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, global car rental market was valued at USD 66.35 billion in 2020 and is touted to record a healthy growth rate over the forecast period 2021-2026.
 

Worldwide car rental market is being driven by rapid urbanization and fast-paced economic growth. Moreover, expanding travel and tourism sector coupled with increasing digitalization are propelling the overall industry development.
 

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The COVID-19 pandemic has had a substantial impact on industry performance and functioning due to the imposition of widespread travel restrictions and nationwide lockdowns. However, the market is likely to revive during the second half of 2021 with the progress of mass vaccination drives and easing travel restrictions. 
 

Based on product type, economy segment is presently accounting for the largest market  the industry and is expected to follow a similar trend over the next 6 years. This healthy growth can be ascribed to increasing consumer preference for cost efficiency which is provided by economy cars.
 

Moving on to customer type fragmentation of worldwide car rental market, leisure segment currently holds a major market share owing to increasing digitalization and internet penetration as well as rising demand from consumers for travelling by themselves or going on road trips with family.
 

Considering application ambit, off-airport segment presently holds a large chunk of the industry and is reckoned to continue growing at a remarkable pace over the forecast period. This can be attributed to rising demand for car rentals for intra country travel and business purposes.
 

On the geographical front, North America market is poised to witness stellar growth over the analysis timeframe triggered by the flourishing tourism industry and increasing number of business trips throughout the region.
 

Prominent players in global car rental market are ANI Technologies Pvt Ltd. (Ola Cabs), Localiza Rent a Car S.A., UBER Technologies Inc., eHi Car Services Ltd., China Auto Rental (CAR) Inc., Sixt SE, Europcar Mobility Group, Avis Budget Group Inc., Enterprise Holdings, and Hertz Global Holdings Inc.