According to the research report titled ‘Global Car Rental Market (2021 Edition) - Analysis By Type (Economy, Executive, Luxury, MUV, SUV), Customer (Business, Leisure), Application, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with Market Study Report LLC, global car rental market was valued USD 66.35 billion in 2020 and is anticipated to record a healthy growth rate over 2021-2026.
 

As per the findings of the research report, rapid urbanization and digitalization along with positive economic outlook, especially in developing countries, are driving global car rental market. Besides, expanding travel and tourism is boosting the market growth.
 

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Explicating the Covid-19 impact, the pandemic has severely affected the functioning and performance of car rental businesses due to lockdown and travel restrictions. However, gradual easing of restrictions in view of mass vaccination programs is expected to rejuvenate the industry growth in the upcoming years.
 

Based on type, economy vehicles are witnessing a strong demand and will garner strong returns through 2026, as they are widely utilized owing to their cost-efficiency.
 

In terms of customer, leisure segment is pulling the market share from business segment, creditable rising inclination towards road trips either by self or family, increasing digitalization, and growing internet penetration facilitating easier transportation in this connected world.
 

With to application, global car rental industry size from off-airport segment is showcasing robust growth trends owing to booming demand for domestic travel.
 

Considering the geographical scope, North America (U.S., Canada), Europe (Germany, France, U.K.), Asia Pacific (China, India) are the key growth avenues for business expansion. Experts cite that North America market is anticipated to lead the industry growth over the analysis period, creditable to proliferating number of business trips and thriving tourism sector in the region.
 

Speaking of the competitive landscape, Ola Cabs, Localiza, Uber Technologies, Inc., eHi Car Services Ltd., CAR Inc., Sixt SE, Europcar Mobility Group SA, Avis Budget Group, Enterprise Holdings, and Hertz Global Holdings Inc. are the major players influencing the overall car rental market trends.
 

Industry players are focusing on improving and expanding their services in a bid to gain more customers and maximize profitability. Further, partnerships and acquisitions are the other major strategies implemented by major companies to strengthen their position in the industry.