Global Car Rental Market
Size - Industry Trends & Outlook Report 2026
Global Car Rental Market
is expected to be USD 189.30 billion by 2026 from USD 92.92 billion in 2019, at
a CAGR of 10.7 % from 2020 to 2026. An increasing number of car rental
services, changing lifestyle, and increasing spending power of the people,
majorly drive the Global Car Rental Market. Increasing tourism activities and
continuously expanding tourism budget of travellers have supported the growth
of the car rental market. Besides, the rising dependence of users on
smartphones for carrying out a variety of activities traditionally done by
personal computers has significantly helped transform the car rental experience
for customers. Growing sales of smartphones is another major factor propelling
the market. Many governments have been focusing on developing tourism
infrastructure to attract more tourists, fueling the market growth. But, high
car rentals for extended counters may restrict the growth opportunities.
Global Car Rental Market:
Market Outlook and Trends
Car rental agencies rent
automobiles for a short period at a specific cost. The service is usually provided
by car rental operators through many local branches, which are generally
situated near airports or busy areas in the city and are accompanied by a
website to allow online reservations. The rental period may vary from a few
hours to weeks as per the requirement of the customer. During the last few
years, the trend of leisure travel, smartphone usage and increasing car rental
services has changed the scenario. The convenient accessibility combined with online
bookings has increased car rental adoption, thus driving the growth of the
Increasing Demand for
Online Car Rental Services
Online tourist vehicle
bookings are increasing over the world owing to the growing usage of
smartphones and the number of travellers aged between 25 and 34 who prefer to
book vehicle rentals by online channels. Besides, online booking also
facilitates verifications of the renter's documents, offering detail to the
renter regarding the car, services like drop and pickup of the rented vehicle
at a particular place, e-signing contracts, and cashless transactions.
With the rising trend in
technology, renting a vehicle through online booking has become the most
favored choice of customers over the past few years. Moreover, it provides
additional facilities to monitor a rental vehicle's operation, performance, and
maintenance. Such features are very useful for drivers and fleet managers,
allowing them to better and more competently recognize risks and undertake
timely improvements in their rental services.
Impact of COVID-19 in
The automotive &
transportation industry is among the most open verticals to the ongoing
COVID-19 outbreak and is currently amidst exceptional uncertainty. COVID-19 is
expected to significantly impact the supply chain and product demand in the
Car Rentals are essential
to the travel industry and have played a vital role in commercial progress
across the globe. The companies are progressively asking their employees to
work from home while other people prefer to stay at home due to coronavirus
spread. So, the daily travels, shuttle and non-essential travel have come down
drastically. It, in turn, has caused a dip in the self-drive car rental
business across the world, with 10-15 per cent drop in the inter-city request
in March alone.
Global Car Rental Market:
Based on the booking
type, the car rental market is bifurcated into Online access and Offline
access. Online access holds the top share in the global market.
The car rental market is
divided into Economy/budget cars and Luxury/premium cars based on vehicle type.
Economy/budget cars secure a major share in the Global Car Rental Market due to
the high fuel efficiency of these cars, leading to their more adoption.
Moreover, increasing gasoline prices and growing environmental concerns have
driven the demand for these cars globally for minimal environmental impact.
Based on the application,
the car rental market is divided into Leisure/tourism and Business.
Leisure/tourism segment dominates the Global Car Rental Market and is expected
to grow substantially due to the growing global trend of leisure tourism.
Geographically, the car
rental market has been divided into North America, Europe, Asia Pacific, South
America, and the Middle East & Africa.
Global Car Rental Market:
North America captured
the substantial share in Global Car Rental Market and is expected to register
substantial CAGR due to the growing adoption of rental vehicles and increased
investment in rental vehicle sector in countries such as the US and Mexico,
over the projection period. In 2018, the usage of these services increased in
several cities of the US, fueled by increased initiatives of the service
operators. For instance, Uber Technologies Inc. adopted mobile technologies and
other devices to meet consumers' transportation requirements more efficiently.
Among countries, the US continues to remain the most significant country for
the car rental services market, whereas LAMEA is anticipated to exhibit
remarkable growth rate during the forecast period.
The leading players in
Global Car Rental Market are Avis Budget Group Inc., Eco Rent a Car, Enterprise
Holdings Inc., Europcar Group, Car2go, Hertz Corp., Sixt, Movida, Ace
Rent-a-car, Global Cars, Localiza–Rent-a-car SA, Advantage Rent-a-car, National
Car Rental, Locamerica, and others.
Ø In August 2017, Migo, a Seattle-based search engine for on-demand
ride services launched a mobile application that allows users to compare
locations and prices of the nearby taxi, car-sharing, and ride-hailing
companies all in one app.
Ø In December 2018, The Hertz Corporation, in partnership with
CLEAR, launched an online platform called the Hertz Fast Lane. This platform
uses biometrics to carry out and speed up the entire vehicle rental process for
the convenience of customers.
Scope of the Report
Base Year –
Forecast – 2020
Revenue in USD
Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China,
India, UAE, South Africa, Saudi Arabia .
Type, By Application Type, By fare Price, By End User, By Rental Length, By
Budget Group Inc., Eco Rent a Car, Enterprise Holdings Inc., Europcar Group,
Car2go, Hertz Corp., Sixt, Movida, Ace Rent-a-car, Global Cars,
Localiza–Rent-a-car SA, Advantage Rent-a-car, National Car Rental,
Locamerica, and others.
By Business Function
Ø Accounting and Finance
Ø Sales and Marketing
Ø Inventory and Order Management
Ø Human Capital Management
By Enterprise Size
Ø Large Enterprises
Ø Small & Medium Enterprises
By End-User Industry
Ø IT & Telecom
Ø Transportation & Logistics
Ø Media & Entertainment
The objective of the Study:
Ø To analyze and forecast the market size of the Global Contract
Logistics Market, in terms of value.
Ø To examine the market segmentation carefully and estimate the
market size, in terms value, based on the region by segmenting Contract
Logistics market into five regions, namely, North America, Europe, Asia
Pacific, Middle East, and their leading countries.
Ø To outline, categorize and project the Global Contract Logistics
market based on Type, Services and End-User Industry.
Ø To examine competitive developments like technological
advancement, services, and regulative framework within the global Contract
Ø To highlight the impact analysis of the factors, affecting the
market dynamics such as drivers, restraints, opportunities, and challenges.
Ø To strategically profile the key players and comprehensively
analyze their market shares along with detailing the competitive landscape for
Business Questions Answered by the Report
Ø How will the market drivers, restraints, and opportunities
affect the market dynamics?
Ø What will be the market size in terms of value and volume and
market statistics with a detailed classification?
Ø Which segment dominates the market or region, and which one will
be the fastest-growing, and why?
Ø Who are the key players in the market, and what is their share?
Ø What is the strategy adopted by key players, and how does it
affect the existing and new players?
Customization Scope for the Client
Client satisfaction is our first and last priority, and that is
why BlueWeave Consulting offers customization as per client’s specific needs.
The following customization options are available for the report:
Ø Additional Company Information
Ø Detail Analysis of five additional companies
Ø Additional country analysis
Ø Detailed segment analysis