Explore Industry Insights in Global Car Rental Market Development and Demand Forecast to 2023

Car rental companies offer vehicles or automobiles on rent for a certain duration that can range from hours to months for a suitable fee. There are various types of cars available on rent, including economy cars, executive cars, luxury cars, SUV’s and MUV’s. These cars are rented for different purposes, including airport transport, local usage, outstation, event transportation, self drive, and employee transportation.

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The car rental companies facilitate people who do not own a vehicle, whose vehicle is out of maintenance, or having no access or limited access to personal vehicles. Owners of broken vehicles, tourists and travellers also avail services of the car rental companies. This service is generally structured across various local branches that facilitates customer for easy returning of the vehicles at their preferred location.

Growing GDP, increasing income levels and rising number of domestic and foreign tourists are some of the drivers of car rental market.

On other hand, unstable prices of petroleum products and high price of gasoline affects global consumer spending and economic state, thus affecting the growth of the market moderately. Other challenge faced by the car rental industry is tightening of emission standards in various parts of the world.

North America commands the largest market share in car rental market and the region has witnessed a good growth rate. Europe holds the second largest share in car rental market globally. Asia-Pacific is likely to exhibit the fastest growth in years to come. The emerging countries such as India and China are witnessing increased growth in car rental mainly due to increasing per-capita income, changing lifestyle of people, burgeoning middle class population and people opting for more luxurious things.

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Some of the major competitors in the global car rental market are EuropCar, Avis Budget Group Inc., Enterprise Holding Inc, Sixt and The Hertz Global Holdings, Inc.

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