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Car Rental Business - Global Market Trajectory & Analytics

  • ID: 338373
  • Report
  • May 2021
  • Region: Global
  • 454 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Avis Budget Group, Inc.
  • Enterprise Holdings, Inc.
  • Europcar Mobility Group
  • Sixt AG
  • The Hertz Corporation
  • MORE

Global Car Rental Business Market to Reach $89.6 Billion by 2027


Amid the COVID-19 crisis, the global market for Car Rental Business estimated at US$69.6 Billion in the year 2020, is projected to reach a revised size of US$89.6 Billion by 2027, growing at a CAGR of 3.7% over the period 2020-2027. Airport, one of the segments analyzed in the report, is projected to record 2.8% CAGR and reach US$35.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Airport segment is readjusted to a revised 4.3% CAGR for the next 7-year period.

The U.S. Market is Estimated at $26.9 Billion, While China is Forecast to Grow at 8% CAGR


The Car Rental Business market in the U.S. is estimated at US$26.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$12.2 Billion by the year 2027 trailing a CAGR of 8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.7% CAGR.

Select Competitors (Total 131 Featured) -

  • Avis Budget Group, Inc.
  • Enterprise Holdings, Inc.
  • Europcar Mobility Group
  • Rent-A-Wreck of America, Inc.
  • Sixt AG
  • The Hertz Corporation
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Avis Budget Group, Inc.
  • Enterprise Holdings, Inc.
  • Europcar Mobility Group
  • Sixt AG
  • The Hertz Corporation
  • MORE
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • As Covid-19 Pandemic Decimates the Demand, Car Rental Business Market Set to Incur Huge Losses in 2020
  • Exhibit 1: Monthly Change in International Tourist Arrivals for January, February, & March 2020
  • Exhibit 2: Global Travel &Tourism Industry Revenues (In US$ Billion) for the Years 2019 & 2020
  • Exhibit 3: Global Flight Departures in First Week of April 2020 & 2019
  • Battered Global Travel & Tourism Industry Steals All Hope From Car Rental Businesses
  • An Introduction to Car Rental Business
  • Evolution of Rent-A-Car Concept Over the Years
  • Fleet Ownership Patterns: A Review
  • Classification of Car Rental Business by Location & Sector
  • Car Rental Business by Location
  • Car Rental Business by Sector
  • Car Rental Business: Current Market Scenario and Outlook
  • Developed Regions: Primary Revenue Contributors
  • Exhibit 4: World Car Rental Business Market by Region (2020 & 2027): Percentage Breakdown of Revenues for Developed and Developing Regions
  • High Growth Opportunities in Developing Regions
  • Exhibit 5: World Car Rental Business Market - Geographic Regions Ranked by % CAGR (Revenues) for 2020-2027: China, Asia-Pacific, Middle East, Latin America, Africa, Canada, USA, Japan, and Europe
  • COVID-19 Pandemic Set to Dent Economic Growth Across All Regions, While Inducing Weakness Into Car Rental Business Sector
  • Exhibit 6: World Economic Growth Projections (Real GDP, annual % Change) for 2019, 2020 & 2021
  • COMPETITIVE SCENARIO
  • Car Rental Market: A Diverse Playfield
  • Leading Car Rental Firms across Regional Markets
  • Emphasis on Innovative Strategies
  • Personalized Offers and Specialized Services
  • Subscription Packages: The New Marketing Approach
  • Price Matching Systems for Assuring Customers
  • End-to-End Customer Support Remains Major Focus Area
  • Mergers & Acquisitions (M&A) Gather Steam
  • Recent Market Activity
  • Car Rental Companies Lean Towards Shared Mobility Service
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Technology Innovations to Spearhead Growth in Post Covid Environment
  • Automation Steps-In to Augment Car Rental Business Performance
  • IoT Holds Positive Ramifications for Car Rental Automation
  • AI Identified as the New Transformative Vehicle
  • Convenient Bookings and Innovative Payment Options
  • Online Booking Takes Car Rentals to Higher Grounds
  • Smartphones & Mobile Apps Widen Scope & Span of Car Rental Business
  • Exhibit 7: Smartphone Penetration (as a Proportion of Total Mobile Users) by Region for the Years 2018 and 2025
  • Increasing Implementation of GPS & Telematics
  • Cloud-Based Car Rental Software: The Latest 'Tech' Innovation
  • Medical Tourism, Overseas Education, and Large Sporting Events: Among Prominent Demand Drivers
  • Exhibit 8: Breakdown of International Student Enrolments (in %) by Country for the Year 2018
  • Key Medical Tourism Destinations by Region
  • Select Most Attended Sporting Events in the World
  • Young Travelers to Provide Traction to Car Rental Business
  • Apprehensions Remain High on Revival of Luxury Car Rental Market
  • Issues & Challenges
  • Rise of Car Sharing Throws Up Biggest Challenge to Traditional Rent-A-Car Market
  • Peer-to-Peer Ridehailing Drives Momentum in Car Sharing Volumes
  • Car Sharing Attracts New Groups of Enterprises
  • Car Manufacturers
  • Power Companies
  • Micromobility: Another Fast Emerging ‘Muscular’ Competitor
  • Apprehensions Over Hidden and Additional Costs Among Cost Wary and Cost Conscious Consumers
  • A Note on Additional Charges Levied In Addition to Base Rental Charges
  • Growing Role of Video Conferencing and Digital Technologies in Business Communication
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

