Car rental market: sport utility vehicle (SUV) will exceed 14.7% 2020 – 2027
The car rental market is expected to reach $214.04 billion by 2027. This study presents market analysis, trends, and future estimates to determine investment pockets.
PORTLAND, ORAGON, USA, July 28, 2022 /EINPresswire.com/ — Allied Market Research recently released a report titled “Car Rental Market by Application (Leisure and Commercial), Rental Category (On Airport and Off airport) and Vehicle Type (Luxury Car, Executive Car, Economy Car, Sport Utility Vehicle (SUV) and Multi-Utility Vehicle (MUV)): Global Opportunity Analysis and Industry Forecast, 2020-2027”. According to the report, the he global car rental industry was estimated at $92.92 billion in 2019 and is projected to reach $214.04 billion by 2027, growing at a CAGR of 10.7% from 2020 to 2027.
Download Sample Report (252 Pages) @ https://www.alliedmarketresearch.com/request-sample/2073
Major driver of market growth
Rising trend of on-demand transportation services and low car ownership among millennials have boosted the growth of the global car rental market. However, the low internet penetration rate in developing countries is hampering the growth of the market. On the contrary, the adoption of car rental management software should open up new opportunities in the years to come.
Commercial Segment to Show Highest CAGR Till 2027
By application, the commercial segment is expected to show the highest CAGR of 11.5% during the forecast period. The link between the sales organization and car rental service providers to deliver lucrative deals to consumers makes sales the fastest segment of the app. However, the leisure segment held the largest share in 2019, accounting for more than half of the market, owing to increasing urbanization, rise in fleet transportation, and growth in the travel and tourism industry. tourism.
Get Detailed Pre and Post COVID-19 Impact Analysis on Car Rental Market @ https://www.alliedmarketresearch.com/request-for-customization/2073?reqfor=covid
The economy car held the largest share
The economy car held the largest share in 2019, contributing almost a third of the market. This is due to the expansion and progression of the travel and tourism industry and improved road infrastructure. However, the sport utility vehicle (SUV) segment is expected to register the fastest CAGR of 14.7% during the study period, owing to the increase in population and increase in demand for rental cars due to the boom in the travel and tourism industry.
North America dominates the market
The North American market held the largest share in 2019, contributing more than two-fifths of total revenue. This is due to the lack of route flexibility in public transport and the need for a greener environment. However, LAMEA market is expected to show the highest CAGR of 15.1% during the study period, owing to the development of travel and tourism industry, increase in disposable income of people .
Interested in getting the data? Inquire here: https://www.alliedmarketresearch.com/purchase-enquiry/2073
Main market players
Avis Budget Group, Inc.
Enterprise Holdings, Inc.
Hertz System, Inc.
Carzonrent India Pvt Ltd.
ANI Technologies Pvt. ltd.
Eco Rent a Car
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
Allied Analytics LLP
write to us here
Visit us on social media: