Clifton, New Jersey, May 29, 2023 (GLOBE NEWSWIRE) -- Renting a car has become a very popular concept among millennials, including car types such as economy cars, executive cars, luxury cars, sport utility vehicles, and multi-utility vehicles. In the era of all things mobility, where both carmakers and tech start-ups are clamoring for a piece of the ride-hailing pie, it seems like everyone is convinced that fetching a car on demand is the future. The business model for ride-sharing is at best tenuous in terms of cost vs. profitability, and the number of players trying to get in on the action has continued to tick upward. Everyone, from Uber, Lyft, and so on, to well-established OEMs such as General Motors, Ford, BMW, Daimler, and even Tesla, wants to be a part of this movement. Furthermore, the adoption of car rental management software is expected to provide lucrative growth opportunities for car rental market players. Rental companies such as Enterprise, Europcar, and others have also strengthened their position in the sector by expanding their vehicle rental operations in tourist airports.
Urban areas are experiencing increasing population density and traffic congestion. Many individuals prefer to rely on car rental services instead of owning a vehicle, especially in cities with well-developed public transportation systems. Renting a car for specific trips or occasions allows people to avoid the challenges of parking and traffic congestion in urban environments. The rise of ride-sharing platforms and carpooling services has complemented the growth of the car rental market. Car rental companies often partner with ride-sharing platforms, providing vehicles to drivers who want to offer their services. Additionally, car rental services are used as a supplement to public transportation or shared mobility options, offering users more flexibility in their transportation choices. The car rental industry has embraced digital transformation, leveraging technology to enhance the customer experience and streamline operations. Online platforms and mobile applications have become prevalent, allowing customers to easily search, compare, and book rental cars. Digital solutions have also enabled features like contactless reservations, self-service check-in, and digital keyless entry. Also, in response to growing environmental concerns, car rental companies have incorporated sustainability initiatives into their operations. Additionally, companies have implemented measures to reduce their carbon footprint, including adopting more fuel-efficient vehicles and implementing recycling programs.
Key Takeaways:
- The North America region is leading the market with more than 37% market share in 2022, with the United States being the largest market.
- The economy cars segment accounted for the largest share of more than 35% in 2022 and is expected to retain its dominance over the forecast period due to its compact nature and cost-effectiveness.
- Bleisure describes a combination of leisure travel with a business trip and is gaining popularity across the globe by occupying more than half of the market.
- The self-driven car type is growing at over 9% CAGR owing to higher convenience and flexibility, especially for short-term rental lengths.
- The online booking type is experiencing prominent market growth in the rental car industry as more and more customers opt to book rental cars online through various platforms and websites.
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With a growing focus on sustainability and reducing carbon emissions, car rental companies are increasingly offering electric and hybrid vehicles in their fleets. This trend aligns with the global push towards cleaner transportation options and addresses the increasing customer demand for eco-friendly rental cars. For example, several car rental companies, particularly Hertz, have started to employ EVs and invest in electrification. Also, car rental companies are adapting to the changing transportation landscape by integrating with mobility-as-a-service platforms. MaaS platforms combine various modes of transportation, including car rentals, ride-sharing, public transportation, and more, into a single, seamless experience. This integration allows customers to access multiple transportation options through a single platform, providing enhanced convenience and flexibility. Companies are implementing digital solutions to enable contactless reservations, check-ins, and vehicle pick-ups and drop-offs. These technologies, including mobile apps, self-service kiosks, and digital payment options, enhance safety and provide a more streamlined rental experience.
Additionally, companies are taking initiatives to incorporate these new-energy vehicles into their fleet. For instance, Sixt SE provides electric cars, such as the Tesla Model X, Tesla Model S, BMW i3, and BMW i8, for rental purposes. Car rental companies are introducing subscription-based models that offer customers the flexibility to rent vehicles for longer periods, ranging from weeks to months. Enterprise Rent-A-Car, Hertz, Avis Budget Group, National Car Rental, Sixt, Europcar, Thrifty Car Rental, Alamo Rent-A-Car, Dollar Rent-A-Car, Budget Rent-A-Car, Advantage Rent-A-Car, Payless Car Rental, Fox Rent-A-Car, Enterprise Holdings (the parent company of Enterprise, National, and Alamo), and Hertz Global Holdings (which includes Hertz, Dollar, and Thrifty) are several well-known car rental companies operating globally.
