Car Rental Market Worldwide Growth and Forecast 2025
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The report titled “Global Car Rental Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2025” seen on DecisionDatabases.com estimates the market to reach USD 125.3 BN by 2025 with a CAGR of 5.1% during the period of 2019-2025 This report provides information on the market drivers, opportunities, restraints and the research reports and company profiles in the global car rental market in terms of revenue and volume.
Car rental infers to a service provided through online or offline platforms where cars are taken on rent for some hours or days for travelling purposes. Rental cars allow tourists or local people to easily get to their desired destination at their desired time in a vehicle with facilities of their choice. The service also includes pre-booking, easy cancellation, car damage repair and insurance compensation policy for the consumers.
New technological developments and the use of internet and mobile applications to provide easy and secure services are the main factors driving the growth of the global car rental market. Business travel and the rise in the interest of the younger generation to travel to different places has further boosted the car rental market globally.
By type the global car rental market is segregated into luxury cars, executive cars, economy cars, SUVs and MUVs. On the basis of application, the market is classified into local usage, air transport and outstation. Out of all these applications air travel is the most prominent application that helps to boost the car rental market owing to the increased airway travel and domestic as well as international airports. Besides people of the higher society need privileged and luxury travel and executive cars thus rapidly boosting the growth of these segments in the global car rental market.
Geographically the car rental market is spread over North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Out of all these regions, North America has been proclaimed to have the most developed market while Asia is the most rapidly growing economy for the global car rental market. Europe is also estimated to be a consistent developing market while Latin America, Middle East and Africa are newer regions that are expected to show a steady growth in the forecasted period.
The key players profiled in this report are Eco Rent A Car, Enterprise Rent-A-Car, Avis Budget Group, Carzonrent, Sixt Rent A Car and Hertz Corporation.
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