August 02, 2022 09:19 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Aug. 02, 2022 (GLOBE NEWSWIRE) — The demand for automobile rental services is being driven by a huge increase in the number of individuals traveling for both business and pleasure throughout the world, which is fuelling the industry’s expansion. Dedicated mobile applications for the convenience of clients have further assisted businesses in the industry in capturing a wider customer base thanks to rising internet penetration across emerging as well as established countries. The Global Market revenue was valued at USD 98.4 Billion in 2021.
The Global Car Rental Market size is forecasted to reach USD 126.6 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period; states Vantage Market Research, in a report, titled “Car Rental Market Size, Share & Trends Analysis Report by Application (Leisure, Commercial), by Rental Category (On Airport, Off Airport), by Car Type (Luxury Cars, Executive Cars, Economical Cars, Sports Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key Insights & Findings from the Report:
The Rise in the Number of Travellers
According to Boeing CEO Dennis Muilenburg, less than 20% of people worldwide have never stepped foot on an airplane. High travel costs relative to other modes of transportation are one of the major factors leading to this low number. However, as the number of aircraft increases globally, air travel costs are dropping proportionally, which is expected to increase the number of air travelers in the coming years. By 2027, there may be 7.2 billion air travelers worldwide, according to the International Air Transport Association (IATA). The increase in air travel will immediately boost the business because airport taxi makes up a significant portion of the worldwide market. One of the main causes behind the expansion of the automobile rental industry is the significant global growth of the travel and tourism sector. A further factor boosting market expansion is the growing urban population’s increased propensity for travel and adventure. In line with this, people are using car rental services like taxis and carpooling to travel more conveniently and affordably.
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Growing Business Travels to Lead Market Surge
Business travelers have significantly increased during the past ten years as organizations expand internationally. The demand for luxury executive cars in the rental market has grown as the number of business travelers has increased. The demand for executive automobiles is rising globally because they provide comfort and ease of travel at a reasonable price. Given this sector’s tremendous business opportunities and growth potential, several businesses are concentrating solely on the corporate segment. The market need for car rental companies is anticipated to increase further due to the demand for ride-sharing services. Another aspect promoting growth is the introduction of pro-growth government policies, which go hand in hand with rising environmental consciousness. Governments of both developed and developing nations place a strong emphasis on reducing vehicle emissions while promoting car rentals as one of the most cost-effective ways of transportation. Other factors, such as the availability of automobile rental services via websites and mobile applications and rising consumer spending power, are anticipated to fuel market growth.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Car Rental Market too was affected due to this. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The report on Car Rental Market highlights:
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on “Car Rental Market Size, Share & Trends Analysis Report by Application (Leisure, Commercial), by Rental Category (On Airport, Off Airport), by Car Type (Luxury Cars, Executive Cars, Economical Cars, Sports Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs)), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
North America holds the largest market share, with the United States being the biggest market. It is projected that the presence of several of the industry’s top automobile rental companies in this area, like Avis Budget Group and Enterprise Rent-a-Car, will present attractive expansion potential. Another important factor driving regional prosperity is the rise in business and leisure travel around the region. Additionally, the area is home to several well-known tourist attractions that draw many visitors who need to rent cars, which eventually spurs industry expansion.
The market throughout the Asia Pacific is anticipated to see the highest Compound Annual Growth Rate (CAGR) of almost 8%. Rising disposable incomes, continuously expanding economies, and rising corporate travel expenses are anticipated to positively affect the growth of the regional market.
List of Prominent Players in the Car Rental Market:
In November 2021 – Hertz rentals partnered with Tesla Motors to supply 100,000 Model 3S by 2022, and half of these vehicles are expected to be rented out to Uber drivers.
In April 2021 – Go Air partnered with Eco Europcar and launched car rental services across 100 cities in India, including 25 airports. Through Eco Europcar, Go Air will is offering Chauffeur-driven cars from mid to luxury car segments.
In February 2021 – Humax announced that it would supply the WTC Auto Rent RAiDEA mobility service platform to customers in the Middle East by improving technology for a round trip, free-floating, and one-way infrastructure specially designed for cars, including electric scooters, bikes, motorcycles, and cars.
In February 2021 – Theeb Rent a Car, a Saudi-based car rental firm, expanded its car rental fleet in the Kingdom. The company’s expansion strategy is to modernize and develop its fleet to offer different car brands and models to its customers.
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