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Car Rental Market exceeds $122.6 billion revenue

Witnessing a 7.9% CAGR, the car rental market is expected to generate a revenue of $122.6 billion in the coming years. Car rental services are offered via three different vehicle types: luxury, executive, and economy.

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Car Rental Market exceeds $122.6 billion revenue

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  1. Car Rental Market Segmentation by Vehicle Type, Channel, Purpose, Usage and Region Outlook- 2019–2024

  2. The global car rental market was valued at $78.7 billion in 2018, which is projected to reach $122.6 billion by 2024, progressing at a CAGR of 7.9% during the forecast period (2019–2024). Among the various vehicle categories operating in car rental market, economy cars held the largest market share during the historical period. Historically, the market witnessed the fastest growth in the category of luxury cars, mainly driven by the increased usage of luxury cars by business professionals. The deployment of electric vehicles in the car rental fleet is a rising trend worldwide, in the car rental market. Various major players are adding fleet of electric cars in their rental services as a result of regulations and policies related to sustainable mobility notified by government in various countries. For example, Zoomcar India Pvt Ltd., in 2018, partnered with Mahindra & Mahindra Ltd. to deploy electric cars in its rental fleet in India. The car rental market is driven by its convenient mobility feature. Renting a car allows individuals to enjoy the facilities of owning a personal vehicle, without having the need to actually own it. Additionally, owning a private car demands a high investment, which mainly comprises the vehicle cost, fuel cost, parking expenses, maintenance charges, and insurance cost. This is acting as strong growth factor for the car rental market globally.

  3. Segmentation Analysis of Car Rental Market The market is witnessing the fastest growth in demand for luxury segment, due to sustainable economic development and increased usage of luxury cars in business trips by the corporates globally. Online was the preferred mode of channel globally, for booking cars on rent. It is due to the convenience provided by online system in booking a car on rent, coupled with transparent pricing, and 24-hour booking facility. Globally, the car rental market generated more revenues from personal usage than business purpose. This is led by the growing expenditure on tours and travels by people, due to increased disposable income. People nowadays prefer to rent a car while travelling or going on a tour, which makes personal usage the larger revenue contributor in the car rental market. The car rental market witnessed fastest growth from airport travelling, which is mainly attributed to increased usage of car rental services during frequent international tours by business professionals.

  4. Some of the other major players operating in the car rental market are Uber Technologies Inc., ECOS India Mobility & Hospitality Pvt. Ltd., ANI Technologies Pvt. Ltd., Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing), and Carzonrent India Pvt. Ltd. To receive a free sample copy of this report

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