The growth in the travel and tourism sector, need for a convenient commuting option, and increasing concern for the environment are driving the popularity of car rental services. In 2018, the worldwide car rental market valued $78.7 billion, from where it is predicted to advance at a CAGR of 7.9% during 2019–2024 (forecast period), to reach $122.6 billion in 2022. Car rental refers to the hiring of cars for a longer period, compared to everyday commute, for which users are charged on the basis of the distance traveled and journey time.
When segmented on the basis of vehicle type, luxury, executive, and economy are the various categories. Among these, the economy category led the car rental market in 2018, in terms of value, as owing to their higher fuel economy and lesser carbon emissions, they are preferred by service providers. During the forecast period, the luxury category is projected to experience the fastest growth, due to the increasing disposable income, which would allow users to pay the higher price charged for mobility services via these cars.
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Vehicle Type
1.3.2 Market Segmentation by Channel
1.3.3 Market Segmentation by Purpose
1.3.4 Market Segmentation by Usage
1.3.5 Market Segmentation by Region
1.3.6 Analysis Period
1.3.7 Market Data Reporting Unit
1.4 Key Stakeholders
During the forecast period, the market would grow the fastest in Asia-Pacific (APAC), owing to the increasing number of short leisure trips being taken. Due to rapid industrialization and urbanization, the disposable income is rising in the region, which is driving the travel and tourism sector. While Japan, Indonesia, and Vietnam are among the most visited APAC countries, China and India are among the largest regional spenders on tourism.
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Therefore, with an increase in tourism activities, the popularity of car renting would continue to rise.
The research offers size of the global car rental market for the period 2014–2024.
Market Segmentation by Vehicle Type
Market Segmentation by Channel
Market Segmentation by Purpose
Market Segmentation by Usage