Evolving Opportunities In Car Rental Market To Growth The Market Size


Technavio has been monitoring the global car rental market since 2015, and the market is poised to grow by USD 103.75 billion during 2020-2024, progressing at a CAGR of more than 17% during the forecast period
The market is driven by the increasing incorporation of advanced digital technologies in car rental services. Also, 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 is positively influencing 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 & 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 Billion, 2020 - 2024)
·         Luxury cars
·         Offline
·         Local transport
·         APAC
·         North America

Location: United States

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