LONDON–(COMMERCIAL THREAD) – Technavio has been monitoring the global car rental market since 2015, and the market is expected to grow by USD 103.75 billion during the period 2020-2024, growing at a CAGR of over 17% during the period forecast. Request free sample pages
Read the 167-page report with TOC on ‘Car Rental Market Analysis Report by Type (Economy Cars, Company Cars, Luxury Cars, SUVs & MUVs), Booking Method (Offline & Online) , rental category (airport transport, local transport, remote station transport and other transport), geography (APAC, Europe, MEA, North America and South America) and segment forecast, 2020-2024 â€.
The market is driven by the increasing incorporation of advanced digital technologies in car rental services. In addition, advancements in rental processes are expected to drive the growth of the car rental market.
Car rental operators are increasingly adopting the latest technology to improve the convenience of service and grow their business. Through the use of technology, operators can streamline their enrollment procedures and improve the customer experience. Several vendors offer solutions integrated with voice assistants such as Amazon Alexa that allow consumers to make car reservations, view current and past reservations, and request an electronic receipt via voice commands. The increasing adoption of these advanced digital technologies is positively influencing the growth of the global car rental market.
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Top five car rental companies:
Avis Budget Group Inc.
Avis Budget Group Inc. owns and operates the business in segments such as the Americas and International. The company offers a range of car and truck rental services through brands such as Avis, Budget and Zipcar.
Carzonrent India Pvt. Ltd.
Carzonrent India Pvt. Ltd. owns and operates the business in segments such as Outstation, Local, Airport Transfer, Self Drive and Business Travel. The company offers a wide range of car rental services including airport transfer, business travel and self-driving.
Business Management Inc.
Enterprise Holdings Inc. owns and operates the business in segments such as neighborhood network, airport, and corporate travel and rental. The company provides car rental services under the Enterprise Rent-A-Car, National Car Rental and Alamo franchise.
Europcar Mobility Group SA
Europcar Mobility Group SA owns and operates the business in segments such as Cars & Vans & International Coverage, Low-Cost and New-Mobility. The company offers a range of vehicle rental services through its brands Europcar, Goldcar, InterRent, Ubeeqo and GoCar.
Expedia Group, Inc.
Expedia Group Inc. owns and operates the business in segments such as Core OTA, trivago, HomeAway, and Egencia. The company provides online car rental marketing and retail services through its CarRentals.com brand.
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Car Rental Type Outlook (Revenue, USD Billion, 2020 – 2024)
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Economy cars
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Company cars
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Luxury cars
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SUV
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MUV
Car Rental Mode Booking Outlook (Revenue, USD Billion, 2020 – 2024)
Rental Car Rental Category Outlook (Revenue, USD Billion, 2020 – 2024)
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Airport transport
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Local transportation
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Station transport
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Other transport
Regional Car Rental Outlook (Revenue, USD Billion, 2020 – 2024)
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APAC
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Europe
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AEM
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North America
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South America
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