Car Rental Market Analysis and Forecast, 2023-2028

The Global Car Rental market is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2023-28.

Business Jun 7, 2024 14 Add to Reading List

Car Rental Market Analysis and Forecast, 2023-2028

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According to the latest market research report title “Car Rental Market By Booking Mode (Offline, Online), By Application (Leisure, Business), By Vehicle Type (Luxury, Economy Cars, Executive Cars, Sports Utility Vehicles [SUVs], Multi Utility Vehicles[MUVs]), By Rental Category (Local, Airport, Outstation), By Driver Type (Self-Driving, Chauffeur), By Rental Duration (Short Term, Long Term), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific)--Forecast to 2023″, published by MarkNtel Advisors, The Global Car Rental market is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2023-28.

The data present in the report exhibit from the historic years (2019-22) and the base year (2023) to put together estimations for the forecast period (2023-28). In the study, our researchers put together reliable, unbiased, and accurate data to enlighten investors about fluctuations in the industry & anticipations on what to expect in the future. Since the industry is dynamic and highly fragmented, this report enables the prominent players to make strategic moves associated with their investments in the coming years.

Request for Sample Report: https://www.marknteladvisors.com/query/request-sample/car-rental-market.html

Global Car Rental Market Possible Restraint

High Deposit Cost Associated with Car Rental to Hamper the Growth - Car rental companies often take a huge amount of deposit from the customers, which discourages some customers from renting cars. All rental car companies have different deposit charges. However, on average, in the US, around USD200 to USD500 is charged as a deposit fee by car rental companies. For instance, as of 2022, Hertz charges a minimum deposit fee of about USD200 for credit cards & USD500 if using a debit card, and similarly, Fox requires a deposit of between USD150 to USD400 when renting a vehicle with them.

Along with this, there have been many instances where customers lost deposit money due to factors like failure to return the car on time, additional charges, failure to pick up a car on time, etc. For instance, in 2023, in the US, a 54 years old individual lost his rental car reservation & around USD249 advanced fee to hold the vehicle due to delayed flight arrival at Orlando Airport. Hence, these factors are boosting the popularity of ride-hailing services as an alternative to traditional car renting services, therefore negatively affecting the market growth.

Car Rental Market Segmentation

The Car Rental Market is highly robust and fragmented into numerous segments;

By Booking Mode

-Offline

-Online

By Application

-Leisure

-Business

By Vehicle Type

-Luxury

-Economy Cars

-Executive Cars

-Sports Utility Vehicles (SUVs)

-Multi Utility Vehicles (MUVs)

By Rental Category

-Local

-Airport

-Outstation

By Driver Type

-Self-Driving

-Chauffeur

By Rental Duration

-Short Term

-Long Term

By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific

Click here for a more detailed explanation: https://www.marknteladvisors.com/research-library/car-rental-market.html

Key Players Operating in the Car Rental Market: -

-Avis Budget Group

-Sixt SE

-Enterprise Holdings (Alamo)

-Hertz Corp.

-Europcar

-Localiza

-Carzonrent India Pvt. Ltd. (CIPL)

-ZoomCar, Inc.

-Dollar Rent a Car

-Green Motion

-Buchbinder

-Others

Key Questions Answered:

What is the projected CAGR of the Car Rental Market during the forecast period?
Which segment is expected to lead the Car Rental Market?
Who are the prominent players driving market growth?

Key Offerings:

Market Share, Size, and Revenue Forecast
Market Dynamics: Growth drivers, restraints, investment opportunities, and key trends
Landscape: Leading key players and other prominent participants

About MarkNtel Advisors

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.

We understand the mounting & diverse needs of our clients. Hence, our analysts focus on emerging industries to provide services that fulfilled their assessment of the current & future industry potential, identify white spaces & hotspots, & venture into new geographies or business segments in the future.