Increase in business and leisure travel drives growth
DUBLIN, July 15, 2022 /PRNewswire/ — The report “North America 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 North America car rental market is expected to witness a market growth of 3.9% CAGR during the forecast period (2021-2027).
Car leasing contributes significantly to pollution reduction by reducing the volume of sales of owned vehicles. Moreover, with a growth in air traffic and an increase in the trend of booking cars online, car rental is the preferred mode of transport for travelers, as cars are the most economical and most affordable means of transport. fast. These benefits are propelling the car rental industry at a phenomenal rate.
The growing internet penetration in both emerging and established countries has further helped the market players to capture a wider customer base through the use of dedicated mobile applications for the convenience of the customers. Technology is seen as an essential element driving the adoption of car rental services worldwide.
The increasing number of business and leisure trips to the region, both domestically and internationally, is one of the main factors that allow many existing and emerging companies to focus on car rental services. Additionally, the existence of major service providers in the region, such as Enterprise Rent-a-Car and Avis Budget Group, is likely to increase opportunities for revenue development.
In the region, United States continues to be the largest nation for the vehicle rental service industry. Recently, the use of these services has expanded in various cities, thanks to the multiplication of initiatives by service providers. Hence, these aspects are expected to open new growth avenues for the overall car rental market over the forecast period.
The US market led the North America car rental market by country in 2020 and is expected to continue to be a dominant market through 2027; reaching a market value of $46.95 billion by 2027. The Canada the market is estimated to witness a CAGR of 6.2% during (2021 – 2027). Moreover, the Mexico The market is expected to grow at a CAGR of 5.3% 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 countries, the market is segmented into United States, Mexico, Canadaand Rest of North America.
The market research report covers the analysis of major market players. Key companies profiled in the report include Avis Budget Group, Inc., Europcar Mobility Group, Enterprise Holdings, Inc., Hertz Global Holdings, Inc., Localiza, SIXT SE, Eco Rent a Car, ANI Technologies Pvt. (Ola Cabs) and AVR Qatar, Inc.
Scope of the study
Market Segments Covered in the Report:
- Airport transportation
- External station
- Local use
By type of vehicle
- Economy cars
- Executive cars
- luxury cars
- Rest of North America
Main market players
- 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.
Main topics covered:
Chapter 1. Market Scope and Methodology
Chapter 2. Market Overview
Chapter 3. Competitive Analysis – Global
3.1 Cardinal matrix KBV
3.2 Recent Industry-Wide Strategic Developments
3.2.1 Partnerships, collaborations and agreements
3.2.2 Product launches and product extensions
3.2.3 Acquisitions and mergers
3.2.4 Geographic expansions
3.3 Main winning strategies
3.3.1 Key Primary Strategies: Percentage Breakdown (2017-2021)
3.3.2 Key Strategic Movement: (2017 Partnerships, Collaborations and Agreements, June – 2021, December) Key Players
Chapter 4. North America Car Rental Market by Application
Chapter 5. North America Car Leasing Market by Vehicle Type
Chapter 6. North America Car Rental Market by Country
Chapter 7. Business Profiles
For more information about this report visit https://www.researchandmarkets.com/r/r2yo0k
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SOURCE Research and Markets