A car rental is a company that rents automobiles for short periods of time, generally ranging from a few hours to a few weeks. In the current scenario, online car booking is the most preferred options to travel, as cars are the most economical and fast mode of transportation. This emerging trend has promoted the growth of car rental industry at an exponential rate. The growth of car rental market is primarily driven by rising global tourism industry, increasing globalization of corporate operations and increasing income levels across the globe. Moreover, increasing disposable income in developing countries, investment by global funds and players opting for aggregator based business model are some other major factors driving the market growth. However, a hike in crude oil prices might hamper the growth of car rental market. On the other hand, technological advancements along with the expansion and merger & acquisition are some major strategies adopted by the key market players of car rental market.

 

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CAR RENTAL MARKET SEGMENTATION

By Type

• Economical Car

• Sports Utility Vehicle (SUV)

• Multi Utility Vehicle (MUV)

• Luxury Car

• Executive Car

 

By Rental Category

• Local Usage

• Outstation

• On Airport

• Off Airport

• Others

 

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Key Market Players

 

• Europcar

• The Hertz Corporation

• Avis Budget Group, Inc.

• Enterprise Holdings Inc.

• Uber Technologies Inc.

• Eco Rent a Car

• Sixt Rent a Car

• Alamo

 

 

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