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Car Rental Market – Top Participant to Focus on Regional Expansion in Upcoming Future

Car Rental Market – Top Participant to Focus on Regional

The global car rental market is projected to surpass US$ 220.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 13.6% during the forecast period (2020 to 2027).

Car rental service is a hire car agency that enables the customer to rents automobiles at affordable rates. This agency is usually located near airports and busy city areas. Car rental services are mainly opted by people who require a vehicle for the temporary and who do not want to own a car. Moreover, car rental services are also ideal for owners of damaged vehicles and looking for repair or insurance compensation.

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The advantage such as easy booking via online service is a major factor fueling the market growth of the car rental. Car rental service offers to book online which has made them easy booking. This is attributed to the increasing penetration of smartphones and the rising use of internet around the globe. Moreover, online booking also offers various discounts and schemes which is further expected to augment the market growth of the car rental.

Detailed Segmentation:

Global Car Rental Market, By Category:
Intercity/Local Usage
On-Airport
Intra-City/Outstation
Others

Global Car Rental Market, By Car Type:
Luxury Cars
Executive Cars
Economy Cars
SUV's
MUV's

Increasing number of car rental services around the globe is projected to offer enormous growth opportunities to the market for car rental in the forecast period. This, coupled with increasing number of travellers around the globe is also projected to accelerate the market growth of the car rental. The growing production of automobiles is another major factor contributing to the market growth of car rental.

Companies across the globe are increasingly asking the employees for working from home, which has led to reduction of commute in the cities and non-essential travel have descended drastically during the pandemic situation. This scenario is expected to continue to reduce the demand of car rental services across the globe. For instance, Hertz Global Holdings Inc. faced soaring cancellations and lack of new bookings. The company has been cutting off staff and reduce high capital spending to reserve liquidity

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Key players are operating in the global car rental market are Enterprise Holdings, The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, Al Futtaim Group, Localiza - Rent a Car, Eco Rent a Car, and GlobalCARS

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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