The car rental market is expected to reach $96.5 billion by 2027, supported by the rapid growth of online platforms

One of the major drivers of the car rental market is the expansion of the tourism and travel industry across the globe.

SHERIDAN, WY, USA, Oct. 10, 2022 / — The latest report released by IMARC Group, titled “Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which includes information on the car rental market share. The report also includes competitor and regional analysis, as well as contemporary market advancements. The size of the global car rental market reached US$76.7 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$96.5 billion by 2027 , posting a CAGR of 3.8% in 2022-2027.

COVID-19 impact analysis:

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 refers to the ability to temporarily rent automobiles for a predefined period through offline or online channels. These services are mainly aimed at individuals and travelers who do not own a private vehicle. Car rental is a more cost effective alternative to owning a vehicle as it offers low cost travel, freedom of movement and avoids high ownership costs. Service providers also offer various other products, such as insurance compensation policies, entertainment systems, auto damage repair, global positioning systems (GPS) and Wi-Fi networks to provide convenience. increased to users. As a result, car rental facilities find wide application in tourism and business sectors across the world.

Car Rental Industry Trends:

One of the major drivers of the car rental market is the expansion of the tourism and travel industry across the globe. Additionally, the growing urban population with a penchant for adventure and expedition further augments the growth of the market. In this light, the use of car rental services by individuals in the form of taxis and car sharing for improved mobility and economical travel is also catalyzing the global market. Additionally, the initiation of several policies by government agencies in developed and emerging economies to minimize vehicle emissions and promote these facilities among the most economical modes of transportation, owing to the growing awareness of environmental preservation. , acts as another growth factor. Apart from this, the introduction of these services through smartphone-based websites and apps and the growing consumer spending capabilities are expected to bolster the car rental market in the coming years.

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.
• Carzonrent India Private Limited
• Eco rent a car
• Sixt SE
• Location
• Enterprise Holdings, Inc.
• Enterprise Rent-A-Car
• Europcar
• 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:

• Luxury
• Executive
• Economy
• SUVs
• Others

Breakdown by application:

• Leisure/Tourism
• Company

Breakdown by end user:

• Autonomous
• with driver

Breakdown by region:

• North America (United States, Canada)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, South Africa, Others)

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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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