Global Car Rental Market: Overview
Car rental is process of hiring a car or vehicle for short period of time generally for few hours or few weeks. Car
rental offers a range of vehicle sizes which are suitable according to customer’s budget and requirements such as luxury
cars, executive cars, economy cars, SUVs, and MUVsGlobal Car Rental Market: Dynamics
Increasing travel and tourism activities and improved road infrastructure across emerging economies are major factors
expected to drive growth of the global car rental market over the forecast period.
In addition, technological advancements and rising adoption of information technology in travel and tourism industry are
some factors expected to further fuel growth of the target market over the forecast period.
Moreover, increasing focus of key players towards development of low-cost services and improving quality and continence
travel service are some other factor expected to boost growth of the target market over the forecast period.
Furthermore, increasing demand for large size vehicles and volatility in crude oil prices are expected to propel growth
of the target market over the forecast period.
However, high operational costs and fluctuating prices of gasoline and petroleum products are major factors expected to
restrain growth of the global market over the forecast period.
Ongoing trend observed in the target market is growing digitization, development of autonomous vehicles, and
technological advancements in car rental services, this trend is expected to support growth of the target market over
the forecast period.
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Increasing use of internet to customize travel trips, bookings and reservations and technological advancements acre
expected to create potential revenue opportunities for the players operating in the target market over the forecast
period.
Key players operating in the target market improve their business and product and service offering through various
business strategies such as new product launch, mergers, acquisitions, agreements, etc.Global Car Rental Market: Segment Analysis
Among the vehicle type segments, the economy cars segment is expected to dominate in the global market, owing to its
compact nature and cost-effectiveness of economy cars being prefers for airport and intra-city travels.
Among the application segments, the airport transport segment is expected to register significant growth over the
forecast period, owing to increasing number of air travelers across the globe.Global Car Rental Market: Regional Analysis
The market in North America is expected to dominate in the global market in terms of revenue and is expected to continue
its dominance over the forecast period, this can be attributed to increasing number of business trips and vacations
local as well as international across various countries in this region.
The market in Asia Pacific is expected to register significant growth in terms of CAGR over the forecast period, owing
to increasing travel and truisms and increasing availability of high-end luxury as well as economy vehicles, especially
across developing countries in this region.
Do You Have Any Query Or Specific Requirement? Drop Your Query Here: https://marketresearch.biz/report/car-rental-market/#inquiryGlobal Car Rental Market Segmentation:Segmentation by vehicle type:Luxury carsExecutive carsEconomy carsSUVsMUVsSegmentation by application:Local usageAirport transportOutstationOthersSegmentation by region:North AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaKey Players:Enterprise Rent-A-Car Company, Inc.Hertz Global Holdings, Inc.Sixt SEEuropcar Mobility Group S.A.Avis Budget Group Inc.Uber Technologies Inc.Carzonrent India Pvt Ltd.Budget Rent A Car System, Inc.German Rent a CarTempest Car Hire Pty Ltd.Top Related Reports:
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