According to the recent study the car rental market is projected to reach an estimated $120 billion by 2025 from $84.4 billion in 2019, at a CAGR of 6.1% from 2020 to 2025. Growth in this market is primarily driven by growing global tourism industry, increase in international air travelers, and rising income levels across the globe.
Browse 93 figures / charts and 73 tables in this 200 -page report to understand trends, opportunities and forecast in car rental market by location (on-airport and off-airport), type of customer (business, leisure, and others), mode of booking (on-line and off-line), vehicle type (luxury cars, executive cars, economy cars, sports utility vehicles, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“On-airport market is expected to remain the largest segment during the forecast period.”
Based on locations, the car rental market is segmented into on-airport and off-airport. Lucintel forecasts that the on-airport market is expected to remain the largest segment.
“Within the car rental market, the leisure customer segment is expected to remain the largest type of customer.”
Based on customer type, the leisure customer segment is expected to witness the largest market over the forecast period due to the rise in air travel and domestic tourism which will spur growth for this segment.
“North America will dominate the car rental market in near future.”
North America is expected to be the largest region over the forecast period due to the growing adoption of rental vehicles and increased investment of tourist attractions followed by gains in per capita disposable income, and increasing corporate travel which will drive car rental demand in North America.
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Major players of car rental market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Enterprise Rent-A-Car, Hertz Group AG, Avis Budget Group Inc., Europcar Mobility Group S.A., and Sixt AG, and others are among the major car rental providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/car-rental-industry.aspx or helpdesk@lucintel.com.
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