According to Future Market Insights, although North America accounts for nearly half of the global car rental market, East Asia is expected to become the most profitable market for car rental companies due to the development of tourism in China and Japan. The development of China's market economy and infrastructure construction, foreign investment, and the development of medical tourism will also become the reasons for the continued development of the car rental market during the forecast period. Supported by these factors, the global car rental market was valued at USD 116 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% during 2019-2029. Key findings from global car rental market study
Who is the winner? The global car rental market is a very stable competitive landscape, and most of the major players in car rental services focus their strategies on innovative service products. Some of the major players are Enterprise Holdings Inc, the US car rental giant The Hertz Corporation, Europcar Group and Sixt SE. The US car rental market is highly concentrated, and the top three car rental companies in the world (Enterprise Holdings Inc, Hertz Corporation and Avis Budget Group, Inc.) accounted for more than 62% of the market share in the United States in 2018.
“Players in the global car rental market can reap lucrative profits by focusing on mid-size cars in addition to economy cars. The growing popularity of car-sharing services coupled with rising disposable income is expected to drive the demand for mid-size cars over the forecast period,” an analyst said. Autonomous vehicle rental is also a service area that market participants are paying attention to. Ola also launched its own autonomous vehicle rental service Ola Drive last year to consolidate its business in this market. Zoomcar, Drivezy, Revv and others are all self-driving car rental startups. These companies have been seeking financing to develop their business, and investors also hope to integrate their businesses through investment. In April last year, Zoomcar received $500 million led by Mahindra, India's leading automaker. In October, it received an investment of 557 million rupees from its parent company Zoomcar Inc and WeWork. It also negotiated with the car and two-wheeler rental platform Drivezy on a business merger, but to no avail. Drivezy operates 5,000 cars and 20,000 two-wheelers in 11 cities. It raised $100 million in March last year and targeted the US market for business expansion. At the beginning of this year, Zoomcar had in-depth communication with its competitor Revv on acquisition. On the other hand, car rental companies also face competition from online ride-hailing companies. Only by making changes and providing personalized experiences can they improve their market position. Car rental companies should focus on digital and rental experiences where customers will spend time interacting with the brand. Compiled by: Rose of Pincheng Travel |
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