Global Self-Drive Car Rental Market Estimated to grow at a CAGR 6.52% to reach US$86.589 billion by 2025
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Self-Drive Car Rental Market – Forecasts from 2020 to 2025" to their offering.
Self-drive Car Rental is not new, but is has started to gain a lot of attention of customers recently. The process of renting a car for self-driving is fairly simple. User can either go to a vendor’s office in person or create an online account on the vendor’s website or mobile application. In both of these channels, the customer has the option to choose from a list of cars, the vendor has in its fleet, and get a tailored package based on his/her requirement and availability at vendor’s end.
According to the report, the Global Self-Drive Car Rental Market is projected to increase at a CAGR of 6.52% over the forecast period 2018-2024.
The global self-drive car rental market growth is closely tied to the growth of tourism industry. Till 2019, tourism sector in many countries had been witnessing an impressive growth. This is clear from the continuously increasing number of tourist arrivals across countries. According to a data from the World Bank Group, the number of international tourist arrivals across all countries worldwide showed an increase of about 58% between the year 2009 and 2018. In 2009, the total number of international tourist arrivals worldwide stood at 0.912 billion and this number had reached 1.442 billion by 2018. While many economies have other industry verticals accounting for a major share of their GDP and tourism sector as just a small contributor to the overall GDP, there are many countries which see tourism sector as a very strong pillar of their economy. Indonesia, for instance, has been one of the economies which see a significant share of their GDP being made by tourism. Rapid growth of tourism sector across the globe continued to drive the demand for self-drive car rental among tourists who enjoy getting behind the wheel. Furthermore, fairly low per capita ownership of cars in many countries has made this market even more lucrative for market players.
Since many people do not own a car, and ride hailing or sharing might not always align well with people’s plans, self-drive car rental seems a fairly good option to many people, thus contributing to market growth. However, outbreak of the novel coronavirus disease in Wuhan, China in the beginning of the year 2020, and its exponential spread across the globe has given a severe blow to this market. Imposition of lockdowns by many governments, coupled with high risks of contracting the disease by using vehicles which have been used by other people as well, is keeping people from paying for self-drive car rentals. Furthermore, since a good share of this service was earlier attributed to increasing spending by people on leisure activities, loss of employment in the wake of this pandemic has led to a decline in the spending by people on leisure, thus affecting the market growth.
The Asia Pacific global self-drive car rental market is expected to show a good growth over the projected period
Geographically, the global self-drive car rental market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. To give a clearer view of the overall market, these regional markets have been further segmented into countries which account for a considerable market share. Asia Pacific accounts for a significant market share and the market growth in this region is expected to remain good over the projected period.
The major players covered as part of the report areThe Hertz Corporation, Avis Rent A Car System, LLC, and Budget Rent A Car System, Inc. among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/self-drive-car-rental-market
This report has segmented the global self-drive car rental marketon the basis of following terms:
By Vehicle Type
- Economy Car
- Luxury Car
By Mode of Booking
- United Kingdom
Middle East and Africa
- Saudi Arabia
- South Korea
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