12.5.    Recent Developments
        10.13.    Eco Rent a Car
                10.13.1.    Snapshot
                10.13.2.    Overview
                10.13.3.    Offerings
                10.13.4.    Financial Insight
                10.13.5.    Recent Developments

11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to availability of information in secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Car Rental Market Size, by Vehicle Type, 2015 – 2020 (USD Million)
Table 5 Global Car Rental Market Size, by Vehicle Type, 2021 – 2027 (USD Million)
Table 6 Global Car Rental Market Size, by Application, 2015 – 2020 (USD Million)
Table 7 Global Car Rental Market Size, by Application, 2021 – 2027 (USD Million)
Table 8 Global Car Rental Market Size, by Region, 2015 – 2020 (USD Million)
Table 9 Global Car Rental Market Size, by Region, 2021 – 2027 (USD Million)
Table 10 North America Car Rental Market Size, by Vehicle Type, 2015 – 2020 (USD Million)
Table 11 North America Car Rental Market Size, by Vehicle Type, 2021 – 2027 (USD Million)
Table 12 North America Car Rental Market Size, by Application, 2015 – 2020 (USD Million)
Table 13 North America Car Rental Market Size, by Application, 2021 – 2027 (USD Million)
Table 14 North America Car Rental Market Size, by Country, 2015 – 2020 (USD Million)
Table 15 North America Car Rental Market Size, by Country, 2021 – 2027 (USD Million)
Table 16 Europe Car Rental Market Size, by Vehicle Type, 2015 – 2020 (USD Million)
Table 17 Europe Car Rental Market Size, by Vehicle Type, 2021 – 2027 (USD Million)
Table 18 Europe Car Rental Market Size, by Application, 2015 – 2020 (USD Million)
Table 19 Europe Car Rental Market Size, by Application, 2021 – 2027 (USD Million)
Table 20 Europe Car Rental Market Size, by Country, 2015 – 2020 (USD Million)
Table 21 Europe Car Rental Market Size, by Country, 2021 – 2027 (USD Million)
Table 22 Asia-Pacific Car Rental Market Size, by Vehicle Type, 2015 – 2020 (USD Million)
Table 23 Asia-Pacific Car Rental Market Size, by Vehicle Type, 2021 – 2027 (USD Million)
Table 24 Asia-Pacific Car Rental Market Size, by Application, 2015 – 2020 (USD Million)
Table 25 Asia-Pacific Car Rental Market Size, by Application, 2021 – 2027 (USD Million)
Table 26 Asia-Pacific Car Rental Market Size, by Country, 2015 – 2020 (USD Million)
Table 27 Asia-Pacific Car Rental Market Size, by Country, 2021 – 2027 (USD Million)
Table 28 RoW Car Rental Market Size, by Vehicle Type, 2015 – 2020 (USD Million)
Table 29 RoW Car Rental Market Size, by Vehicle Type, 2021 – 2027 (USD Million)
Table 30 RoW Car Rental Market Size, by Application, 2015 – 2020 (USD Million)
Table 31 RoW Car Rental Market Size, by Application, 2021 – 2027 (USD Million)
Table 32 RoW Car Rental Market Size, by Country, 2015 – 2020 (USD Million)
Table 33 RoW Car Rental Market Size, by Country, 2021 – 2027 (USD Million)
Table 34 Snapshot – Sixt SE
Table 35 Snapshot – Uber Technologies Inc.
Table 36 Snapshot – Carzonrent India Pvt Ltd.
Table 37 Snapshot – Europcar
Table 38 Snapshot – Avis Budget Group, Inc.
Table 39 Snapshot – German Rent a Car
Table 40 Snapshot – DTG Operations, Inc.
Table 41 Snapshot – Localiza Rent a Car S.A.
Table 42 Snapshot – Enterprise Holdings Inc.
Table 43 Snapshot – Tempest Car Hire
Table 44 Snapshot – The Hertz Corporation
Table 45 Snapshot – Alamo
Table 46 Snapshot – Eco Rent a Car

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Car Rental Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Car Rental Market Highlight
Figure 12 Global Car Rental Market Size, by Vehicle Type, 2015 – 2027 (USD Million)
Figure 13 Global Car Rental Market Size, by Application, 2015 – 2027 (USD Million)
Figure 14 Global Car Rental Market Size, by Region, 2015 – 2027 (USD Million)
Figure 15 North America Car Rental Market Highlight
Figure 16 North America Car Rental Market Size, by Vehicle Type, 2015 – 2027 (USD Million)
Figure 17 North America Car Rental Market Size, by Application, 2015 – 2027 (USD Million)
Figure 18 North America Car Rental Market Size, by Country, 2015 – 2027 (USD Million)
Figure 19 Europe Car Rental Market Highlight
Figure 20 Europe Car Rental Market Size, by Vehicle Type, 2015 – 2027 (USD Million)
Figure 21 Europe Car Rental Market Size, by Application, 2015 – 2027 (USD Million)
Figure 22 Europe Car Rental Market Size, by Country, 2015 – 2027 (USD Million)
Figure 23 Asia-Pacific Car Rental Market Highlight
Figure 24 Asia-Pacific Car Rental Market Size, by Vehicle Type, 2015 – 2027 (USD Million)
Figure 25 Asia-Pacific Car Rental Market Size, by Application, 2015 – 2027 (USD Million)
Figure 26 Asia-Pacific Car Rental Market Size, by Country, 2015 – 2027 (USD Million)
Figure 27 RoW Car Rental Market Highlight
Figure 28 RoW Car Rental Market Size, by Vehicle Type, 2015 – 2027 (USD Million)
Figure 29 RoW Car Rental Market Size, by Application, 2015 – 2027 (USD Million)
Figure 30 RoW Car Rental Market Size, by Country, 2015 – 2027 (USD Million)