[PDF] Car Rental Market Industry 2021-2027 Market Company Business Overview, Sales, Revenue And Gross Margin

The advantage offered such as easy booking via online service is a prime factor driving the growth of the car rental market. Also, increasing penetration of the internet and smartphone is also creating demand for booking cars via an online platform. Moreover, online booking provides various discounts and schemes which is again propelling the growth of the car rental market. The rapid growth of the GDP rate in emerging countries due to the growing per capita income of consumers is expected to foster the growth of the market. Moreover, advancement in the car rental service such as the easy renting process and other benefits offered is further projected to augment the growth of the market. On the other hand, volatile prices of crude oil due to the gap in between demand and supply are expected to hinder the growth of the market.

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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

In October 2019, Ola introduced a new car-sharing service Ola Drive for building a holistic shared mobility landscape in India. It was initially introduced in Bengaluru, later will expand its availability to Hyderabad and Delhi.

The Asia Pacific is expected to lead the global car rental market and this is attributed to the various key players are launching mobile apps for the customer to ease the booking and allow the consumer to choose the vehicle of their choice. For instance, in February 2020, Share Car, a car-sharing service based in Indonesia, has introduced its new car-sharing app. The app can be installed on both Apple iOS and Android smartphones. Thus, the increasing launch of such apps is expected to augment the market growth.

Car Rental is a term that is loosely applied to refer to renting a car or truck. It is more than just a means of transport though. Most rental companies hire cars weekly. Car Rental has many benefits to it. It is an affordable mode of travel for those who need a vehicle but are short on time or are traveling overseas. It is convenient for those who have excess carry-on luggage or need a rental car while they are on their business trip. It is also popular for corporate travel. Most rental companies offer special discounts to those travelers who book through their websites. There are all types of different car rental deals that you can find online. They range from the more common options like a daily rental or weekly to the more exotic options such as a luxury car or a bus or train set on wheels.

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