Car Rental Market Size, Shares, Growth, Segments, Industry Analysis 2018-2024

Our latest research report entitled Car Rental Market (by car type (luxury cars, economy cars, suvs and muvs), and category (local usage, airport transport and outstation) and fuel type (gasoline and petrol and diesel)) provides complete and deep insights into the market dynamics and growth of Car Rental. Latest information on market risks, industry chain structure Car Rental cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Car Rental growth factors.

The forecast Car Rental Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Car Rental on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to report the global car rental market is projected to grow at a CAGR of 10.9% over the forecast period of 2018-2024.

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A car rental agency is a company that rents automobiles for short periods generally ranging from a few hours to a few weeks. Additionally, Car rental agencies primarily serve people who require a temporary vehicle. Along with the basic rental of a vehicle, car rental agencies offer extra products such as insurance, global positioning system (GPS) navigation systems, entertainment systems, mobile phones, and portable Wi-Fi and child safety seats.

Increase in international tourism coupled with awareness about rental car services are anticipated to be the major factors driving the growth of the car rental market. Additionally, increasing trend of using internet for customizing travel trips and online reservations and bookings are expected to boost the use of technology in the car rental market over the upcoming years. Moreover, leading car rental service providers are offering quality services and promoting their brands at airports and this is helping customers to adopt their services. However, Fluctuation in the crude oil prices and increased operational cost are the factors anticipated to hamper the growth of the car rental market over the forecast period.

On the other hand, Several car companies are using mobile-based applications to communicate the fare, discount coupons, promotional offers, availability of cars, and real-time tracking details to the consumers.This in turn is providing several opportunities for the key players in the car rental market. Furthermore, trouble free process of online reservations and bookings increases convenience for both the operators and customers, which are anticipated to open doors of opportunity for the industry growth in the upcoming years.

Among the geographies, North America dominated the car rental market followed by Asia Pacific owing to the consumer preference coupled with presence of large number of key operators in the North American regions. Moreover, growing number of business trips as both domestic and international and number of air travelers is expected to increase the demand of such services in the North American regions. On the other hand, expansion of leading car rental companies along with technological advancements in the regions such as Asia Pacific is anticipated to nurture demand for car rental services in the upcoming years. Moreover, strengthening position of the medical tourism industry is augmented to drive the Asia Pacific market for car rentals in the years to come.

The major players in the car rental market are Avis, Hertz, Sixt and GLobalCARS. These players in the car rental industry are concentrating on providing low-cost car services particularly for leisure markets. Additionally, Mahindra group's e-vehicle arm Mahindra Electric has extended its partnership with car rental firm Zoom car. Moreover, Car services provider Avis India has announced the launch of its international transport drive service in the Indian market. On the other hand, Avis has provided its car rental services across 110 countries across EMEA, APAC, USA and Canada for its Indian customers.

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