According to a new report by Expert Market Research titled, ‘Global Car Rental Market Report and Forecast 2020-2025’, the global car rental market stood at a value of around USD 124,344.7 million in 2019. The industry is further expected to grow at a CAGR of 12.1% between 2020 and 2025 to attain a value of USD 246,752.1 million by 2025.
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North America region is one of the leading markets in the industry, within which the United States car rental market contributes significantly towards its growth. Further, Europe is expected to witness an increase in demand for such services due to the implementation of stringent government policies in the region. With the rapid advancement in technology and increasing automation, the manufacturers are focusing on providing solutions like connected vehicles and the self-serve option to customers in order to enhance their rental experience. In January 2020, Avis Budget Group, Inc. (NASDAQ: CAR) and Fiat Chrysler Automobiles signed a new connected car agreement to add more than 22,000 Fiat vehicles in Avis Budget Group’s European fleet to provide enhanced on-demand car rental experience to the customers in Europe and allowing them to manage the same digitally through Avis mobile app, enabling lock/unlock technology. Such developments are expected to further aid the growth of the global car rental industry over the forecast period.
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Market Breakup by Booking Type:
- Offline Access
- Online Access
Market Breakup by Application Type:
Market Breakup by Vehicle Type:
- Luxury/Premium Cars
- Economy/Budget Cars
Market Breakup by Region:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Competitive Landscape & Supplier Analysis:
- Ace Rent-a-car.
- Advantage Rent-a-car
- National Car Rental
- Avis Budget Group Inc. [CAR (NASDAQ)].
- Eco Rent a Car.
- Enterprise Holdings Inc..
- Hertz Corp. [HRI (NYSE)].
- Global Cars
- Localiza–Rent-a-car SA [RENT3 (BVMF)]
- Europcar Group [EUCAR (EPA)]
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