The rise in the disposable income of the people and the growth prospects in the travel and tourism industry are factors that are creating a myriad of opportunities in the global car rental market. This resonates with the global car rental market that had a market size of $64.47 billion as of 2018, and the demand for rental cars is poised to grow at an impressive compound annual growth rate (CAGR) of 11.53% during the forecast period of 2019 to 2025, according to a market intelligence report by IndustryARC’s analyst. The report is titled “[URL=https://industryarc.com/PressRelease/981/Car-Rental-Market-Research.html]Car Rental Market[/URL]- Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast (2019 – 2024)”.Global Car Rental Market: Demand Analysis and Growth Forecast
Car rental is the service companies that rent automobiles as per the demand from the people. They operate by providing services through fleet vehicles and by renting them to their customers. However, these cars are also known as risk vehicles, as the owner of the car is taking a risk by handing over the car to someone else for a short period of time.
View Full Table Of Content Of Car Rental Market
[URL]https://www.industryarc.com/Research/Car-Rental-Market-Research-502138[/URL]
Global Car Rental Market: Leading Segments
North America had dominated the global market with a regional share of 29.98% as of 2018 as per the findings by the IndustryARC’s analysts. The major factor that has influenced the market growth is the increasing international tourism as the visitors that tour the cities in North America opt for a rental car, which instills a flexible touring schedule in their itinerary. Furthermore, moderate prices of the leasing or rental services have also led to the rising demand for cars on rent.
The growth opportunities for these applications are expected to grow at a remarkable CAGR of 12.72% during the forecast period.
Global Car Rental Market: Market Trends and Growth Drivers
Green Car Rental Services: The environment is highly polluted due to an increasing number of vehicles on the road globally.
Value-for-Money Car Rental Services: The major players are now focusing on providing services for the leisure market at an affordable price due to cut-throat competition.
Excursions with Car Rental Booking Services: This has provided people with choices based on the quality of cars or affordability, which is propelling the sales in the car rental market.
Hire Hopping Services: The companies have even started providing hopping services for self-driving cars. The customers can pick-up from one point and can leave it at the second point.
Global Car Rental Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global car rental market are Avis Budget Group Inc. , Eco Rent a Car, Advantage Rent-a-car, Enterprise Holdings Inc., GlobalCARS, U-save-Auto-Rental System, Ace Rent-a-car, Eco Rent a Car, Europcar, and Budget Rent A Car System, Inc.
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.