Global Car Rental Market Analysis
The global car rental
market size to reach USD 200 billion, registering a CAGR of 8.1% from 2022-2030
(forecast period).
Several Factors Contributing
to Market Growth
The expanding economy has
increased the number of people who prefer to rent a car. The increase in urbanization
is driving the market's demand. The majority of people believe that renting a
car is a better choice than owning one. The government is introducing a number
of initiatives to control traffic and air pollution. It leads to increased
market promotion. The government's incentives attract new entrants into the
global market.
The advancement of technology is
another demand generating factor for the global market. The expansion of mobile
applications streamlines the process of renting a car. The car booking apps
boost the audience's availability of rental cars. The car booking apps inform
the audience about the cost of renting a car. These apps have extraordinary
features such as pricing comparison, car type selection, and passenger limit.
The market's development is aided by the availability of a wide range of car
rental plans and the flexibility of booking. These are the key driving elements
that may alter the market outlook in 2030.
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Report of Car Rental Market
The Global Market to Regain
Stability Post COVID-19 Pandemic
COVID-19 has had a negative
effect on the car rental sector. The global market is reliant on the tourism
industry. Tourism limitations have had an impact on the global market. The
global shutdowns have decresed the number of rental cars on the road. There is
a significant income loss in the market as a result of a drop in car rental
demand. Share losses have also occurred as a result of market uncertainty in
COVID-19. When compared to other automobile rental markets, the impact of covid
19 is moderate in car rental. Losses in the market induce cost containment and
the disposal of core assets in the market. The post-pandemic market Trends, on
the other hand, indicate high demand in the projected timeframe.
Car Rental Market Segmentation
·
The worldwide car rental industry has been segmented
into type, mode of booking, application, and vehicle type.
·
By type, the worldwide car rental industrt has
been segmented into Local, Outstation, Airport, and Others.
·
On the basis of mode of booking, the worldwide
car rental industry has been segmented into Online and Offline.
·
By application, the worldwide car rental market
has been segmented into Business and Non-Business.
·
By vehicle type, the global car rental market
has been segmented into sedans, SUVs, MUV, Luxuries, and Others.
Regional Analysis
North America to Dominate the
Global Market
North America has the world's
largest car rental industry. This market is being propelled by the adoption of
car rental software and the availability of low-cost rentals. The United States
efficiently meets the demand for car rentals. The steady flow of car rental
supply and demand patterns is also a crucial reason for success.
Car Rental Key Players
Enterprise Holdings Inc, Avis
Budget Group Inc, Hertz Global Holdings Inc, ANI Technologies Pvt. Ltd., Uber
Technologies, Inc., Europcar, Carzonrent India Pvt Ltd, SIXT, Eco Rent a Car,
Localiza
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