September 25, 2019

Car Rental Market Report | Top Key Players are - Eco Rent A Car, Enterprise Rent-A-Car, Avis Budget Group

The Car Rental Market research report is a written presentation of clear and accurate detailing of findings and recommendations that will aid in decision-making. The element of the report includes market size, driver, challenges, restraints, trends, emerging opportunities, and competitive panel along with their share for the forecast timeline of 2018-2025. Therefore, this report reflects and summarizes the entire market condition in terms of demand and supply.

Car rental implies cars taken on rent for some hours or days for traveling purposes. Tourism is an essential part of life in modern society. Rental cars allow tourists or local people to easily get to their destination in their desired way and time. Rental cars provide facilities according to the needs and desires of consumers and the vendors of this business are continuously trying better ways to serve their customers. Rental car vendors in order to increase their market provide attractive services to their customers like pre-booking of cars, easy payment methods and easy cancellation without any charge.

Global car rental market is segmented on the basis of vehicle type as MUVS, economy cars, SUVs, executive and luxury cars. Further, applications segment the global car rental market into air transport, local transport, outstation and others. Travel and tourism are ever-growing markets which in turn are beneficial for the car rental market growth. 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. People of higher society need privileged and leisure travel which provided by luxury and executive cars. This in turn is rapidly boosting the growth of these two vehicle segments and the global car rental market.

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Adoption of technology and use of the internet and mobile applications by vendors of 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, rise in the number of business-related travel is another factor empowering the growth of global car rental market. Increased 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. In addition, changing lifestyles and disposable incomes of people in developing regions is expected to surge the growth of this market. Rising globalization coupled with rapid industrialization is expected to drive this market for the forecast.

Car Rental Market

Geographically global car rental market is segmented as Asia Pacific, North America, Europe, Latin America and the Middle East and Africa. North America due to its developed market is the most prominent region for global car rental market. The US is the major region responsible for its growth. The Asia Pacific is the most rapidly growing developing economy for the global car rental market. Historical places and beautiful monuments regions like India and China attract a lot of tourists around the world and in turn fuels the growth of this market. Europe is also a developed market showing consistent and rapid growth. Latin America and MEA are newer regions in this market and are expected to show steady growth for the forecast. 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.

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