Car Rental Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Car Rental Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : September, 2022 | Automotive

Report Digest

Car Rental market - Overview

The car rental market is estimated to experience rapid expansion opportunities on the back of a significant rise in the number of people taking leisure and business trips around the world. Further, rapid penetration of internet connectivity in the developed as well as in the developing countries is also helping key players to capture a wide consumer base in the market. This consumer attraction is possible with the assistance of dedicated mobile applications to ensure customers convenience. This factor is predicted to boost growth opportunities in the car rental market.

Technology is anticipated to serve as a vital factor to drive growth opportunities in the car rental market. Rapid technological advancements are also bringing revolutions in the market in recent years. Further, hassle-free internet booking apps and improved corporate and customer information management are the two significant ways to provide assistance in the car rental service providers. These factors play a pivotal role to ensure enhanced services to the targeted consumers. This factor is predicted to bring growth opportunities in the car rental market.

The growing dependency of users on smartphones to carry out different tasks instead of traditional computer mode is also projected to bring transformations in the car rental market in the upcoming years.

Car Rental market – Key Trends

There is a rapid increase in global travel over the last decade. Commuters across the world are demanding high-quality, reliable, and familiar travel services during their journey. Some of the major players operating in the car rental market are leveraging this current trend by expanding distribution platforms and their brands across the globe. This factor is predicted to enable these market operators the operation of the globally spread car rental market.

In recent years, the tourism and travel industry are experiencing an emergence of ‘bleisure’. This relatively novel term explains the combination of business trips with leisure trips. This trend is experiencing wide popularity across the world. Companies allow employees to bring the family on different corporate trips. This ongoing trend alleviates some of the major stress of the employees. These incentives by the corporate offices are appealing to recruits due to the growing interest of younger employees to become business travelers. This initiative is anticipated to bring various expansion opportunities in the car rental market.

The outbreak of COVID-19 has significantly impacted the expansion prospect of the car rental market. Owing to imposed lockdown to maintain social distancing to curtail the spread of coronavirus, the demand for different rental cars has decreased. But the stringent regulations to maintain safety and hygiene during a pandemic is projected to create growth opportunities in the car rental market.

Car Rental market – Competitive Dynamics and Key Developments

The key players in the car rental market are adopting strategies such as collaborations, partnerships, agreements, novel product launch, and others to boost growth opportunities. For instance, an Indian airline named AirAsia India, has made a partnership with Avis India. Avis India company provides mobility solutions to retail and corporate users with discounted car rental services.

Some of the key players in the car rental market are:

  • Avia Budget Group
  • Europcar
  • The Hertz Corporation
  • Enterprise Rent-A-Car
  • Sixt

IoT Security market – Regional Assessment

The car rental market is spread across different geographical regions including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Among these, the North America region is estimated to account for the largest market share. Owing to the presence of a leading rental car operator in the region and the rising count of leisure and business trips, the market is estimated to boost growth opportunities.  

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?