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Economy cars are widely available in rental fleets due to their popularity. Car rental companies usually have a significant number of economy cars in their inventory, ensuring a higher likelihood of availability even during peak travel seasons. They typically have lower rental rates compared to larger or luxury vehicles. This makes them a cost-effective choice for budget-conscious travelers who are looking to save on rental expenses. The rise of mobile apps has made online booking even more accessible and convenient. Customers can download rental car company apps or use third-party travel apps to book rental cars directly from their smartphones or tablets. Mobile apps often offer additional features like real-time booking updates, digital check-in, and digital keyless entry. Also, these platforms provide customers with a wide range of rental car options from various providers, allowing them to choose the vehicle that best suits their needs, preferences, and budget. Customers can easily compare prices, car models, features, and rental terms, enabling them to make informed decisions. Expedia, Rentalcars.com, Kayak, Priceline, Orbitz, CarRentals.com, Auto Europe, Hotwire, VroomVroomVroom, DriveNow, Turo, and Zipcar are some of the popular online car rental platforms.
“The global car rental market is a dynamic and growing industry that provides individuals and businesses with convenient access to a wide range of vehicles for short-term or long-term rental, offering flexibility, mobility, and transportation solutions across various regions and destinations.” Says, Mr. Dhwipal Shah, Research Director with Bonafide Research. There is a growing trend towards rental and subscription-based models for floor cleaning equipment. Businesses are opting for flexible and cost-effective solutions that allow them to access the latest cleaning equipment without significant upfront investments. Rental and leasing services are particularly useful for businesses that require floor-cleaning equipment on a temporary or short-term basis. For instance, during special events, construction projects, or specific cleaning tasks, renting equipment can provide a practical solution without requiring a long-term commitment. Renting or leasing floor cleaning equipment allows businesses to test and evaluate different equipment models before making a purchase decision. This helps in determining the most suitable equipment for specific cleaning requirements without the long-term commitment of ownership. Companies such as United Rentals, Sunbelt Rentals, Herc Rentals, and HSS Hire, which specialize in equipment rental, often offer floor-cleaning equipment as part of their rental fleet. Manufacturers such as Tennant, Nilfisk, Kärcher, and Hako Group have rental programs or partnerships with rental companies. Online marketplaces such as Rent-It Today, BigRentz, and KWIPPED also facilitate equipment rentals, including floor cleaning equipment.
Blockchain technology has the potential to transform the car rental market by ensuring secure and transparent transactions, streamlining rental agreements, and facilitating identity verification. Smart contracts can automate processes and build trust between rental companies and customers. Based on the growing market demands, there are various start-ups providing an upturn to the market. For instance, Getaround is an app-based peer-to-peer car-sharing platform. The platform enables car owners to rent their cars to a community of drivers using their smartphones. Further, Zipcar is a membership-based car-sharing company that provides automobile rentals to its members on an hourly or daily basis. Zipcar vehicles report their positions to a control center using in-car technology. Zoomcar is an app-based self-driving car rental platform. Users can book available cars on the platform by uploading their driving license, security deposit, and more. Users can also access the keys by using the mobile app.
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North America is a prominent region in the car rental market, driven by its large population, extensive road infrastructure, and high level of car ownership. The United States and Canada are key markets within this region. The presence of major car rental companies, a well-developed tourism industry, business travel demand, and a culture of road trips contribute to the growth of the car rental market in North America. Additionally, the popularity of ride-sharing services and the emergence of car-sharing platforms add unique dynamics to the market. Europe is another significant region in the global car rental market, with countries like Germany, the United Kingdom, France, and Italy leading in terms of market size and demand. The extensive rail and air transportation networks in Europe, coupled with diverse tourism destinations, drive the demand for rental cars. Additionally, the presence of multiple international airports, the popularity of intra-European road trips, and the strong business travel sector contribute to the growth of the car rental market in this region.
