North America Car Rental Market By Application (Airport Transport, Outstation, Local usage and others), By Vehicle Type (Economy cars, Executive cars, Luxury cars, SUVs and MUVs), By Country, Opportunity Analysis and Industry Forecast, 2021 - 2027
The North America Car Rental Market would witness market growth of 3.9% CAGR during the forecast period (2021-2027).
Automobile rentals contribute significantly to pollution reduction by lowering the volumetric sales of owned vehicles. Additionally, with a growth in air traffic and an increase in the trend of online auto booking, car rentals are the preferred means of transportation for travellers, since cars are the most cost-effective and time-efficient way of transportation. These benefits propel the car rental industry forward at a phenomenal pace.
Rising internet penetration in both emerging and established nations has further helped market players in capturing a wider client base through the use of dedicated mobile applications for customer convenience. Technology is regarded as a critical component that boosts the adoption of car rental services around the world.
The increasing number of business and leisure journeys across the area, both domestically and internationally, is one of the major factors that allow many existing and emerging companies to focus on car rental services. In addition, the existence of important service providers in the region, such as Enterprise Rent-a-Car and Avis Budget Group, is likely to increase revenue development opportunities.
In the region, the United States continues to be the largest country for the vehicle rental services industry. Recently, the use of these services has expanded in various cities, owing to increasing initiatives by service providers. Hence, these aspects would open new growth avenues for the overall Car Rental Market during the forecasting period.
The US market dominated the North America Car Rental Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $46.95 billion by 2027. The Canada market is estimated to witness a CAGR of 6.2% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 5.3% during (2021 - 2027).
Based on Application, the market is segmented into Airport Transport, Outstation, Local usage and others. Based on Vehicle Type, the market is segmented into Economy cars, Executive cars, Luxury cars, SUVs and MUVs. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Avis Budget Group, Inc., Europcar Mobility Group, Enterprise Holdings, Inc., Hertz Global Holdings, Inc., Localiza, SIXT SE, Eco Rent a Car, ANI Technologies Pvt. Ltd. (Ola Cabs), and AVR Qatar, Inc.
Scope of the Study
Market Segments covered in the Report:
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