Dublin, March 16, 2022 (GLOBE NEWSWIRE) — The report “Asia-Pacific Car Rental Market by Application, By Vehicle Type, By Country, Opportunity Analysis and Industry Forecast, 2021-2027” has been added to from ResearchAndMarkets.com offer.
The Asia-Pacific car rental market is expected to witness a market growth of 4.2% CAGR during the forecast period (2021-2027).
The growing popularity of online rental car reservation apps on smartphones has drawn a lot of attention to the car rental industry. Customers can rent cars from companies for a short or long term.
Tourist destinations and Tier 1 and Tier 2 cities provide the majority of these services. The rapid growth of this sector is fueled by rising pollution and car prices, as well as profitability. Consumers, rental companies and manufacturers all benefit from the sector, which is increasingly establishing itself as an important vertical in the transport industry.
In a country like India, the recent expansion of internet and technology has boosted the self-drive car rental industry. Transportation is the backbone of working people and serves as a medium for many businesses, governments and individuals.
Ola Rentals is the next company on the list of consumer favorite companies. Ola Rentals, which started operations in June 2016 in India, offers a variety of cars, ranging from SUVs to sedans. Ola Rentals’ attractive, inexpensive price makes it a fantastic option for people looking to attend meetings, shop around town, go away on the weekend or bring their family to a function. Ola Rentals can manage any event. Hence, these factors are expected to propel the growth of the regional Car Rental Market during the forecast period.
The Chinese market led the Asia-Pacific car rental market by country in 2020 and is expected to continue to be a dominant market through 2027; thus reaching a market value of $6.93 billion by 2027. The Japanese market is expected to grow at a CAGR of 3.6% during (2021 – 2027). Moreover, the Indian market is expected to show a CAGR of 4.8% during (2021 – 2027).
Based on application, the market is segmented into airport transportation, outdoor station, local use, and others. Based on vehicle type, the market is segmented into economy cars, executive cars, luxury cars, SUVs and CUVs.
Based on country, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Key companies profiled in the report include
- Avis Budget Group, Inc.
- Europcar Mobility Group
- Enterprise Holdings, Inc.
- Hertz Global Holdings, Inc.
- SIXT SE
- Eco Rent a Car
- ANI Technologies Pvt. ltd. (Ola Cabs)
- AVR Qatar, Inc.
Scope of the study
- Airport transportation
- External post
- Local use
By type of vehicle
- Economy cars
- Executive cars
- luxury cars
- South Korea
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/ozcyqq