Car Rental Services Market

Car Rental Market to Exceed A Value of US $197,020.00 million by 2027
Future Market Insights (FMI) presents a revised forecast of the global car rental market for
the period 2017-2027 in its published report titled “Car Rental Services Market: Global
Industry Analysis (2012 – 2016) and Opportunity Assessment (2017–2027).” In terms of
revenue, the global car rental market is estimated to expand at a CAGR of 6.6% over the
forecast period, owing to numerous factors, about which FMI offers thorough insights and
forecasts in this informative report. The market is segmented on the basis of end use,
customer type, sector, booking type and car type.
Increased Global Affluence to Make Leisure Travellers Demand Car Rental Services
By customer type, the global car rental market is segmented into business and leisure
customers. The leisure segment is expected to dominate over the forecast period due to
expansion of global tourism market, increasing disposable income, and improved
infrastructure for rental service. The leisure segment is anticipated to record a high CAGR
growth rate of 7.8% over the forecast period with the total market valued at US$ 51,734.7 in
2017. On the other hand, the business segment has low growth rate of 4.3% CAGR with
market valued at US$ 52,365.3 in 2017.
Online Booking Unlikely to Outpace Offline Booking in the Car Rental Market
By booking type, the market is segmented into offline access, mobile application, and other
internet access. Offline booking is projected to be the higher revenue generator compared to
online bookings and mobile apps. The offline booking segments is estimated to account for
approximately 68% of the car rental market i.e. a value of US $ 44,871.6 Mn in 2016.
Online bookings for car rentals have increased globally with the development of mobile
applications and IT infrastructure advancements making it easy to book car rental services
online or via mobile apps. Therefore, the car rental market is thriving. An updated report of
the International Telecommunication Union, 2015 WSIS Forum states that Internet users
have increased rapidly worldwide on account of continuous developments in Information &
Communication Technologies. This is estimated to further increase the demand for car rental
services. The proportion of households with the internet access at home increased from 18%
in 2005 to 46% in 2015; whereas in 2000 the penetration rate was 6.3%.
On-Airport End Use has Maximum Potential in the Car Rental Market
On the basis of end use, global Car Rental Services is segmented into Intercity, Intracity,
On-Airport, and others. On Airport segment has highest growth rate of 7.3% CAGR
followed by intercity with a CAGR of 5.3% in the forecast period. Air travel has
skyrocketed mainly because of the plummeting prices of airline tickets, leading to a
substantial increase in air travelers across the globe. The increasing air trips for business and
leisure purpose is fuelling the growth of car rentals to airports.
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Booming Economic Growth makes APEJ Car Rental Market Critical in the Long Term
The North America market has been estimated to dominate the Global car rental market,
accounting for maximum revenue share of 45.9% by 2027 end. In terms of value, North
America and Western Europe collectively accounted for more than 57% share in the global

market in 2027. Although APEJ has a relatively lower market share of 17.5%, all the stars
are in its favor making it likely to witness high growth rate in the medium term. Latin
America, Japan and Middle East are also anticipated to show substantial amount of growth
over the forecast period.
Competition Dashboard in the Global Car Rental Market
Some of the key players in the global car rental market include Enterprise Holdings Inc.,
The Hertz Corporation, Avis Budget Group Inc., Europcar S.A., Carzonrent India Pvt Ltd.,
Sixt Rent a Car, Al-Futtaim, Localiza Rent a Car S / A, Eco Rent a Car, and GlobalCARS.
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