The Global Car Rental market is estimated to grow at a CAGR of 14.17% from 2018 to reach USD 89.3 Billion by the year 2023.
GLOBAL CAR RENTAL MARKET was valued at USD 35.5 Billion in the year 2017.
North America region holds the highest market share in 2017 whereas the Asia-Pacific market is considered as the fastest growing region in the forecasted period. At the country level, developed markets like the US with highest population base holds the notable market share in 2017 and it is projected to grow strongly in the coming years.
Sixt SE (Germany), Avis Budget Group, Inc. (US), The Hertz Corporation (US), Enterprise Holdings Inc.
(US) are some of the key players in the Car Rental market with The Hertz Corporation holding the substantial market share because of its better global presence both at production and at an operational level. Rising research and development expenses to cater changing demand of end users, similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
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The rise in the tourism industry
Rising demand from the corporate sector
High initial investments
Introduction of autonomous cars
Amongst vehicle types such as Economy cars, Executive cars, Luxury cars and SUVs & MUVs, it is observed that the Economy cars segment because of the growing popularity and availability is expected to hold the highest market share during the forecasted period.
On the other hand Executive cars for this market is expected to grow at the highest CAGR of X.X% during the year 2018-2023.
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Key Benefits for Stakeholders
Car Manufacturers, Distributors, and Retailers
Research and Consulting organization
Technology Standards Organizations, Forums, Alliances and Associations
Regulatory bodies, policy actors, and consumers.
By Vehicle Type
Multi Utility Vehicles (MUVs)
Sports Utility Vehicles (SUVs)
By Rental Category
By Mode of Booking
Key Market Players
1 Europcar (France)
2 Avis Budget Group, Inc. (US)
3 Enterprise Holdings Inc. (US)
4 Carzonrent India Pvt Ltd. (India)
5 The Hertz Corporation (US)
6 Alamo (US)
7 Sixt SE (Germany)
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