Car reservation

Car Rental Market to Reach $96.5 Billion by 2027 Industry Trends, Size and Growth

According to the latest report of the IMARC group, entitled “car rental market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,“The global car rental market reached a value of US$76.7 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$96.5 billion from by 2027, growing at a CAGR of 3.8% in 2022-2027. Car rental is the ability to temporarily rent automobiles for a period of time through offline or online channels. These services are primarily targeted at individuals and businesses. travelers without private vehicles Renting an automobile is considered a cost-effective alternative to owning a vehicle as it provides freedom of movement, avoids high ownership costs and allows for low cost travel .

We regularly monitor the direct effect of COVID-19[feminine] in the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

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Car rental market trends and drivers:

The car rental market is mainly driven by the changing inclination of consumers towards leisure travel. Moreover, the rapid urbanization and significant growth in the tourism and travel industry is giving impetus to the growth of the market. Favorable government policies and growing consumer awareness for energy conservation are factors that are creating a positive outlook for the market. Additionally, the introduction of car rental services through smartphone-based websites and apps, along with increasing spending capabilities of the masses, are also pushing the market towards growth.

Competitive analysis and segmentation of the car rental market 2022-2027:

Competitive landscape with key players:

The competitive landscape of the Car Rental market has been studied in the report along with the detailed profiles of key players operating in the market.

Some of these key players include:

  • Avis Budget Group, Inc.
  • Eco rent a car
  • Enterprise Holdings, Inc.
  • localized
  • Carzonrent India Private Limited
  • Sixt SE
  • Enterprise Rent-A-Car
  • Europcar
  • The Hertz company

Key Market Segmentation:

The report has segmented the global car rental market on the basis of booking type, rental duration, vehicle type, application, end user and region.

Breakdown by booking type:

  • Offline booking
  • Online booking

Breakdown by rental duration:

Breakdown by type of vehicle:

  • Luxury
  • Executive
  • Economy
  • SUV
  • Others

Breakdown by application:

Breakdown by end user:

  • Autonomous
  • With driver

Breakdown by region:

  • North America (USA, Canada)
  • Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iran, Others)

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Main highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market trends
  • Market drivers and success factors
  • Impact of COVID-19
  • Value chain analysis
  • Complete mapping of the competitive landscape

If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.

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