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Car Rental Market Estimated to Exhibit 7.0% CAGR through 2029

Car Rental Market

While North America holds almost half the Car Rental market share, East Asia is anticipated to emerge because the most lucrative for companies within the rent-a-car market, thanks to the increasing tourism sector in China & Japan. Growing economic & infrastructural development, foreign investments, and medical tourism in China are other factors expected to spice up growth of the Car Rental market over the forecast period.

Car Rental Market esteem is at US$ 116 Bn in 2019 and expected to grow at 7.0% CAGR during the figure time of 2019-2029.

Key Takeaways of world rental Market Study

North America is predicted to dominate the worldwide hire car market, attributable to high usage rate of your Car Rental services by daily commuters, office-goers, and tourists within the country. Moreover, the growing trend of car sharing also boosts the usage of rental during this region.

In lease market, online booking platform including mobile applications and other internet services will still dominate the rental market during the forecast period. Mobile applications segment is predicted to determine a prolific rise with the next CAGR in yoCar Rental. Preferential shift of consumers towards mobile platforms are primarily driven by the expansion of mobile users and high internet penetration.

key players The self-drive market within the U.S. is extremely concentrated and top three lease companies (Enterprise Rent-A-Car, Hertz Global Holdings, Inc. and Avis Budget Group, Inc.) hold over 62% of market share in U.S. in 2018.

Enterprise Holdings, Inc., a non-public company with headquarters within the U.S. launched the U.S. yoCar Rental industry’s first vehicle-subscription service, which provides flexibility and convenience to customers.

Hertz and Air France jointly launched Hertz DriveU, which was designed to fulfill all customer transportation needs.

More Valuable Insights on letting Market

Future Market Insights, in its new report, provides an analysis of the worldwide letting market, presenting historical demand data (2014-2018) and forecast statistics for the amount of 2019-2029. The rental study reveals compelling insights on the hire car market on the idea of car type (economy cars, compact cars, intermediate cars, premium cars, luxury cars, and others), end-use (intercity, intercity, on-airport, and others), customer type (business, leisure), and booking mode (offline access, mobile application, and other internet access), and sector (organized and unorganized) across seven major regions.

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