Car Rental Market to Surpass USD 223.21 Billion by 2028 Owing to the Technological Advancement in the Service Offering
Global Car Rental market size was valued at USD 110.88 billion in 2021, and it is expected to reach a value of USD 223.21 billion by 2028, at a CAGR of 11.5% over the forecast period (2022–2028).
Westford, USA, Jan. 16, 2023 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the Car Rental market provides valuable insights. The industry is currently in a growth phase, with sales increasing at a rate of 11.5% per year. However, there is potential for further growth, particularly in the premium segment of the market. One of the key drivers is that Car Rental adoption is anticipated to increase as a result of people travelling for both business and pleasure around the world, which is accelerating the industry’s growth. Increasing internet penetration in both developed and emerging economies has aided market enterprises in capturing a larger client base by continuously occupied mobile apps for the convenience of customers. Technology is thought to be a major driver of market growth. The impact of technological breakthroughs has changed the sector in recent years. Enhance consumer and company data management, as well as simple internet booking software, are two key approaches that can assist vehicle rental companies in providing better service to their customers. Customers’ car rental experiences have been transformed by their increasing reliance on cellphones to perform tasks.
Another growth is the Global travel has increased significantly in the last decade. During their travel, global travelers are increasingly demanding familiar, dependable, and high-quality travel services. Some of the major car rental companies are attempting to capitalize on this trend by globalizing their brand and distribution platforms. It is expected that the implementation of an integrated global car rental system will allow these operators to handle their geographically diverse business operations.
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SkyQuest recommends players to invest in technological advancement in order to increase the level of innovation in their service offerings
According to SkyQuest analysis, we found that the manufacturers in the global car rental market will benefit from potential opportunities for expansion in the coming years as global demand for car rental services rises. In order to gain revenue benefits, key players in the car rental market are concentrating on expanding and improving one ‘s service portfolio by collaborating with and acquiring local and global players. Car rental companies are expanding their efforts in order to gain a competitive advantage in the global market. Increasing investments and promotion activities by emerging-market governments to use rented automobiles strengthens the global market. The thriving travel industry, as well as technological advancements in car rental services, are both contributing to global market growth.
Supporting this, we advise companies to focus on Innovation which is a critical component that will likely drive the market over the forecast period. The increasing use of data technology is changing the business and enabling operators to do is provide better solutions to their customers. This includes using efficient access to customer data management and developing user-friendly online reservation apps. A significant increase in the number of people travelling for work and pleasure around the world is gaining traction for car rental companies, boosting their growth. Increasing internet accessibility in both emerging and developed countries has helped market firms capture a larger number of customers through the use of specialized mobile applications for service quality.
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According to our industry analyst, the global market is moderately fragmented, with a large number of international and domestic players present. Key car rental companies are expected to focus on expansion strategies in order to gain regional market share, raise brand awareness, and enter developing markets. These players’ primary focus is on improving their services in order to increase profitability and gain a larger customer base. Another critical strategy used by market participants to strengthen their market position is strategic partnerships.
Top Trends in Global Car Rental Market
- Technology is an important factor that is expected to expand the market during the forecast period. The increased use of information technology is trying to transform the industry and allowing operators to provide better services to their customers. This includes the use of optimized corporate and client information management, as well as the creation of user-friendly internet booking applications. For instance,
- The order online or pick-up model is at the forefront of identifying beacon and near-field communications applications (NFC). Newer players, such as Zipcar and BlaBlaCar, are benefiting from innovative business models like car-sharing and the adoption of technologies like telematics. Uber and Lyft use mobile technologies and devices to better meet the personal transportation needs of their customers. These initiatives are helping to disrupt the car rental industry.
- Currently, booking system serves a variety of purposes, including document verification for the renter, providing information about the car to the renter, services such as drop-off and pick-up of the rented car at a specific location, e-signing contracts, and cashless transactions. Smartphone shipments are another major driver of the market. Customers’ increasing reliance on smartphones to perform a variety of tasks previously performed by personal computers has significantly aided in the transformation of the car rental experience.
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The increased use of online platforms is driving sales
Car rental services have grown in popularity all over the world due to the ease of reservation and availability via online platforms. Vacationers prefer to use online booking platforms because they provide an easy, hassle-free payment processing facility via digital payment, as well as live tracking and improved security. The growing number of smartphone owners and internet penetration play a critical role in the demand for car rental services.
Daily commuters favor online platforms to reserve shared cabs for office trips or city rides. Companies such as Lyft, GoJek, Careem, Uber, and BlaBla Car provide a ride-sharing service that is gaining popularity among consumers. Furthermore, discounts and offers provided by players on online bookings are trying to attract more customers, thereby accelerating market growth.
Furthermore, governments in countries such as the United Kingdom, Norway, France, and New Zealand are taking steps to reduce carbon emissions by encouraging the use of electric vehicles. These initiatives compel manufacturers to focus mostly on sustainable operations, lowering the overall cost of each trip.
The full results of SkyQuest’s survey of Car Rental are available in the report consumer preferences for Car Rental section.
Global Car Rental Market is Flooded with Numerous Local and Regional Players
SkyQuest’s analysis of the market reveals that it is flooded with numerous local and regional players. Companies are competing to gain the most distribution network to lead the market. Traditional manufacturers and new market entrants are both aware of the importance of distribution networks. Companies are heavily investing in expanding their distribution networks.
Even though the market is crowded, there is still room for expansion. The market is expected to grow in popularity, particularly in North America and Asia-Pacific Region. North American manufacturers are gaining profitable growth opportunities. Customers from all over the world are becoming more interested in mobile phones and the Internet as a result of technological advancement.
North America is expected to maintain its dominance throughout the forecast period. The increased prevalence of business and leisure trips across the region, both nationally and internationally, is one of the major factors influencing regional market growth. Furthermore, a consistent shift in consumer preference toward rental services, as well as the presence of prevalent service providers in the region such as Avis Budget Group and Enterprise Rent-a-Car, are expected to boost revenue generation prospects.
Major Players in Global Car Rental Market
- Avis Budget Group
- Europcar
- Enterprise Holdings Inc.
- Hertz System, Inc.
- Localiza
- SIXT
- Uber Technologies, Inc.
- Carzonrent India Pvt Ltd.
- Eco Rent a Car
- ANI Technologies Pvt. Ltd. (OLA TAXI’S)
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