Car Rental Market to Expand at a CAGR of 17.52% during 2019 – 2023 | Top Leading Company’s - Ace Rent-a-car, Advantage Rent-a-car, Al Futtaim Group, Avis Budget Group, Carzonrent, Europcar Group
Overview of the Global Car Rental Market:
The Global Car Rental Market is expected to register a CAGR of 17.52% during the period 2018-2023. USA is the largest market for car rental in 2017 with China and India catching up.
Avis and Hertz have been estimated to remain the market leaders for the car rental market over the forecast period. The rise in international tourism, coupled with awareness about car rental services are the major factors driving growth of the Car Rental Market currently. The market growth is prominently supported by the growth of both international and domestic tourism flows.
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In the US, more than 2.10 million vehicles are engaged in the car rental market, which generates revenue worth of USD 1050/vehicle monthly in the country and is one of the primary markets to witness growth in the car rental services. The market is anticipated to continue growing through the forecast period, driven by an increase in the number of air travelers and steady growth in the disposable income. North America and Europe constitute the bulk of the market with more than 65% of the market share in the global market.
The leaders in the car rental services are expected to retain their competitive advantage over the regional players, by getting involved in the strategic alliances with airlines and hotels. There is an observed high per capita spending on car rental in the developing markets of Brazil, Australia, and India which is mainly due to the lack of availability of an organized public transport network, lower disposable income, and high tourist destinations which ensures that the holiday maker arriving at their destination requires a rental vehicle. However, domestic tourism need not necessarily lend itself to the demand for car rental. Technological advancements along with the expansion of leading car rental companies in developing regions, such as Asia Pacific and Latin America, would foster demand for car rental services in the coming years. However, low cost public transportation, and volatility in crude oil prices along with increased operational cost are some of the restraints in the global car rental market.
This comprehensive Car Rental Market research report 2019 – 2023 includes a brief on these trends that can help the businesses operating in the industry to understand the market and strategize for their business expansion accordingly. The research report analyzes the market size, industry share, growth, key segments, CAGR and key drivers.
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Major Key Players:
1 Ace Rent-a-car
2 Advantage Rent-a-car
3 Al Futtaim Group
4 Avis Budget Group Inc.
5 Carzonrent Pvt.Ltd.
6 Eco Rent a Car
7 Enterprise Holdings Inc.
8 Europcar Group
9 Global CARS and More……………..
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Table of Contents:
2 Research Methodology
3 Executive Summary
4 Market Overview and Technological Trends
5 Market Dynamics
6 Car Rental Market Segmentation, by Application
7 Car Rental Market Segmentation, by Vehicle Type
8 Car Rental Market Segmentation, by Booking Type
9 Car Rental Market Segmentation, by Geography
10 Competitive Landscape
11 Company Profile
12 Future Outlook of the Market
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