Based on a recent study released by Future Market Insight broadcasted by AutoRentalNews the worlwide car rental market will grow from an estimated 52 billion USD to 106 billion USD in 2020. The FMI report estimates that the global car rental market will therefore more than double in five years.
Assuming that the US are currently the oldest and biggest market for car rental in the world, this region may therefore reach its limit (US market has been still increasing by +6% since 2010).
The report predicts that the main growing sources will be:
- Latin America leaded by Brazil with already 770,000 units available for rent through more than 5000 rental companies.
- India which grew up already by +20% from 2009 to 2014 according to Ken Research analysis. Eventhougth, it is still a small and very fragmented market, potential is huge.
- China, similar to India with low penetration and fragmentation. However, market boosted from 1,8 billion USD in 2009 to 4,1 in 2014 and is estimated to reach 9 billion USD in 2017.
- Eastern Europe where market is not yet penetrated by major car rental like in the Western Europe. In addition to Tourism in these countries, economic development sponsored by European Community generates a middle class with a comparatively smaller percentage of car ownership.