Global Car Rental Industry Through 2027 – Young Travelers Will Provide Traction For Car Rental Companies – ResearchAndMarkets.com
Chester T. Dean 3 min read
DUBLIN – (COMMERCIAL THREAD) – “Car Rental Company – Global Market Trajectory and Analysis” report has been added to ResearchAndMarkets.com offer.
Amid the COVID-19 crisis, the global car rental market, estimated at US $ 69.6 billion in 2020, is expected to reach a revised size of US $ 89.6 billion by 2027, with a CAGR of 3.7% over the period 2020-2027.
The airport, one of the segments analyzed in the report, is expected to register a CAGR of 2.8% and reach $ 35.3 billion by the end of the analysis period. After an initial analysis of the business implications of the pandemic and its induced economic crisis, the growth of the non-airport segment is readjusted to a revised CAGR of 4.3% for the next 7-year period.
The US market is estimated at $ 26.9 billion, while China is expected to grow at 8% CAGR
The car rental business market in the United States is estimated at US $ 26.9 billion in 2020. China, the world’s second-largest economy, is expected to reach a projected market size of US $ 12.2 billion of by 2027, with a CAGR of 8% over the analysis period 2020 to 2027.
Other notable geographic markets include Japan and Canada, each forecasting growth of 2.6% and 3% respectively over the period 2020-2027. In Europe, Germany is expected to grow by around 1.7% CAGR.
Selected Competitors (Total 131 featured) –
Avis Budget Group, Inc.
Company Holdings, Inc.
Europcar Mobility Group
Rent-A-Wreck of America, Inc.
Sixt SA
The Hertz company
Main topics covered:
I. METHODOLOGY
II. ABSTRACT
1. MARKET OVERVIEW
Overview of the influencer market
Global market trajectories
As the Covid-19 pandemic decimates demand, the car rental market is expected to suffer huge losses in 2020
Beaten global travel and tourism industry robs car rental companies of all hope
An introduction to the car rental business
Evolution of the Rent-A-Car concept over the years
Fleet Ownership Models: A Review
Classification of car rental companies by location and industry
Car rental company by location
Car rental company by sector
Car rental business: current market scenario and outlook
Developed regions: main contributors to income
High growth opportunities in developing regions
COVID-19 pandemic is expected to dampen economic growth in all regions, while inducing weakness in the car rental sector
COMPETITIVE SCENARIO
Car rental market: a diverse playing field
Top car rental companies in regional markets
Focus on innovative strategies
Personalized offers and specialized services
Subscription packages: the new marketing approach
Price matching systems to assure customers
End-to-end customer support remains a major focus area
Mergers and Acquisitions (M&A) Gather Steam
Recent market activity
Car rental companies turn to shared mobility service
2. FOCUS ON CERTAIN PLAYERS
3. MARKET TRENDS AND FACTORS
Technological innovations to spearhead growth in the post-Covid environment
Automation intervenes to increase performance of the rental car business
IoT has positive ramifications for automating rental cars
AI identified as the new transformative vehicle
Convenient reservations and innovative payment options
Online booking takes car rentals to higher ground
Smartphones and mobile apps are expanding the reach and scope of car rental business
Growing implementation of GPS and telematics
Cloud-based car rental software: the latest ‘tech’ innovation
Medical tourism, education abroad and major sporting events: among the main drivers of demand
Top medical tourism destinations by region
Select the most popular sporting events in the world
Young travelers will provide traction for rental car companies
Concerns remain high over revival of luxury car rental market
Problems and challenges
Rise of carpooling poses biggest challenge to traditional car rental market
Peer-to-peer carpooling gives a boost to carsharing volumes
Carsharing attracts new groups of companies
Car manufacturers
Electricity companies
Micromobility: another rapidly emerging “muscular” competitor
Concerns about hidden and additional costs among cost-conscious and cost-conscious consumers
A note on any additional charges levied on top of the base rental fee
Growing role of videoconferencing and digital technologies in business communication
4. WORLD MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETETION
For more information on this report, visit https://www.researchandmarkets.com/r/5ccc2u
