Key trends and forecasts of the global car rental market to 2024
DUBLIN, November 27, 2020 / PRNewswire / – The “Key trends in car rental” the report was added to ResearchAndMarkets.com offer.
The rapid decline in domestic and international travel caused by the pandemic has had a drastic impact on the car rental industry. With the temporary collapse in tourist flows, many car rental companies have been forced to meet suppressed demand and this has prompted many to quickly streamline their operations in order to cope with the pandemic. However, many are adapting and adopting new technologies and strategies in order to respond to changing consumer preferences.
- The car rental market is expected to increase in size even after taking into account the challenges faced by the COVID-19 pandemic. The publisher predicts that in the coming years the number of car rental days will increase with a CAGR of 3.2% between 2019 and 2024.
- The online car rental market share is expected to increase and may have accelerated due to the COVID-19 pandemic. In 2019, online sales accounted for 54% of car rental sales. As consumers are now more concerned about the spread of the virus, they are actively seeking to reduce their interaction with others and renting a vehicle through an online channel addresses this concern.
- Technology will drive change in the industry, with contactless technology becoming one of the most important short-term innovations. Although not a new technology, the implementation of contactless technology solutions in traditional car rental has been limited. It almost became the industry standard for carsharing and it started to migrate to the rental car market.
- The popularity of ridesharing companies such as Uber and Lyft threatens the existence of car rental companies.
- This report provides an analysis of key market trends, merger and acquisition operations, and business strategies in the car rental industry.
- The major car rental companies are assessed, along with an analysis of different market segments to provide valuable insight. The challenges as well as the opportunities in the industry are explained in relation to examples from the industry.
- Discover the major players in the car rental industry.
- Understand the main types of travelers that rental car companies may seek to attract
- Watch the impact of the COVID-19 pandemic on this industry
- Gain a detailed understanding of the main trends, issues and challenges facing rental car companies
Main topics covered:
- Key Market Trends Influenced By COVID-19
- Key market trends
- Airport market trends
- Business case studies
- Sectoral offers
- Challenges and opportunities
For more information on this report, visit https://www.researchandmarkets.com/r/uugd0r
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SOURCE Research and Markets