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According to new market research report “Global Car Rental Market- Forecasts from 2017 to 2022”, published by Knowledge Sourcing Intelligence, is projected to witness a CAGR of 9.18% during the forecast period. The report has segmented the Global Car Rental market by car type (economy cars, luxury cars, executive cars, SUVs, and MUVs), by mode of booking (online and offline), application(self-drive and chauffeur-driven), rental category (local transport, airport transport, and outstation transport) and geography (North America, South America, Europe, Middle East and Africa, and Asia-Pacific). The regional segment also covers country-level segmentation of the global car rental market. Growing global travel and tourism industry is the major driver of global cart rental market. Rising influx of tourists, both international and domestic, in different regions augments the demand for on-airport rental car services. Stringent government regulations against the unlicensed business of ride-hailing service providers such as Uber and Didi further boost the growth of the global car rental market.
Luxury Rental Car market grows at the highest CAGR between 2017 and 2022
By car type, luxury rental car segment will witness the highest CAGR during the forecast period. This growth is majorly driven by high demand from global corporate organizations and large enterprises for business trips across the globe. People are also demanding rental luxury cars as a test-driving vehicle to make sure of which model to purchase. All these factors are attracting car rental market players to heavily invest in this car type segment. In September 2017, the P2P car rental marketplace Turo raised $92 million from Mercedes and other luxury automobile makers to boost the growth of its luxury car rental business.
APAC will be the fastest-growing regional car rental market
Geographically, APAC is projected to witness the fastest regional market growth during the forecast period. Infrastructural development, rising number of hotel chains in major cities, and supportive government initiatives contribute to the escalating number of tourist arrival in APAC countries which significantly bolsters the growth of APAC Car Rental market. Rising discretionary incomes and expanding urbanization in emerging economies such as China and India are escalating the demand for rental cars for short trips. This increased demand for rental cars is supported by stringent regulations regarding the private ownership of the car in countries like China and Taiwan. There is a high demand for luxury rental cars for leisure and business trips across different APAC countries. Improving internet penetration across major metropolitan cities in PAAC countries is providing benefits to booming tech-savvy population to customize travel trips and online reservations and bookings, thereby positively impacting the market growth car rental market in the region.
Prominent key market players in Global Car Rental market include Avis, Hertz, Europcar, Enterprise Rent-A-Car, Enterprise Holding, SIXT, Irish Car Rental, and Trust Middle East Car Rental. Global car rental market players are increasingly expanding their footprints across different regions. For instance, Avis Budget acquired France Cars in December 2016 to expand its car rental business in France.