ALBANY, NY, April 06, 2022 (GLOBE NEWSWIRE) — The global car rental market was worth US$64.80 billion in 2020. The global market is expected to increase at a CAGR of 6% during the forecast period from 2021 to 2031. The global car rental market is expected to surpass US$121.1 billion by 2031. With the increasing demand for car rental services around the world, the manufacturers in the global car rental market are likely to have significant development prospects in the years to come. To increase revenue, large companies in the global car rental market are focusing on expanding and strengthening their service offerings by partnering with and purchasing from global and local players.
Car rental companies are increasingly trying to gain a competitive advantage in the global market. The market is being strengthened as developing country governments increase investment and encourage the use of rental vehicles. The global market is also growing due to the growth in the tourism industry and the technological advancement in car rentals.
Large companies can stay ahead of the competition by taking advantage of technological advances and digitization. Car rental agencies are usually complemented by websites that allow online reservations, and car rental agencies are generally located near airports or popular city centers. Car rental companies usually offer additional services such as GPS navigation systems, entertainment systems and insurance in addition to the basic rental of a vehicle.
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Key Findings of the Market Report
- The leisure category is projected to hold a large market share in terms of customers during the forecast period. Most business trips are canceled or do not take place due to COVID-19 as most companies have switched to online platforms. People started taking more vacations after the outbreak as the situation improved, leading to growth in the tourism industry and demand for car rentals.
- Depending on the end use, chauffeur-driven vehicles are likely to take a leading position. However, the self-drive category is likely to increase over the forecast period due to the increasing use of services such as Zoomcar and millennials choosing to self-drive on vacation.
- Players strive to increase the size of their fleets to meet the increasing demand. Technology is also being used to enhance the consumer experience. Advanced audio systems, GPS, connectivity devices, etc. are examples of these technologies. The integration of such technologies is likely to drive the global rental car market in the near future.
- The market growth is also being driven by the increase in leisure activities among millennials. Furthermore, rising demand for premium vehicles for short-term transportation services is likely to boost the market throughout the forecast period.
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Rental car market: growth drivers
- North America is likely to dominate the global car rental market as domestic and international leisure and business travel increases. The existence of a significant number of service providers in the region, such as Enterprise Rent-a-Car and Avis Budget Group, and a continued shift in customer preferences toward rental services are expected to improve revenue potential in North America.
- Technological advances have enabled the proliferation of web-based sales channels, leading to an increase in online bookings. Customers can rent a car online anytime, anywhere. They also help tenants manage and initiate bookings and payments on the go using a tablet or smartphone.
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Global Rental Car Market: Main Competitors
- Budget Rent A Car System, Inc.
- Enterprise Holdings, Inc.
- The Hertz Corporation
- Avis Rent A Car System, LLC
- National Car Rental
- Carzonrent India Pvt Ltd
Global Rental Car Market: Segmentation
- luxury car
- Executive car
- small car
- SUV car
- MUV car
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- airport transfer
- Away from the airport
stop using it
- chauffeur driven
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