UNITED STATES
  • The United States: Prime Market for Car Rental Services
  • Exhibit 9: Car Rental Fleet in the US: 2007-2019E (In Thousands)
  • Select Key Locations for Car Rental Services in the US: Grouped by Region
  • Healthy Trajectory in Travel & Tourism Widens Prospects
  • Exhibit 10: Travel Expenditure in the US by Source (2018): Percentage Breakdown of Travel Expenses for Auto, Food & Beverage, Lodging, Recreation, Retail, and Transportation
  • Airport Consumers: A Key Market
  • Neighborhood and Downtown Segments Remain Relevant
  • Luxury Rental Cars: Tapping Into the Premium Segment
  • Select Luxury Car Models Used by Car Rental Firms in the US
  • Car Sharing: A New Concept Igniting Interest
  • Competitive Environment
  • Enterprise Holdings, Hertz and Avis Dominate the Market
  • Reduction of Rental Time: A Key Competitive Variable
  • Emphasis on Connectivity to Improve Customer Experience
  • Price Remains a Competitive Factor
  • Car Rental Firms Stave Off Competition from Ridesharing Entities
CANADA
  • Market Overview
  • Market Share Data
  • Exhibit 11: Canadian Car Rental Business Market Share (in %) by Company: 2019
JAPAN
  • Market Overview
CHINA
  • Growing Economy Boosts Demand for Car Rentals in China
  • Regulations on Online Car Hailing Firms Favor Traditional Rent-A-Car Market
EUROPE
  • European Car Rental Market: An Overview
  • Market Trends & Growth Drivers
  • Low Cost Rental Segment Makes Big Gains
  • Rental Car Companies Drive Digital Remarketing
  • Challenges
  • Competitive Scenario
FRANCE
  • Market Overview
  • Exhibit 12: French Car Rental Business Market Share (in %) by Company: 2019
GERMANY
  • Market Overview
  • Exhibit 13: German Car Rental Business Market Share (in %) by Company: 2019
ITALY
  • Market Overview
  • Competitive Scenario
  • Exhibit 14: Italian Car Rental Business Market Share (in %) by Company: 2019
UNITED KINGDOM
  • Market Overview
  • Competitive Scenario
  • Exhibit 15: UK Car Rental Business Market Share (in %) by Company: 2019
SPAIN
  • Market Overview
  • Competitive Scenario
  • Exhibit 16: Spanish Car Rental Business Market Share (in %) by Company: 2019
RUSSIA
  • Market Overview
  • Vladivostock: Hotspot in Car Rentals
  • Issues & Challenges
  • Lack of Well-Structured Legal Framework
  • Low Per Capita Income
  • Rise of Car Sharing Services
REST OF EUROPE
  • OVERVIEW OF SELECT MARKETS
  • Austria
  • Belgium
  • Exhibit 17: Belgian Car Rental Business Market Share (in %) by Company: 2019
  • Greece
  • Ireland
  • Norway
  • Romania
  • Sweden
  • Switzerland
  • The Netherlands
ASIA-PACIFIC

AUSTRALIA

INDIA
  • A Challenging yet Promising Market for Car Rental Service
SOUTH KOREA
  • Market Overview
  • Exhibit 18: South Korean Car Rental Business Market Share (in %) by Company: 2019
REST OF ASIA-PACIFIC
  • OVERVIEW OF SELECT MARKETS
  • Singapore
  • Sri Lanka
  • Taiwan
  • Thailand
LATIN AMERICA
  • Market Overview
  • New Infrastructure to Drive Inbound Car Rentals
  • Consolidation Remains a Distant Dream
ARGENTINA

BRAZIL
  • Market Overview
  • Competitive Forces Governing Brazilian Car Rental Industry
  • Exhibit 19: Leading Players in the Brazilian Car Rental Services Market: 2019
MEXICO

REST OF LATIN AMERICA

MIDDLE EAST

IRAN

ISRAEL

SAUDI ARABIA
  • Market Overview
UNITED ARAB EMIRATES
  • Market Overview
  • Competitive Scenario
REST OF MIDDLE EAST

AFRICA
  • South Africa: A Major Market
  • Exhibit 20: South African Car Rental Business Market Share (in %) by Company: 2019
IV. COMPETITION
  • Total Companies Profiled: 131
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Avis Budget Group, Inc.
  • Enterprise Holdings, Inc.
  • Europcar Mobility Group
  • Rent-A-Wreck of America, Inc.
  • Sixt AG
  • The Hertz Corporation
Note: Product cover images may vary from those shown
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