Global Car Rental Market to witness Rapid Growth to Reach about USD 124.56 Billion By 2022

A new report has been published titled “Car Rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars, and MUV Cars) for Local Usage, Airport Transport, Outstation, and Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016–2022.” The global car rental market, as per the report, in 2016, was esteemed at around USD 58.26 Billion and is anticipated to reach around USD 124.56 Billion by 2022, developing at a CAGR of about round 13.55% between 2017 and 2022.

Browse the full “Car Rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Usage, Airport Transport, Outstation and Others: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 - 2022” Report at https://www.zionmarketresearch.com/report/car-rental-market

Car rental is a service that rents out automobiles and car for short time spans. Usually, this time span spans from a few hours to weeks. It is mainly found near tourist places, airports, cities, and so on. There are several provisions on car rental services that might differ from country to country. Prior to giving a car on a lease, a credit card is used by most car rental firms to take deposit amounts or other fees. Identity documents are requested to be carried along by a few firms while hiring automobiles on rent.

Browse the full "Car rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars, and MUV Cars) for Local Usage, Airport Transport, Outstation and Others: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 - 2022" report at https://www.zionmarketresearch.com/report/car-rental-market

The car rental market is anticipated to observe noteworthy growth owing to the rising tourism industry. The key propelling factor for the market is the expansion in the international tourism that eventually backs the demand for car rental services. Further, rising disposable income and healthy economic growth in developing nations are anticipated to have a constructive influence on the car rental market. The market’s key players are anticipated to witness growth owing to the high demand for smartphones and the Internet that augments the handiness of the car rental service. Reasonable charges of car rental services and increasing demand for car rental are emerging trends that are likely to bring up new market opportunities in the near future. Nevertheless, a few hindrances such as an increase in costs of crude oil might obstruct this market’s growth.

The car rental market, based on car type, is bifurcated into SUV cars, luxury cars, MUV cars, executive cars, and economy cars. In 2016, the economy cars recorded around 33.10% share of the worldwide market taking revenue into consideration owing to the increasing cost of fuel. It is the most rapidly developing car type with CAGR about 13.73% in the forecast period.

Based on end-users, the market is divided into airport transport, outstation, local usage, and others. In 2016, the global market was governed by car rental for airport transport and recorded 41% stakes of the overall market share. This is mainly due to increasing international business activities.

The market leadership is anticipated to be held by North America over the forecast period and in 2016, recorded 44.60% stakes of the worldwide market revenue. The rising smart technology users and Internet usage in North America are among the key factors for the expansion of the car rental market in this region. The tourism industry and rapid industrialization in budding economies of China, Japan, and India are anticipated to propel the car rental market in the Asia Pacific.

The major players in the car rental market comprise Al-Futtaim Group, Sixt Rent-A-Car, Europcar, Avis Budget Group, Inc, Localiza Rent A Car, The Hertz Corporation, Enterprise Rent-A-Car, Eco Rent A Car, and Carzonrent.

The global car rental market is segmented as follows:

Car Rental Market: Car Type Segment Analysis

• Luxury cars
• Executive cars
• Economy cars
• SUV cars
• MUV cars

Car Rental Market: End-users Segment Analysis

• Local usage
• Airport transport
• Outstation
• Others (Including self-drive, event transportation, employee transportation solutions)

Car Rental Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

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