While North America holds almost half of the car rental market share, East Asia is expected to emerge as the most lucrative for companies in the car rental market, attributable to the increasing tourism sector in China & Japan. Growing economic & infrastructural development, foreign investments, and medical tourism in China are other factors expected to boost growth of the car rental market over the forecast period.
On the back of these factors, the global car rental market value is at US$ 116 Bn in 2019 and expected to expand at 7.0% CAGR during the forecast period of 2019-2029.
Key Takeaways of Global Car Rental Market Study
- North America is expected to dominate the global car rental market, owing to high usage rate of car rental services by daily commuters, office-goers, and tourists in the country. Moreover, the growing trend of car sharing also boosts the usage of car rental in this region.
- According to FMI, the on-airport end use category accounted for the maximum share in the global car rental market, owing to high presence of international/domestic tourists for leisure as well as business.
- In car rental market, online booking platform including mobile applications and other internet services will continue to dominate the car rental market during the forecast period. Mobile applications segment is expected to see a prolific rise with a higher CAGR in car rental. Preferential shift of consumers towards mobile platforms are primarily driven by the growth of mobile users and high internet penetration.
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Who is Winning
The global car rental market represents a fairly consolidated competition landscape, where a majority of car rental key players maintain their strategic focus on new innovative service offerings. Some of the key players are Enterprise Holdings Inc., The Hertz Corporation, Europcar Group, and Sixt SE. The car rental market in the U.S. is highly concentrated and top three car rental companies (Enterprise Rent-A-Car, Hertz Global Holdings, Inc. and Avis Budget Group, Inc.) hold more than 62% of market share in U.S. in 2018.
- In May 2019, Enterprise Holdings, Inc., a private holding company with headquarters in the U.S. launched the U.S. car rental industry’s first vehicle-subscription service, which provides flexibility and convenience to customers.
- In Nov 2019, Hertz and Air France jointly launched Hertz DriveU, which was designed to meet all customer transportation needs.
- In Aug 2019, the Europcar Mobility Group, a France-based car rental company, had acquired a 100% stake in the U.S.-Fox Rent A Car company, to expand its customer base of 15 million by 2023.
“Players in the global car rental market can gain significant profits by focusing on intermediate cars in addition to economic cars. The growing popularity of car sharing coupled with the rising disposable incomes are expected to drive the demand for intermediate cars during the forecast period,” says an FMI analyst.
More Valuable Insights on Car Rental Market
Future Market Insights, in its new report, provides an analysis of the global car rental market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The car rental study reveals compelling insights on the car rental market on the basis of car type (economy cars, compact cars, intermediate cars, premium cars, luxury cars, and others), end-use (intercity, intracity, on-airport, and others), customer type (business, leisure), and booking mode (offline access, mobile application, and other internet access), and sector (organized and unorganized) across seven major regions.
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FAQ – CAR RENTAL MARKET
How will the car rental market be critical in the future?
Car rental market is expected to register a modest CAGR during the forecast period of 2019-2029, owing to the increasing number of commuter’s worldwide, increasing tourism, growing use of car rentals for daily commuting and intercity travel, and high adoption rate of mobile platforms to book car rental services.
Which will be the preferred booking mode in future?
Mobile applications segment is expected to see robust growth during the forecast period, followed by other internet access modes, as compared to the offline segment. Growing number of platforms such as Uber, and Lyft dominate the U.S. market. Other internet access segment that includes car rental from websites is also expected to grow substantially during the forecast period.
What type of car is expected to be preferred by customers?
In 2029, intermediate cars are expected to be the most preferred car type and hold the highest share in terms of value in the global car rental market. It is also expected to register the highest CAGR during the forecast period of 2019-2029, and dominate the car type segment by 2029.
What will be the future trend in car rental market?
Innovative offerings by the car rental companies are anticipated to change the market landscape. FMI has identified driverless car rentals as the future trend in car rental market.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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