Press Release

The Global Car Rental Market is projected to grow from USD 92.02 billion in 2021 to USD 149.99 billion by 2030 at a CAGR of 7% during the forecast period.  

Most major economies, including the United Kingdom, Japan, China, Germany, and parts of the United States, have been placed on lockdown as a result of the COVID-19 epidemic. International travel was prohibited for about seven to eight months, having a huge impact on the worldwide tourism economy. As a result, the rental industry has been badly impacted. The pandemic had a significant influence on the world's leading rental companies, resulting in market share losses, rankings drops, market volatility, and downgrades.

Increased information technology use is altering the sector and allowing operators to provide better services to their clients. This includes the development of user-friendly internet booking tools and the use of improved corporate and customer information management. The order online or pick-up approach is at the forefront of detecting beacon and near field communications applications (NFC). Newer players, such as BlaBlaCar, and Zipcar are benefiting from innovative business strategies such as car-sharing and the adoption of telematics technologies.

The number of business travellers has increased significantly as organizations expand abroad. The demand for luxury executive automobiles in the rental market has grown as the number of business travellers has increased. Executive automobiles provide convenience and comfort on a budget, which is why demand for them is increasing around the world. Given the tremendous business opportunities and growth potential presented by this sector, several organizations are focusing solely on the corporate segment. The growing popularity of ride-sharing services is likely to enhance demand for car rental services.

North America is expected to dominate the global car rental market due to the rising demand for rental automobiles in the region for pleasure and business excursions. Furthermore, rising tourism in North America and Europe is growing demand for automobile rental services in these areas. In comparison to North America, the situation in Asia Pacific and Latin America is significantly different. Increasing automobile prices, as well as rising fuel costs, are driving demand in these areas. Because the majority of the population in the region has a middle-class discretionary income, renting a car is the most convenient way to meet travel needs. The Middle East and Africa is expected to develop at the quickest CAGR throughout the projection period, owing to the region's growing commercial and tourist sectors.

KEY INDUSTRY DEVELOPMENTS:    

In January 2019, Enterprise Rent-A-Car partnered with Premier Group to expand its car rental service offerings in Egypt.

In November 2021, Hertz Rentals announced a partnership with Tesla Motors to supply 100,000 Model 3S vehicles by 2022, with half of these vehicles scheduled to be rented out to Uber drivers.   

Read More Details On This Report: https://extrapolate.com/Automotive/Car-Rental-Market/25772