IMARC Group has recently released a new research study titled “Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global car rental market growth, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The market size reached US$ 79.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 95.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.1% during 2023-2028.
What is car rental?
Car rental represents the process of temporarily renting a vehicle from a car rental agency or company. It enables businesses or individuals to access a car for a specific period, ranging from a few hours to days or weeks. Car rental usually offers a flexible and convenient transportation solution for several purposes, including trips, vacations, or when a personal vehicle is unavailable. It also provides the freedom of mobility without the long-term responsibilities and commitment of car ownership. Some of the rental cars are equipped with global positioning systems (GPS), entertainment systems, and Wi-Fi networks. Consequently, they are extensively utilized across the globe.
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What are the growth prospects and trends in the industry?
The rising number of international and domestic travelers seeking convenient and flexible transportation options is primarily driving the car rental market. Additionally, the growing consumer inclination towards shared mobility and the rising traffic congestion are further bolstering the market growth. Besides this, the escalating demand for car rental that offers cost-effectiveness, flexibility, and the ability to choose suitable vehicles based on specific requirements is acting as another significant growth-inducing factor.
Moreover, it provides a flexible solution for navigating congested cities where owning a car might be impractical, which is positively influencing the global market. Apart from this, the elevating integration of mobile apps, online booking platforms, and keyless entry systems with car rental services for enhanced convenience and accessibility is also stimulating the market growth. Furthermore, government bodies across countries are emphasizing on minimizing their vehicular emissions, which is anticipated to fuel the car rental market over the forecasted period.
Competitive Landscape With Key Players:
The competitive landscape of the car rental market has been studied in the report with the detailed profiles of the 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
- Localiza
- Enterprise Holdings, Inc.
- Enterprise Rent-A-Car
- Europcar
- The Hertz Corporation
Key Market Segmentation:
The report has segmented the global car rental market based on booking type, rental length, vehicle type, application, end-user and region.
Breakup by Booking Type:
- Offline Booking
- Online Booking
Breakup by Rental Length:
- Short Term
- Long Term
Breakup by Vehicle Type:
- Luxury
- Executive
- Economy
- SUVs
- Others
Breakup by Application:
- Leisure/Tourism
- Business
Breakup by End-User:
- Self-Driven
- Chauffeur-Driven
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Explore Full Report With TOC List of Figures: https://www.imarcgroup.com/car-rental-market
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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