Global car rental market to reach $96.5 billion by 2027
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.
Car rental offers the option of temporarily renting automobiles for a period through offline or online channels. These services are aimed at individuals and travelers who do not have a private vehicle. Leasing an automobile is considered a cost-effective alternative to owning a vehicle as it provides freedom of movement while avoiding high cost of ownership and low cost travel.
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 market trends and drivers:
Rapid urbanization and changing consumer inclination towards recreational travel are among the growing consumer awareness prospects for the market. Introduction of car rental services through smartphone-based websites and apps, along with growing spending capabilities, are supporting the growth of the market. Car rental service providers also offer various services, including car damage compensation, global positioning systems (GPS) and Wi-Fi networks, to extend their reach, which, in turn, creates positive outlook for the market.
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.
• Sixt SE
• Eco rent a car
• Enterprise Holdings, Inc.
• Carzonrent India Private Limited
• Enterprise Rent-A-Car
• 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:
Breakdown by application:
Breakdown by end user:
• with driver
Breakdown by region:
• North America (United States, Canada)
• Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, others)
• Middle East and Africa (Egypt, United Arab Emirates, Saudi Arabia, Turkey, Qatar, Iran, others)
Ask the analyst for a customization and explore the full report with table of contents and list of figures: https://www.imarcgroup.com/request?type=report&id=2036&flag=C
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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This press release was published on openPR.