LONDON, Sept. 08, 2020 (GLOBE NEWSWIRE) — (Automobile Rental And Leasing Companies Included: Enterprise Holdings, The Hertz Corporation, Avis Budget, Daimler Group, LeasePlan)
The global automobile rental and leasing market is expected to decline from $366.9 billion in 2019 to $239.6 billion in 2020 at a compound annual growth rate (CAGR) of -35%. The decline is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 15.06% from 2021 and reach $421.3 billion in 2023. The market is expected to grow at a CAGR of 8.1% to nearly $492.6 billion by 2025, and at a CAGR of 8.0% to $723.3 billion by 2030. The top opportunities in the market will arise in the passenger car rental segment, which will gain $31.9 billion of global annual sales by 2023, adding to the global car rental market size.
Amidst the unprecedented outbreak of coronavirus, governments across the world are advising people to stay indoors and practice social distancing, to reduce the spread of the pandemic. This has decreased short term potential growth opportunities for the car rental industry. Restrictions on international travel severely impacted the airport rentals industry. In the US, with the closure of amusement parks and other leisure activity destinations, car rentals for these services have also been negatively affected.
To curb the impact of COVID-19 on their businesses, automotive leasing companies can consider adopting various strategies such as de-fleeting to save costs and focusing on delivery and logistical services to meet the revised needs of customers.
The Business Research Company’s report titled Automobile Rental And Leasing Market – Opportunities And Strategies – Global Forecast To 2030 covers major automobile rental and leasing companies, automobile rental and leasing market share by company, automobile rental and leasing manufacturers, automobile rental and leasing infrastructure market size, and automobile rental and leasing market forecasts. The report also covers the global automobile rental and leasing market and its segments. The automobile rental and leasing market is segmented by type into passenger car rental, passenger car leasing, truck, utility trailer, and recreational vehicle rental and leasing, by mode into online, offline, by lease into open, close, by end-use into individual, corporate.
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In order to curb the impact of COVID-19 on their businesses, car rental companies can adopt various strategies like de-fleeting as mentioned, as well as offering long-term rental services, as customers might find it to be a safer option than short-term rentals. Companies in the car leasing market can also offer easier cancellation and rebooking schemes for future trips which will be in demand after the pandemic. Another strategy is to offer free and contactless delivery of car rentals at the customer’s choice of pickup location.
Other focus areas for better service are shown in car rental industry trends, such as big data being used to improve customer service and increase vehicle life. Big data is large amounts of data that can be analyzed to gain insights and drive decision making. This would allow the leasing company to remind the driver to book a car for its service or replace engine oil. The technology could also help leasing companies in minimizing driver risk and prevent the number of accidents by giving the companies insights about driving habits and whereabouts of its fleet.
Automobile rental market companies are also implementing Internet of Things in the maintenance and management of fleets. Using IoT technology, car leasing companies are able to access odometer and diagnostic trouble codes (DTCs) in real time that facilitate fleet maintenance. This technology is also being used by car rental companies to check fuel level information at the point of car return, eliminating the need for staff to check fuel levels manually. Blockchain technology is used to create smart contracts, which help to speed up the payment processes as well as provide a safe and reliable platform for the automotive rentals and leasing sector. And finally, artificial intelligence is used to provide more value to car rental companies, as advancement of the technology and use in the rental business could provide lower operating costs, greater efficiency and superior customer satisfaction.
Automobile Rental And Leasing Market – Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, automobile rental market segments and geographies, automobile rental market trends, automobile rental market drivers, restraints, automobile rental market leading competitors’ revenues, profiles and automobile rental and leasing market market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The automobile rental and leasing market report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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