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What are Main Factors Responsible for Growth of Global Car Rental Market? Key Companies are ANI Technologies Pvt. Ltd., Uber Technologies Inc., Addison Lee Ltd, Hertz Global Holdings Inc.

06-02-2020 08:08 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

What are Main Factors Responsible for Growth of Global Car Rental

One of the key factors responsible for the boom in the demand for rental cars is the flourishing travel and tourism industry across the world. As per the World Travel and Tourism Council (WTTC), the global travel and tourism industry observed a growth of 3.9% from 2017 to 2018, which is considerably higher than the global GDP growth rate of 3.2%. In addition to this, there has been a signifiant increase in the disposable income of the people throughout the world, which is also contributing toward the increasing adoption of rented vehicles.

Company Profiles
1. ANI Technologies Pvt. Ltd.
2. Uber Technologies Inc.
3. Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing)
4. Addison Lee Ltd.
5. Shenzhou Youche (Fujian) Information Technology Co. Ltd. (UCAR)
6. Hertz Global Holdings Inc.
7. Avis Budget Group Inc.
8. Enterprise Holdings Inc.
9. Europcar Mobility Group S.A.
10. Sixt SE
11. Car2Go Ltd.
12. Localiza Rent a Car S.A.

The car rental market is presently witnessing the rising deployment of electric vehicles in various car rental services. This is primarily attributed to the fact that the governments of many countries are enacting numerous policies and regulations, in order to encourage the adoption of these vehicles in car rental services. In addition to this, the car rental operators are also shifting their focus toward the adoption of electric vehicles in their fleet. For instance, a car rental company called Sixt SE is offering various electric cars such as BMW i3, Tesla Model S, and BMW i8 for renting purposes.

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The other important factor boosting the demand for rental cars is the convenient mobility features offered by these vehicles. By renting a car, a person can enjoy all the facilities that come with the ownership of a personal vehicle. Moreover, a rented vehicle doesn't require the various kinds of additional investments that come with the ownership of a personal vehicle such as fuel costs, vehicle maintenance costs, insurance costs, and parking expenses. These features and advantages of rental cars make them highly-sought after, thereby pushing their demand across the globe.

Global Market Size and Forecast

1 By Vehicle Type

2- By Channel

3- By Purpose

4- By Usage

5- By Region

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Globally, North America is expected to record the highest demand for rental cars during the forecast period. In North America, the U.S. is expected to register the higher demand for car rental services during the forecast period mainly, on account of the increasing initiatives adopted by several car rental service providers in order to promote the utilization of rental cars. For instance, Uber Technologies Inc. adopted modern mobile technologies and many other devices in their vehicles in order to meet the soaring transportation requirements of consumers, more efficiently.

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Therefore, due to the burgeoning demand for rental cars, especially for travelling purposes and the soaring government initiatives in many countries promoting the use of car rental services, the demand for rental cars is expected to increase significantly in the coming years.

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

Contact: P&S Intelligence
International: +1-347-960-6455

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