WILMINGTON, DE / ACCESSWIRE / August 23, 2022 / Transparency Market Research Inc. - The booming and consistently evolving global travel industry is propelling the need for various types of customer-centric services, favoring the growth of the car rental market. The advent of online channels in the car rental market is creating numerous worthwhile opportunities in the industry. On the back of such factors, the global car rental market is anticipated to grow at a CAGR of 6 % during the forecast period from 2021 to 2031.
The rising proliferation of internet services, owing to the increased use of smartphones has given the players in the car rental market an opportunity to offer various unique online services. These services assist customers in renting a vehicle at any time and in a wide range of locations.
Furthermore, these online services offered by the car rental market players also help the customers to manage and initiate their reservations virtually, and take care of the payment through online gateways on the go.
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- Increasing Usage of Technology to Enhance User Experience: The stakeholders in the car rental market are focusing on integrating digital technologies, including connected devices, infotainment devices, enhanced music systems, and GPS and navigation systems, to improve the customer experiences.
- Rise in Recreational Activities Amongst Millennial Population: The increasing preference of the millennial population around the globe for recreational travel activities has spurred the demand for high-quality luxury vehicles in the car rental market. This trend is also bolstered by the increasing willingness of the young population to pay extra for comfortable and luxury vehicles for short-term transportation.
- Players in the Industry Focused on Increasing their Fleet Size: The leading players in the car rental market are focusing on acquiring more and more vehicles in order to strengthen their fleet size. For instance, Tesla Motors and Hertz Rentals partnered up in November of 2021, with an aim of Tesla providing Hertz with 100,000 Tesla Model 3S cars by 2022.
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Car Rental Market: Key Drivers
- The increase in the number of travelers around the world, supplemented by the widespread availability of budget car renting services and the increase in disposable income, is favoring the expansion of the car rental market
- Concerns of overhead costs of passenger vehicle ownership, which compels the travelers to rent or lease luxury passenger vehicles for short-term and on-demand basis, is also triggering growth within the car rental market
Car Rental Market: Regional Growth Dynamics
- North America is leads the car rental market, owing to the common practice among of renting cars for both - business as well as leisure trips. In addition to this, the growing awareness amongst the consumers in North America pertaining to the cost-efficiency of renting the car through budget rental services is also anticipated to offer regional car rental market players promising growth opportunities.
- The increasing adoption of internet services, owing to the rising proliferation of smartphones in the region, is also creating worthwhile opportunities for the rental service providers in the North America car rental market. The players in the region are extensively using internet-based services to advertise their products, and offer various services to their customers to make their renting experience streamlined.
Car Rental Market: Key Players
Some of the prominent players in the car rental market are Avis Rent A Car System, LLC, Carzonrent India Pvt. Ltd., Europcar, Localiza, Sixt Group, Alamo, Budget Rent A Car System, Inc., Enterprise Holdings, Inc., The Hertz Corporation, and National Car Rental. Leading stakeholders in the car rental market are enhancing their product portfolios by engaging in strategic partnerships, as well as through the acquisition of various international and regional players.
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Global Car Rental Market: Segmentation
- Luxury Car
- Executive Car
- Economy Car
- SUV Car
- MUV Car
- Airport Transfer
- Off Airport
- Short Term
- Long Term
- Chauffeur Driven
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