Global Car Rental Market :: Solution, Services, Application and Market Insight 2023

Car rental companies offer vehicles or automobiles on rent for a certain duration that can range from hours to months for a suitable fee. There are various types of cars available on rent, including economy cars, executive cars, luxury cars, SUV’s and MUV’s. These cars are rented for different purposes, including airport transport, local usage, outstation, event transportation, self-drive, and employee transportation.

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The car rental companies facilitate people who do not own a vehicle, whose vehicle is out of maintenance, or having no access or limited access to personal vehicles. Owners of broken vehicles, tourists and travellers also avail services of the car rental companies.

In addition, increasing travelling expenditure, growing frequency of air travel, improving road infrastructure, demand for leisure and recreation, growing urban population, increasing internet usage and rising population of high net worth individual (HNI) are some of the other factors propelling the growth of car rental market

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North America commands the largest market share in car rental market and the region has witnessed a good growth rate. Europe holds the second largest share in car rental market globally. Asia-Pacific is likely to exhibit the fastest growth in years to come. The emerging countries such as India and China are witnessing increased growth in car rental mainly due to increasing per-capita income, changing lifestyle of people, burgeoning middle class population and people opting for more luxurious things.

Some of the major competitors in the global car rental market are EuropCar, Avis Budget Group Inc., Enterprise Holding Inc, Sixt and The Hertz Global Holdings, Inc.

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P&S Market Research is a global market research and consulting company. We provide market research reports, industry reports, business intelligence and research based consulting services across a range of industries.