Car Rental Market Trends, Size, Growth, Opportunity
According to the latest report by IMARC Group, titled “Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, the global car rental market has reached a value of US$76.7 billion in 2021. IMARC Group expects the market to reach US$96.5 billion by 2027, growing at a CAGR of 3.8% during the period 2022- 2027.
COVID-19 impact analysis:
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Car rental represents the possibility of temporarily renting automobiles for a predefined period through offline or online channels. This service is intended primarily for travelers and individuals who do not own a private vehicle. Car rental is a more cost-effective alternative to owning a vehicle as it provides freedom of movement and avoids high ownership costs. Facility providers also offer various other products, such as insurance policies, auto damage repair, global positioning systems (GPS), entertainment, and Wi-Fi networks for user convenience.
Car Rental Market Trends:
Rising urban population with growing trend towards adventure activities and expanding travel and tourism industry across the globe are some of the major factors driving the car rental market. Furthermore, the emerging trend of such services in the form of taxis and ride-sharing for enhanced mobility and cost-effective travel further increases the market growth. Additionally, the growing awareness of environmental preservation and the initiation of several policies by government agencies to promote car rental facilities as one of the most economical modes of transportation to minimize vehicle emissions are catalyzing also the world market. Apart from this, introduction of various services through smartphone-based websites and apps and inflation in personal income levels are expected to propel the car rental market over the forecast period.
Competitive analysis and segmentation of the car rental market 2022-2027:
Competitive landscape with key players:
The competitive landscape of the Car Rental market has been studied in the report along with the detailed profiles of key players operating in the market.
Some of these key players include:
• Avis Budget Group, Inc.
• Carzonrent India Private Limited
• Eco rent a car
• Sixt SE
• Location
• Enterprise Holdings, Inc.
• Enterprise Rent-A-Car
• Europcar
• The Hertz company
Key Market Segmentation:
The report has segmented the global car rental market on the basis of booking type, rental duration, vehicle type, application, end user and region.
Breakdown by booking type:
• Offline booking
• Online booking
Breakdown by rental duration:
• Short term
• Long term
Breakdown by type of vehicle:
• Luxury
• Executive
• Economy
• SUVs
• Others
Breakdown by application:
• Leisure/Tourism
• Company
Breakdown by end user:
• Autonomous
• with driver
Breakdown by region:
• North America (United States, Canada)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, South Africa, Others)
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Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Market trends
• Market drivers and success factors
• Impact of COVID-19
• Value chain analysis
• Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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About Us
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