Car rental services thrive on the convenient mobility feature offered by them. Renting a car enables individuals to enjoy the perks of owning a personal car without the need to actually buy it. Owning a private vehicle demands heavy investment that includes the vehicle cost, insurance cost, fuel cost, maintenance charges, and parking charges. Thus, the growing financial burden is expected to fuel the car rental market advance at a 7.9% CAGR during 2019–2024. At this rate, the revenue of the market will increase from $78.7 billion in 2018 to $122.6 billion by 2024.
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| Car Rental Market Opportunites |
In recent years, the deployment of electric cars has increased substantially in rental services due to the favorable government policies regarding electric vehicles (EVs). Besides, car rental operators are taking measures to augment the number of electric cars in their fleet. For instance, Sixt SE, a German multinational car rental company, offers fully electric car models, such as Tesla Model X, Tesla Model S, BMW i8, and BMW i3, for renting purposes. Similarly, in 2018, Zoomcar India Pvt. Ltd. partnered with Mahindra & Mahindra Ltd. to induct electric cars in its rental fleet in India.
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These rental services are majorly offered on economy cars due to their high fuel efficiency, surging gasoline prices, and increasing environmental concerns. Moreover, rental companies are expected to rapidly adopt luxury cars in the coming years owing to the escalating usage of these cars in business trips by corporates worldwide. Additionally, the increasing focus on sustainable economic development will encourage the inclusion of luxury cars in rental services. Furthermore, with the increasing disposable income, people are able to pay the higher prices charged for such premium vehicles.
In 2018, Europe and North America registered the highest combined demand for rental cars due to the existence of major service companies, who charter their vehicles for longer periods at a time. According to P&S Intelligence, the North American car rental market is expected to register the highest revenue in the coming years. Moreover, the Asia-Pacific (APAC) region will also witness a notable usage of such services, on account of the rising preference for rented cars in the travel and tourism industry of the region. InAPAC, Indians will supersede Japanese in using these services due to the entry of international car rental companies in the country.
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Thus, the financial burden attached to owning and maintaining cars and high preference for personalized traveling experiences have led to the promotion of car rental services across the world.
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