The global car rental market grew at a CAGR of around 8% during 2014-2019. Car rental refers to the facility of renting automobiles temporarily for a predefined period through online or offline channels. Car rental services are primarily aimed at serving travelers and individuals who do not own private vehicles. Renting automobiles is considered to be a more cost-effective alternative to owning a vehicle as it offers freedom of movement, low-cost traveling and enables the evasion of high ownership costs. The service providers also offer various other products, such as car damage repair, insurance compensation policies, entertainment systems, global positioning systems (GPS) and Wi-Fi networks, for providing enhanced convenience to users.
Car Rental Market Growth Drivers:
Significant growth in the travel and tourism industry across the globe is one of the key factors driving the growth of the car rental industry. Furthermore, the rising urban population with increasing inclination toward adventure and travel is also providing a boost to the market growth. In line with this, individuals are adopting car rental services in the form of taxis and carpooling for increased mobility and cost-effective traveling.
The implementation of favorable government policies, along with the increasing awareness regarding environment conservation, is acting as another growth-inducing factor. Governments of both the developed and emerging economies are emphasizing on minimizing their vehicular emissions and promoting car rental services as one of the most economical modes of transportation. Other factors, including the introduction of car rental services through websites and smartphone-based applications, coupled with increasing expenditure capacities of the masses, are expected to drive the market further. Looking forward, IMARC Group expects the global car rental market to exhibit moderate growth during 2020-2025.
IMARC Group provides an analysis of the key trends in each sub-segment of the global car rental market along with forecasts for growth at the global, regional and country-level from 2020-2025. Our report has categorized the market based on booking type, rental length, vehicle type, application, end user and region.
Breakup by Booking Type:
Breakup by Rental Length:
Breakup by Vehicle Type:
Breakup by Application:
Breakup by End-User:
Breakup by Region:
The global car rental industry is highly fragmented with the presence of several small and large manufacturers competing in terms of price and quality. Some of the major players in the market are:
Key Questions Answered in This Report:
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