DUBAI, United Arab Emirates, Jan. 12, 2022 (GLOBE NEWSWIRE) — Data recently released by Future Market Insights (IMF) shows that the global car rental services market is expected to reach a valuation of $134 billion in 2021. Rising popularity of ride-sharing services is expected to increase market growth, pushing sales to a 7.2% CAGR over the evaluation period.
|Estimated car rental services market size 2021||$134 billion|
|CAGR Based on Car Rental Services Market Value (2021-2031)||7.2%|
|Car Rental Services Market YoY Growth 2020-2021||5.7%|
|Share of top players in the car rental services market in 2021.||6%-15%|
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Subscription models are gaining more and more popularity with consumers because they are cost effective and offer more convenience. Driven by this, various OEMs are entering the market with enhanced service offerings which is expected to augment the market growth.
Furthermore, the players aim to improve their current business models, while using their fleet management capabilities and existing public fleet presence to gain competitive advantage.
Vehicle subscriptions are expected to attract customers who may not represent conventional customer profiles for OEMs. For example, few extravagant OEMs try membership models to expand their customer base.
|Historical data available for||2016-2020|
|Market analysis||Million US dollars for value|
|Key regions covered||North America, Latin America, Europe, East Asia, South Asia, Oceania Middle East and Africa|
|Main countries covered||USA, Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, North Africa, South Africa|
|Key Segments Covered||Car type, end use, customer type, booking mode, sector and region|
|Profiled Key Companies||
|Report cover||Market forecasts, company share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives|
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Additionally, the auto subscription model allows customers to maintain a strategic distance from upfront capital requirements and long-term contracts associated with purchase or lease. It also gives consumers access to convenience and adaptability with “all-in” month-to-month expenses and liability.
“The growing preference for economy cars and growth sharing services, coupled with subscription models offered by market players, will continue to fuel market growth during the assessment period,” says an analyst. of the IMF.
Key points to remember:
- According to the type of car, the demand for economy cars is expected to increase at a considerable rate during the forecast period.
- In terms of end use, the airport segment is expected to remain dominant until 2031.
- Sales in the mobile application segment are expected to continue to gain momentum during the forecast period.
- The United States is expected to dominate the North American market owing to the presence of key market players and the growing preference for ride-sharing services.
- Demand in the UK is expected to remain high due to the growing prevalence of medical tourism in the country.
Some of the major players operating in the car rental services market are Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, AI Futtaim Group, Localiza-Rent A Car, Eco Rent A Car and GlobalCARS among others.
The major players operating in the market are offering services aligned with consumer expectations to gain a competitive advantage in the market. Additionally, players are investing in mergers, acquisitions, and collaborations to strengthen their footprint in the market. For example:
- In January 2020, Localiza Rent A Car SA had been ranked 7th in customer service – EXAME / IBRC (Ibero-Brazilian Institute of Customer Relations)
- In 2019, Enterprise Holdings, Inc. acquired Romsey-based car rental company SHB Hire Ltd. The latter operates a fleet of over 18,500 commercial vehicles and this acquisition would help the company form one of the largest commercial vehicle hire businesses in the UK.
- In 2019, Hertz Global Holdings and Air France jointly launched Hertz DriveU, designed to meet all customer transportation needs.
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Explore IMF’s extensive ongoing consumer products coverage
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About Future Market Insights (IMF)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.
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Source of press release: https://www.futuremarketinsights.com/press-release/car-rental-market-forecast-period-2015-2025