According to the report titled ‘Global Car Rental Market Size study, by Type (Luxury cars, Executive cars, Economy cars, SUVs and MUVs), by Application (Local usage, Airport transport, Outstation and Others), and Regional Forecasts 2021-2027’ available with MarketStudyReport, global car rental market was valued at USD 98.14 billion in 2020 and is projected to grow at a healthy rate of 4.6% through 2027, thereby amassing USD 134.45 billion by the end of forecast period.
 

Rising trend of on-demand transportation services, soaring smartphone penetration, and surging air traffic are the factors driving the global car rental market. In this context, Statista cited that the global airline industry witnessed an increase in the number of scheduled passengers from 3817 million in 2016 to 4543 million in 2019.
 

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Also, booming population and higher levels of pollution are leading to popularity of fleet transportation, aiding industry outlook. Furthermore, coalitions between private players for technology integration, as well as increasing preference for familiar, dependable, and elevated transportation services are expected to fuel the market growth during the forecast period.
 

On the downside, surge in petrol and diesel prices, in consort with unreliable internet connectivity in emerging nations are acting as challenges for partakers in the business sphere.
 

Based on product type, worldwide car rental market is categorized into economy cars, luxury cars, MUVs, SUVs, and executive cars. In terms of application, the market is divided into airport transport, outstation transport, local usage, and others.
 

As for the regional terrain, North America held a significant industry share in the recent past, due to availability of renowned car rentals service providers such as Enterprise Rent-a-Car and Avis Budget Group Inc.
 

Asia Pacific market, on the other hand, is expected to grow at a fast rate during the forecast period, attributed to high disposable income, and rising expenses on business trips.
 

The competitive landscape of global car rental market includes top tier companies like Carzonrent India Pvt Ltd., Eco Rent a Car, Enterprise Rent-A-Car, Avis Budget Group Inc., Localiza, Sixt SE, ANI Technologies Pvt. Ltd. (Olacabs), The Hertz Corporation, Europcar Mobility Group, and Uber Technologies Inc. among others.