Global Car Rental Market is predicted to thrive at a CAGR of 11.01% over the period 2020-2025
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Car Rental Market- Forecasts from 2020 to 2025" to their offering.
The global car rental market is driving due to the increasing cost of fuel and cars, rising environmental concerns, increasing the disposable income of people, and the growing tourism industry.
This report provides forecast and analysis of the global car rental market which is estimated to surge US$149.617 billion by 2025.
The global car rental market is increasing with the increase in the disposable income of people with developing economies in the world. The car rental market is growing as the car rental service provider offers various discounts and offers which saves them the cost of buying and maintaining theirs on the fleet of vehicles. The increasing traffic and cost of fuel are adding to the demand for the car rental market. The growing internet penetration and surge in the usage of smartphones are increasing the accessibility and making it more convenient for customers to book car rental services online. The car rental is more economical and has become a faster mode of transportation for people in the urban region. The increasing environmental concerns over global warming and climate change are also making the government to take strict actions for reducing pollution, this will further increase the demand for car rental services.
The Global Car Rental Market is segmented by car type, by mode of booking, by rental category, and by geography. Segmented on the basis of the car type are economy cars, luxury cars, executive cars, SUVs, and MUVs. Segmentation on the basis of mode of booking is online and offline. Segmentation on the basis of the rental category is by local transport, airport transport, outstation transport, and others. Segmentation on the basis of geography is North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Geographically North America is expected to see a significant market share in the global car rental market due to the presence of large key market players, an increase in business activities, and the rising trend of carpooling is growing the market in the region. The Asia Pacific region to be the fastest-growing region in the forecast period due to the growing industrialization and urbanization in the region.
Some of the major players covered as part of the report are Hertz, Europcar, Avis Budget, Sixt, Carzonrent, Six Rent A Car, Enterprise Rent-A-Car, Enterprise Holding, Irish Car Rental, Trust Middle East Car Rental, among others.
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This report segmented the Global Car Rental Market on the basis following terms:
By Car Type
- Economy Cars
- Luxury Cars
- Executive Cars
By Mode Of Booking
By Rental Category
- Local Transport
- Airport Transport
- Outstation Transport
- By Geography
- United States
Middle East and Africa
- Saudi Arabia
- South Korea
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