Industry Background:
Vehicle rental or vehicle hire agencies are agencies that rent automobiles for a short period of time at a certain cost. Rental services for SUVs and MUVs are anticipated to witness considerable growth in the next few years owing to an observed increase in people traveling for leisure and recreational purposes. Luxury car rental services have picked up pace in the emerging markets of China and India, whereas they have already attained maturity in developed countries such as the U.S. and U.K. Asia Pacific is anticipated to emerge as the fastest-growing regional market due to rising availability of high-end luxury as well as economy vehicles, particularly in developing nations, is providing a major boost to the car rental industry in the region. and The Indian car rental industry, Revenue in the Car Rentals segment amounts to USD 2,508m in 2020. Revenue is expected to show an annual growth rate of 11.8%, resulting in a market volume of USD 3,912m by 2024. In 2018, the European Government Spends New leasing volumes worth USD 473.162 billion on Assets, in which 52 % for Passenger Cars and 18% on Commercial Vehicles.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Avis Budget Group Inc. (United States), Enterprise Holdings Inc.(United States), Hertz Global Holdings Inc (United States), Localiza (Brazil), SIXT (Germany), Uber Technologies, Inc. (United States), Budget Truck Rental (United States), Fast Rent a Car (UAE), Bettercar Rental (Dubai) and Europcar Mobility Group (France) |
This growth is primarily driven by The rise in the trend of on-demand transportation services and The Introduction of value-for-money Vehicle Rental Services is a trend that is gradually gaining momentum in the industry.
Globally, a noticeable market trend is evident Increasing Demand for Online Rental Services
The Transportation Infrastructure sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Avis Budget Group Inc. (United States), Enterprise Holdings Inc.(United States), Hertz Global Holdings Inc (United States), Localiza (Brazil), SIXT (Germany), Uber Technologies, Inc. (United States), Budget Truck Rental (United States), Fast Rent a Car (UAE), Bettercar Rental (Dubai) and Europcar Mobility Group (France), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Influencing Trend:
Increasing Demand for Online Rental Services and Increasing sales of smartphones is another major factor propelling the market
Market Growth Drivers:
The rise in the trend of on-demand transportation services and The Introduction of value-for-money Vehicle Rental Services is a trend that is gradually gaining momentum in the industry
Restraints:
Low Internet Penetration in Developing Countries
Opportunities:
High Adoption due to growing tourism industry across the globe and Increasing Adoption of Car Rental Management Software
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Vehicle Rental Services Market
- Analysis about New Entrants in Vehicle Rental Services Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Vehicle Rental Services Study Sheds Light on
The Vehicle Rental Services Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Vehicle Rental Services industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Vehicle Rental Services industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.