Summary

The Australia car rental market has been rapidly expanding due to increased tourist traffic, an increase in free independent travelers, and significant opportunities in cab sharing services. Furthermore, the increasing importance of IT platforms, an increase in the number of players in the car rental and sharing industries, all contribute significantly. Car rental companies, also known as car hire companies, provide short-term, fixed-price rentals. This service is frequently structured with a number of regional offices, typically located near airports or busy urban areas, as well as a website that allows for online reservations. The car rental industry has undergone significant transformation as a result of increases in pollution and population over the last several years, and it is now one of the most important segments in fleet transportation.

According to the research report, "Australia Car Rental Market Overview, 2028," published by Bonafide Research, the market is anticipated to add USD 0.77 billion by the end of 2028. Economy cars had the largest market share in the car rental market. One of the most important factors to consider when renting a car is its fuel economy as it has an effect on operating costs. Because of the low maintenance and procurement costs, most market players prefer economy cars for car rental services. Furthermore, economy cars are compact in nature and provide adequate comfort to the passengers. A significant increase in the number of people travelling for business and pleasure across the country is fueling demand for car rental services and propelling the industry's growth. Employees travelling to Australia for business purposes increase the demand for Australia car rentals as they become acquainted with the country's locations and business details. Rising internet penetration across developing as well as developed countries has further helped companies in the market capture a larger customer base with the help of dedicated mobile apps for the convenience of customers. The availability of a broader range of car types for rental purposes, such as SUVs and MUVs, increases demand for car rental in Australia. The convenience of booking cars offline by visiting car rental outlets or online through a website or app has increased the share of the Australian car rental market.

Manufacturers and consumers alike rely on a variety of cost-effective car rental schemes, such as leasing cars from their owners for three years and then renting them out through app-based reservations. Rental car prices in Australia, vary depending on the agency, the city, the type of vehicle, and so on. It ranges between $25 and $150 per day in major cities, depending on the type of vehicle.$ 30/day for an economy car, $ 40/day for a medium car, $ 45/day for an SUV vehicle, $60/day for a 5-door car, $ 80/jour for a sedan car, $ 85/day for a 4WD or a station waggon, and more than $100/day for a premium car. Renting a car in a small town is much more expensive than in a big city because competition is lower and demand exceeds supply. Renting a car in Byron Bay, for example, is significantly more expensive than in Brisbane.

In Australia, there are numerous car rental options, and most car rental companies have depots in major cities such as Melbourne, Sydney, and Brisbane. Some of the requirements for renting a car in Australia include being at least 21 years old, having a valid driver's license, having auto insurance, and recommending comprehensive insurance. Rental cars are not permitted on ferries. Australia has a variety of speed limits. Limits in school zones are 40 km/h during school hours and 25 km/h in South Australia. These zones are denoted by signs. Cities and built-up areas travel at 50 or 60 km/h, while major highways travel at 100 or 110 km/h. For cancellation fees, the company will keep the deposit during the booking process. When a car is not picked up, the company may charge an additional fee. A deposit is required for any rental. The deposit amount is determined by the type of car rented as well as the driver's age.

Australia's leading car rental companies include Hertz is one of the world's largest and best-known car rental companies. In Australia, there are over 220 locations and a large selection of vehicles to choose from. Avis is another large international car rental company that offers a diverse range of vehicles for rent in Australia. They have a wide selection of cars, SUVs, vans, Utes, and even trucks. They've also established offices in over 200 cities across the country. Budget Car Rental is an excellent choice for those looking for a less expensive car rental company. They have a wide range of economical, compact, and intermediate vehicles. They're all over Australia and can easily rent a cheap car from sites like Vroom Vroom. Although Europcar is a smaller company than the others, it is still a popular car rental company with a diverse fleet of vehicles. You can easily rent on one side of the country and drop off on the other, thanks to a number of key locations. Sixt is a well-known German car rental company in Australia. Sixt has a long history of providing quality car rental services, having been founded in 1912.

This is one of the fastest-growing markets for smart transportation services. The key players' adoption of car rental software provides the market with excellent future prospects. Improving mobile car rental apps is a critical factor in global market growth. Car rental software boosts the market's efficiency. Other benefits of using this include simple fleet optimization, cost management, and custom reports. Adoption of car rental software creates significant market growth opportunities. One of the most difficult challenges that car rental companies face is providing superior customer service. Lack of information on payment options, long booking times, and car availability are all factors that can stymie demand in the car rental market. The dire need for technology to overcome challenges has resulted in the development of mobile software and various mergers between car manufacturers and car rental companies in order to increase the number of cars. The unavailability of service providers in remote areas is a major market constraint. Car rentals are not available in underdeveloped areas. The market is hampered by a lack of awareness about car rental in these areas.

Considered in this report
• Geography: Australia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Australia Car Rental market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By car Type
• Luxury car
• Executive car
• Economy car
• Sports utility vehicle (SUV) car
• Multi utility vehicle (MUV) car

By application Type
• Leisure/Tourism
• Business

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to car rental industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.