The global car rental market was valued at $79,648 million in 2015, and is expected to reach $164,335 million by 2022, growing at a CAGR of 11.6% from 2016 to 2022. With growth in pollution level and population, car rental industry has experienced a drastic transformation over the past few years, becoming one of the most prominent industries in fleet transportation. Manufacturers and consumers rely on various car rental schemes, which are cost-effective, such as leasing cars from their owners for a period of three years and then putting these cars on rental through app-based bookings. In addition, car rentals majorly contribute to curb the pollution level by reducing the volumetric sales of owned vehicles. Moreover, with increase in air traffic and growth in trend of online car booking, car rentals are the preferred options to travel, as cars are the most economical and faster mode of transportation. These advantages promote the growth of the car rental industry at an exponential rate.

1. Rental Market Analysis

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The growth of the global car rental market is majorly driven by development of the travel & tourism industry. Furthermore, rise in disposable income of people in countries such as the U.S., Germany, and Italy and enhanced road infrastructure is promoting the growth of the market. Increase in investment by global funds and players opting for aggregator-based business model further fueling the market growth. Automobile companies have developed green vehicles to control the rise in pollution level. Car rental industry contributes significantly in the reduction of the air pollution level. However, negative impact of volatile prices of gasoline and petroleum products on economic conditions restraining the market growth. The growth in trend of internet usage to customize travel trips, reservations, and bookings is expected to unfold various growth opportunities for the market.

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The market segmentation is based on type of car, rental category, and geography. On the basis of type of car, the market is classified into luxury car, executive car, economical car, sports utility vehicle, and multi utility vehicle. By rental category, it is bifurcated into on airport and off airport rental. The off airport rental segment is further divided into local usage, outstation, and others. Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, South Korea, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

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The Eurozone crisis had a negative impact on the travel & tourism sector in the European countries. Challenging economic conditions and increased competition in the market have stimulated the operators to improve profitability and remain competitive. Some of the biggest deals in the car rental market were recorded in the U.S. such as the acquisition of Dollar Thrifty Automotive Group by Hertz. Several leading car rental operators from North American and Europeans market are trying to expand their business in AsiaPacific, Africa, and South & Central America by entering into joint ventures and partnerships to develop new hotels and benefit from the growing demand for car rentals.

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Asia-Pacific shows the highest growth rate for car rental market

North America accounted for the largest market share in 2015 in the car rental market. Asia-Pacific is projected to exhibit the fastest growth in years to come. The emerging countries such as India and China are witnessing significant growth due to increase in the per-capita income, change in lifestyle of people, rise in middle-class population, and high standard of living.

The leading players are introducing innovative solutions to cater to customers demands and to expand their business in emerging countries. These players include Avis Budget Group, Inc., Carzonrent India Pvt Ltd., Enterprise Holdings Inc., Europcar, The Hertz Corporation, Sixt Rent a Car, Uber Technologies Inc., Localiza, Eco Rent a Car, and Budget Rent a Car System, Inc.
Other players in value chain include German Rent a Car, Tempest Car Hire, DTG Operations, Inc., and Alamo.

Key Benefits

• The study provides an in-depth analysis of the global car rental market with current trends and future estimations to elucidate the imminent investment pockets.
• It offers a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
• It also provides market estimation for 2014 and 2015 and Y-o-Y forecasts from 2016 to 2022, considering 2015 as base.

Car Rental Market Key Segments

By Type Of Car

• Luxury Car
• Executive Car
• Economical Car
• Sports Utility Vehicle (SUV)
• Multi Utility Vehicle (MUV)

By Rental Category

• On Airport
• Off Airport
• Local Usage
• Outstation
• Others

By Geography

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  • South Korea
  • Japan
  • India
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

Market Players In Value Chain

Rental Market Analysis

• Avis Budget Group, Inc.
• Carzonrent India Pvt Ltd.
• Enterprise Holdings Inc.
• Europcar
• The Hertz Corporation
• Sixt Rent a Car
• Uber Technologies Inc.
• Localiza
• Eco Rent a Car
• Budget Rent a Car System, Inc.
• German Rent a Car
• Tempest Car Hire
• DTG Operations, Inc.
• Alamo