One of the main factors driving the market growth for automobile rentals is the benefit of simple booking through an online service. The ability to reserve a car rental online has made reservations simple. This is a result of cellphones becoming more widely used and internet usage increasing globally. Additionally, online reservations provide a number of discounts and promotions, which is anticipated to further boost the market growth for automobile rentals. The market for renting cars is anticipated to rise quickly due to the GDP growth rates in developing nations. This is due to the region's consumers' rising per capita income. Additionally, over the anticipated timeframe, enhancements to the automobile rental service, such as the simple rental process and other benefits provided, are also anticipated to support market growth. The market for automobile rentals is anticipated to experience tremendous growth prospects during the forecast period due to the rising number of car rental services offered around the world. This is also expected to speed up the market growth for car rentals, along with an increase in global travel.
Coherent Market Insights estimates that by the end of 2027, it is anticipated that the global market for Car Rentals will have generated more than US$ 220.0 billion in sales, rising at a CAGR of 13.6% from 2020 to 2027.
Major Players in the Car Rental Industry:
1. Enterprise Holdings
The company was started in 1957 and is based in Clayton, Missouri, United States. It oversees several other transportation businesses, including commercial fleet management, used car sales (via its Enterprise Car Sales dealers), carsharing, and commercial truck rental operations. Enterprise bought the Canadian business Discount Car and Truck Rental in September 2020.
2. The Hertz Corporation
The firm was started in 1918 and has its headquarters in Estero, Florida, United States. For business and leisure travellers, the company offers equipment and car rental services as well as additional goods. Hertz declared its intention to buy up to 65,000 Polestar 2 vehicles from electric automaker Polestar over a five-year period in April 2022. Hertz and General Motors announced a contract in September 2022 to buy up to 175,000 electric cars from Chevrolet, Buick, GMC, Cadillac, and BrightDrop.
3. Avis Budget Group
The company was founded in 1946 and is located in New Jersey, United States. The company Avis Budget Group, Inc. offers mobility solutions and car rentals. The company also takes part in carsharing and app-based operations. In addition to other nations throughout the world, the Avis Budget Group primarily operates in North America, Europe, Australia, and New Zealand.
4. Europcar Group
The firm was started in 1949 and is based in Paris, France. The business offers ride-hailing, light-commercial vehicle rental and sharing, passenger mobility vehicle rental services, and other mobility options. Europcar Mobility Group will once more be a part of the Euronext SBF 120 index in June 2021.
5. Carzonrent
The company was founded in 2000 and has its main office in New Delhi. Carzonrent is a private ground transportation provider that provides corporate, individual, and business clients with transportation options. Carzonrent introduced Plug Mobility in October 2021 as an EV MaaS platform for companies.
6. Sixt SE
The company was started in 1912 and is based in Pullach, Germany. A multinational supplier of mobility services is Sixt SE. The business provides mobility services like chauffeur, car sharing, subscriptions, and rental cars. Through a collaboration with the NRMA, the business extended to Australia in December 2021.
7. Al Futtaim Group
The business was started in 1930 and has its headquarters in Dubai, United Arab Emirates. Real estate firm Al-Futtaim Group provides its customers with real estate buying and selling services. The organisation was ranked third when Forbes published the Middle East's Top 100 Arab Family Businesses in September 2022.
Definition: A car rental service is a company that arranges for customers to rent cars at competitive prices. This organisation is typically found close to airports and populated urban areas.
