Global Car Rental Market Forecast to 2030 - COVID-19 Impact and Analysis by Vehicle Type (Economy Cars, Executive Cars, Luxury Cars, SUVs, and MUVs); Booking Mode (Offline and Online); Application (Local Transport, Airport Transport, Outstation, and Others); End-user (Self-driven and Chauffeur-driven); and Geography
Global Car Rental Market Introduction
A car rental or car hire agency is a company that rents vehicles for a short- or long-term period to the public, generally ranging from a few hours to a few weeks. It is often organized with various local branches and is primarily located near busy city areas like airports, railway stations, etc. It is generally equipped with a website allowing online reservations. The rising growth in the travel and tourism industry across the globe is one of the key factors driving the growth of the car rental market. Moreover, the rising urban population with an increasing inclination toward travel and adventure is also boosting the market growth. In line with this, individuals are adopting car rental services in the form of carpooling and taxis for increased mobility and pocket-friendly traveling. However, the main challenge faced by car rental companies is to provide high-level customer service. Lack of information on payment options, long booking, and non-availability of the cars, low rate of internet penetration in developing regions are some factors that can hamper demand in the car rental market. Moreover, the implementation of appreciative government policies, along with the increasing awareness towards environment conservation, is acting as another factor showing positive growth opportunities for the market players of the car rental market in the coming years.
Global Car Rental Market Overview
The global car rental market provides an in-depth analysis of segments and sub-segments, region, and country analysis of the overall growth prospects in the market. The report offers a complete overview of the industry, including both qualitative and quantitative information. The car rental market report covers a complete analysis and provides market size and forecast estimation from the year 2017 to 2030 based on various segments and sub-segments with respect to four major regions, including North America, Europe, Asia-Pacific (APAC), Latin America & Middle East and Africa (LAMEA). The research report highlights underlying factors such as the drivers, restraints, opportunities, and trends of the global car rental market over the long as well as short period of time. Furthermore, the global car rental market report offers PEST analysis, NOISE analysis, improvement Venn diagram, brand recall, perceptual mapping, ecosystem/value chain analysis, Porter’s five forces analysis, and investment pocket analysis with respect to the market. By examining the data collected from primary and secondary methods, the report offers actionable insights into future growth based on inputs from industry experts to help readers formulate effective strategies. This information can help stakeholders to make appropriate decisions before investing.
Global Car Rental Market Insights
The market study offers a complete overview of leading companies and their successful marketing strategies and market contribution, such as business overview, financial information, SWOT analysis, and key strategies, such as recent developments, market expansion, partnership, merger & acquisitions, product launch, product update, and other contexts. Players operating in the global car rental market mainly focus on the adoption of various strategies to expand their footprint across the world and take the initiative for the development of innovative, efficient, and advanced products.
Market mapping or perceptual mapping is the graphical representation of where a brand, product, or service stands among competitors. Market mapping analysis helps to understand the client how their customers perceive their product offering with their competitors for the car rental market. By identifying their current products and competitor products on the market map, the business can fill an identified gap to compete with the competition actively.
COVID-19 Impact on Global Car Rental Market
The COVID-19 pandemic has largely impacted globally since December 2019. According to the World Health Organization (WHO) report, the US, India, Russia, Brazil, Italy, France, Argentina, Spain, Colombia, the UK, Germany, and Mexico are some of the worst affected countries due to the COVID-19. The pandemic is hampering the growth of economies worldwide, and it is likely to continue in 2021. The outbreak disrupts various industries, such as manufacturing, construction, automotive, textiles, chemicals, cosmetics, tourism, hospitality, consumer goods, transportation, IT and telecom, pharmaceutical, and among others. This results in several obstacles in the supply chain, resulting in demand-supply gaps. This scenario is expected to have a large impact on the global car rental market.
With Corona Virus Disease 2019 (COVID-19) pandemic, the world is fighting against Covid-19 pandemic and also economic pandemic, almost impacting trillions of dollars of revenues. Our company brings a high-level insight as well as very deep insights relevant to several promising markets. The study will cover:
· Rapid shifts in top 100 companies across each sector
· Growth and decline in each sector due to the COVID-19 pandemic
Global Car Rental Market Segmentation
Global Car Rental Market – by Vehicle Type
· Economy Cars
· Executive Cars
· Luxury Cars
Global Car Rental Market – by Booking Mode
Global Car Rental Market – by Application
· Local Transport
· Airport Transport
Global Car Rental Market – by End-user
Global Car Rental Market – by Geography
· North America
o Rest of Europe
· Asia-Pacific (APAC)
o South Korea
o Rest of APAC
o Latin America
o Middle East
1. ANI Technologies Pvt. Ltd. (OLA)
2. Avis Budget Group, Inc.
3. Al-Futtaim Vehicle Rentals Company LLC
4. CAR Inc. (China Auto Rental)
5. Enterprise Holdings, Inc.
7. eHi Car Services Limited
8. Fast Rent A Car
10. LOTTE rental co.,ltd.
11. Sixt SE
12. The Hertz Corporation
13. Times Mobility Networks Co., Ltd.
14. Uber Technologies, Inc.
15. U-Save Car And Truck Rental
Brand awareness is the methodology by which customers are able to recall or recognize a brand (unaided/aided) under several different conditions with respect to the market. These strategies will help the company make people more aware of your brand, especially by targeting relevant, high-quality audiences for the car rental market.
Key Questions Answered
· Which region provides more business opportunities for the global car rental market in the upcoming years?
· Who is the leading overall car rental market, and what strategies have been adopted by them?
· Which segment accounted for the largest car rental market share?
· What are the upcoming trends in the global car rental market? What impact would these trends make in the coming years for the car rental market?
· Which player offering the best product range for the global car rental market?
Key Benefits for Stakeholders
· This study presents the analytical description of the car rental market analysis along with the current trends and future estimations to describe coming up investment pockets
· The complete car rental market opportunity is resolute by knowing profitable trends to gain a stronger foothold
· The report describes insights associated with key drivers, restraints, opportunities, and trends of the global car rental market with thorough impact analysis
· The global car rental market is quantitatively analyzed from 2017 to 2030 to focus on the monetary ability
· PEST analysis defines the potency of the consumers and suppliers in the global car rental market
· Porter’s five forces analysis examines the five forces that make a competitive company while identifying its strength and weakness. The analysis will also identify competition, new entrants in the market, supplier power, buyer power, and threat of substitute products and services in the global car rental market
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