DUBLIN--(BUSINESS WIRE)--The "Self-Drive Car Rental Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global self-drive car rental market was worth US$59.28 billion in 2019. The market has been segmented on the basis of vehicle type, vehicle size, mode of booking and geography.
Future growth is attributed to the fact that increasing number of people prefer to rent any car like a luxury car or a car they want to drive to travel to long distances like weekend vacations and work trips.
As the disposable income of people is rising, and people are getting busier they tend to look for weekend vacations to get away from the work-life and tend to rent luxury and other cars for a premium driving experience to the destination which is increasing the demand of self drive rental cars and is expected to boost the market growth.
The key players are actively involved in making improvements and investments in their offerings to further complement the self-drive car rental market. For example, Hyundai which is one of the largest car sellers in India has invested around $14 Million in the Indian car rental company Revv. Another Dubai-based car rental company Ekar has announced that they would be expanding their operations into Riyadh District of Saudi. Also, the cab-hailing service Ola has announced that it would be entering the self-drive car rental market by investing over US$500 million.
Owing to the increasing number of tourists in various countries, continuously evolving tourism industry and travelers that are out of town who usually use these services the demand for rental cars is increasing, also when people have their cars temporarily in garages or in workshops prefer to use these services, the self-drive car rental market will be significantly bolstered.
By Vehicle Type
By vehicle type, the global self-drive car rental market is segmented as economy and luxury. Luxury car segment holds a significant share as these cars are expensive and many people can't afford them but as the rental companies provide them at subsidized rates, people who want a premium and luxury driving experience can do so.
By Mode of Booking
On the basis of mode of booking, the market is segmented as online and offline. Online segment is estimated to hold the majority share in the market owing to the rising preference of online booking as it is a more convenient and time-saving and can be comfortably done from home.
North America holds a significant market share owing to the evolving tourism industry and many car rental businesses coming up to support the rising demand for rental cars. Europe also accounts for a healthy market share while the Asia Pacific is expected to witness substantial growth in the near future.
The self-drive car rental market is competitive owing to the presence of well-diversified international, regional, and local players. The competitive landscape details strategies, products, and investments being done by key players in different technologies and companies to boost their market presence.
Key Topics Covered
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Global Self Drive Car Rental Market Analysis, by Vehicle Type
5.2. Economy Car
5.3. Luxury Car
6. Global Self Drive Car Rental Market Analysis, by Mode of Booking
7. Global Self Drive Car Rental Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East & Africa
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. SIXT Rent a Car, LLC
9.3. The Hertz Corporation
9.4. National Car Rental
9.6. Avis Rent A Car System, LLC
9.10. DTG Operations, Inc.
9.11. Fox Rent A Car
9.12. Budget Rent A Car System, Inc.
9.13. Advantage OPCO, LLC
9.14. E-Z Rent A Car
For more information about this report visit https://www.researchandmarkets.com/r/8739ba