Key driver of car rental market growth is increasing travel and tourism business and improving road infrastructure
Global Car Rental Market: Overview
Car rental is the process of renting a car or vehicle for a short period of time, usually for a few hours or a few weeks. Car rental offers a range of vehicle sizes to suit budget and customer requirements, such as luxury cars, company cars, economy cars, SUVs and MUVs.
Global Car Rental Market: Dynamic
The increase in travel and tourism activities and the improvement of road infrastructure in emerging economies are major factors that are expected to boost the growth of the global economy. car rental market over the forecast period.
In addition, technological advancements and increasing adoption of information technology in the travel and tourism industry are factors that are expected to fuel the growth of the target market during the forecast period.
In addition, the increasing attention of key players towards developing low cost services and improving the quality and continence travel services is another factor that is expected to drive the growth of the target market during the period. forecast.
In addition, the growing demand for large vehicles and the volatility of crude oil prices are expected to propel the growth of the target market during the forecast period.
However, high operating costs and fluctuating prices of gasoline and petroleum products are major factors which are expected to restrain the growth of the global market during the forecast period.
The current trend observed in the target market is the increasing digitization, development of autonomous vehicles and technological advancements in car rental services, this trend is expected to support the growth of the target market during the forecast period.
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The increasing use of the internet to personalize travel, bookings and reservations and technological advancements are expected to create potential revenue opportunities for players operating in the target market during the forecast period.
The major players operating in the target market are improving their business and their product and service offering through various business strategies such as new product launches, mergers, acquisitions, deals, etc.
Global Car Rental Market: Segment Analysis
Among the vehicle type segments, the economy car segment is expected to dominate in the global market, due to its compact nature and the cost effectiveness of the preferred economy cars for travel to the airport and within the city.
Among the application segments, the airport transportation segment is expected to register significant growth during the forecast period, owing to the increasing number of air travelers across the world.
Global Car Rental Market: Regional Analysis
The North American market is expected to dominate the global market in terms of revenue and is expected to continue to dominate over the forecast period, this can be attributed to the increasing number of local and international business and vacation travel to various countries in This region.
The Asia-Pacific region market is expected to register significant growth in terms of CAGR during the forecast period, owing to the increase in travel and truisms and the increasing availability of high-end and economy luxury vehicles. , especially in developing countries in this region.
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Global segmentation of the car rental market:
Segmentation by vehicle type:
- Luxury cars
- Company cars
- Economy cars
Segmentation by application:
- Local use
- Airport transport
- External post
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Enterprise Rent-A-Car Company, Inc.
- Hertz Global Holdings, Inc.
- Sixt SE
- Europcar Mobility Group SA
- Avis Budget Group Inc.
- Uber Technologies Inc.
- Carzonrent India Pvt Ltd.
- Budget Rent A Car System, Inc.
- German car rental
- Tempest Car Hire Pty Ltd.
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