According to the recent 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 MarketStudyReport, global car rental market amassed revenues worth USD 66.35 billion in 2020 and is expected to have remunerative growth through 2026.

Rapid urbanization, improving economic conditions, increasing adoption of digitalization services, and proliferating travel & tourism sector are major factors driving the growth of global car rental market.

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The COVID-19 pandemic has had a negative impact on the functioning and performance of global car rental industry, as the pandemic has resulted in lockdowns and travel restrictions. However, the industry is expected to recover in the second half of 2021 as mass vaccination advancements and restrictions are eased.

The market is segmented on the basis of type, customer type, application overview, and regional landscape.

As per type, the market is bifurcated into economy, SUV, executive, MUV, and luxury segments. Among these, the economy segment is likely to gain traction in the subsequent years, since they are quite popular and are frequently utilized owing to their cost-effective nature.

Global car rental market, in terms of customer type, is split into leisure and business. Leisure segment is becoming increasingly popular as the demand for self-drive vacations and road trips with family grows, and increased digitization and internet penetration.

On the basis of the application landscape, the market is divided into airport and off-airport. Off-airport segment currently holds a majority market share and is predicted to continue to grow rapidly throughout the forecast period. The increased demand for family vacations is a major driver of the segmental growth. In addition, future demand will be driven by the increased need for rental cars for business purposes.

The regional landscape of global car rental industry spans across Asia Pacific, Latin America, North America, the Middle East & Africa, and Europe.  North America car rental industry is predicted to showcase considerable growth in the ensuing years, primarily due to the expanding number of business travelers in the region, combined with the growing tourism industry.

The competitive landscape of global car rental business sphere is formulated by companies such as Hertz Global Holdings, Uber Technologies Inc., Enterprise Holdings Inc., eHi Car Services Ltd., Avis Budget Group, China Auto Rental Inc., Europcar Mobility Group, Localiza, Sixt SE, and Ola Cabs.