LONDON--(BUSINESS WIRE)--The global car rental market size is expected to grow by USD 103.75 billion as per Technavio. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request free sample pages
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Market estimates include pre- and post-COVID-19 impact on the car rental market - Download free sample report
The market in focus is expected to have a negative impact due to the increasing cases of COVID-19 in various countries across the world. The extension of containment efforts from governments across the world will result in reduced economic activity, hampering the growth of the car rental industry.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
The market is driven by the incorporation of advanced digital technologies. In addition, the advances in rental processes are anticipated to boost the growth of the car rental market.
Car rental operators are increasingly adopting the latest technologies to improve service convenience and to expand their business. With the use of technologies, operators can streamline their membership procedures and improve customer experience. Several vendors are offering solutions integrated with voice assistants such as Amazon Alexa that allow consumers to make car reservations, review current and past bookings, and request an e-receipt through voice commands. The increasing adoption of such advanced digital technologies will positively influence the growth of the global car rental market.
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Major Five Car Rental Companies:
Avis Budget Group Inc.
Avis Budget Group Inc. owns and operates the business across segments such as the Americas and International. The company offers a range of car and truck rental services through brands such as Avis, Budget, and Zipcar.
Carzonrent India Pvt. Ltd.
Carzonrent India Pvt. Ltd. owns and operates the business across segments such as Outstation, Local, Airport Transfer, Self-Drive, and Business Travel. The company offers a wide range of car rental services that include Airport Transfer, Corporate Travel, and Self Drive.
Enterprise Holdings Inc.
Enterprise Holdings Inc. owns and operates the business across segments such as Neighborhood Network, Airport & Travel, and Business Rental. The company offers car rental services under the franchise Enterprise Rent-A-Car, National Car Rental, and Alamo.
Europcar Mobility Group SA
Europcar Mobility Group SA owns and operates the business across segments such as Cars & Vans and International Coverage, Low-Cost, and New-Mobility. The company offers a range of vehicle rental services through its Europcar, Goldcar, InterRent, Ubeeqo, and GoCar brands.
Expedia Group, Inc.
Expedia Group Inc. owns and operates the business across segments such as Core OTA, trivago, HomeAway, and Egencia. The company offers online car rental marketing and retail services through its brand, CarRentals.com.
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Car Rental Type Outlook (Revenue, USD bn, 2020-2024)
- Economy cars
- Executive cars
- Luxury cars
Car Rental Market Regional Outlook (Revenue, USD bn, 2020-2024)
- North America
- South America
- Key leading countries
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