The Asia-Pacific region is experiencing rapid growth in the car rental market, with emerging countries as key players. Increasing disposable incomes, urbanization, growing domestic and international tourism, and expanding business travel are driving the demand for rental cars in the region. Additionally, the rise of ride-hailing services, such as Grab and Didi Chuxing, has impacted the car rental market dynamics, leading to innovative solutions and partnerships. Additionally, the presence of international tourists, domestic travel, and the preference for self-guided exploration drive the market. Unique factors such as camping and caravan rentals, tailored to the outdoor and adventure tourism markets, also play a role in this region.
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The South American region's large population, rising middle class, increasing tourism, and business travel contribute to the demand for rental cars. Additionally, unique factors such as domestic travel patterns, cultural preferences, and the availability of specialized rental services for adventure tourism or off-road excursions influence the market dynamics. South America is known for its diverse landscapes, natural wonders, and cultural heritage, making it an attractive destination for international tourists. Popular tourist hotspots like Rio de Janeiro, Machu Picchu, Iguazu Falls, and the Amazon rainforest generate significant demand for rental cars among visitors who want to explore the region. South America has a growing business travel sector, with major cities like Sao Paulo, Buenos Aires, Santiago, and Bogotá serving as business hubs. Business travelers often prefer the convenience and flexibility of rental cars for their transportation needs during their stay. The Middle East and Africa region is known for its popular tourist destinations, historical sites, and natural wonders. Countries such as the United Arab Emirates (UAE), Saudi Arabia, South Africa, Egypt, and Morocco attract a large number of international tourists, contributing to the demand for rental cars. Business travel, including corporate events, conferences, and exhibitions, also plays a significant role in driving car rental services in the region. Airports are major hubs for car rental activities in the MEA region. International airports, such as Dubai International Airport, Abu Dhabi International Airport, OR Tambo International Airport, and King Khalid International Airport, witness high volumes of car rental transactions due to the influx of business and leisure travelers. Car rental companies often have dedicated counters and facilities at airports to cater to the needs of arriving passengers. With high-end tourism, an affluent clientele, and a preference for luxury vehicles, rental companies in the region offer a wide range of luxury cars, sports cars, and high-end SUVs to cater to this niche market segment. Cities like Dubai are particularly renowned for their luxury car rental services.
Considered in the Report
- Geography: Global
- Historic Year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
Table of Content
1. Executive Summary
2. Market Dynamics
2.1. Market Drivers
2.2. Challenges
2.3. Opportunity
2.4. Restraints
2.5. Market Trends
2.6. Covid-19 Effect
2.7. Supply chain Analysis
2.8. Policy & Regulatory Framework
2.9. Industry Experts Views
3. Research Methodology
3.1. Secondary Research
3.2. Primary Data Collection
3.3. Market Formation & Validation
3.4. Report Writing, Quality Check & Delivery
4. Market Structure
4.1. Market Considerate
4.2. Assumptions
4.3. Limitations
4.4. Abbreviations
4.5. Sources
4.6. Definitions
5. Economic /Demographic Snapshot
6. Competitive Landscape
6.1. Competitive Dashboard
6.2. Business Strategies Adopted by Key Players
6.3. Key Players Market Share Insights and Analysis, 2022
6.4. Key Players Market Positioning Matrix
6.5. Consolidated SWOT Analysis of Key Players
6.6. Porter's Five Forces
7. Global Car Rental Market Outlook
7.1. Market Size By Value
7.2. Market Size and Forecast, By Geography
7.3. Market Size and Forecast, By Car Type
7.4. Market Size and Forecast, By Application Type
7.5. Market Size and Forecast, By End User
7.6. Market Size and Forecast, By Booking Type
7.7. Market Size and Forecast, By Rental Length
8. North America Car Rental Market Outlook
8.1. Market Size By Value
8.2. Market Share By Country
8.3. Market Size and Forecast By Car Type
8.4. Market Size and Forecast By Application Type
8.5. US Car Rental Market Outlook
8.5.1. Market Size By Value
8.5.2. Market Size and Forecast By Car Type
8.5.3. Market Size and Forecast By Application Type
| Market Segmentation | Details |
| By Car Type |
|
| By Application Type |
|
| By End User |
|
| By Booking Type |
|
| By Rental Length |
|
| By Region | |
| By Country | |
| Company profiles |
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| Other Market Details |
|
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