Global Car Rental Market Forecast 2026
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The “Global Car Rental Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026” research study available on Decisiondatabases.com gives an in-depth outlook of the market growth, trends, dynamics and forecast for the global car rental market. The report predicts that the global car rental market would reach USD 130 BN by 2026 along with a CAGR of 5.15% within the forecasted period within 2020 to 2026. The market had a value close to USD 90 BN in 2019.
Car rental is the term that is used to explain the method of taking cars on rent for some hours or days for travelling purposes. Tourism has become an essential part of life for the modern society. Rental cars allow tourists or local people to easily reach their destination in the way that is desired by them and at their own convenience. Rental cars also provide facilities according to the needs and desires of the consumers and the vendors of this business are constantly trying to improve their ways to serve their customers. Rental car vendors have started offering attractive services in order to increase their market like pre-booking of cars, easy payment methods and easy cancellation services without any charge.
The adoption of technology and the usage of the internet and mobile applications by the vendors of the car rental market in order to provide easy, desired and secure services to tourists and local travelers is significantly fueling the growth of this market. Moreover, the rise in the number of business-related travel is another factor empowering the growth of the global car rental market. Also, the increase in the interest of the younger aspirants of modern society in travel and their passion for visiting different places is expected to open new market opportunities for the car rental market. Additionally, the changing lifestyles and disposable incomes of people in developing regions are expected to surge the growth of this market. Moreover, the rise in globalization coupled with rapid industrialization is expected to drive this market for the forecast.
By vehicle type, luxury cars, executive cars, economy cars, SUVs and MUVs are the segments of the global car rental market. People of higher society need privileged and leisure travel provided by luxury and executive cars. This, in turn, is rapidly boosting the growth of this segment which in turn acts as a major driver towards the growth of the global car rental market.
By application, local usage, air transport and outstation are the segments of the global car rental market where
air transport is the major application segment which prominently boosts the growth of this market owing to the increased airway travel and domestic as well as international airports
By geography, North America, Europe, Asia Pacific, Latin America and Middle East And Africa are the segments of the global car rental market as provided in the report where North America due to its developed market is the most prominent region for the global car rental market.
The key players in the global car rental market are Eco Rent A Car, Enterprise Rent-A-Car, Avis Budget Group, Carzonrent, Six Rent A Car and Hertz Corporation among others.
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