Huge Expenses Associated with Personal Vehicles Fueling Car Rental Services Demand

The rapid expansion of the global travel and tourism industry is one of the major factors pushing up the demand for rental cars across the world. As per the World Travel and Tourism Council (WTTC), the global travel and tourism industry registered a growth of as much as 3.9% from 2017 to 2018. This growth rate was higher than the total gross domestic product (GDP) growth rate of the world during this period (3.2%).

Besides the growth of the global travel and tourism industry, the greater mobility convenience provided by rental cars is also fueling their worldwide popularity. Rental cars allow people to enjoy all the benefits of personal vehicle ownership without actually owning a vehicle. In addition to this, vehicle ownership requires huge investments that include vehicle cost, parking expenses, fuel costs, insurance charges, and maintenance expenses, which are not required for renting a vehicle.

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Apart from the aforementioned factors, the soaring concerns being raised in several countries over the escalating pollution levels are also fueling the demand for car rental services. With the sharp surge in air pollution levels, caused because of the large-scale usage of fossil fuel-powered vehicles, people are increasingly preferring environment friendly mobility solutions such as rental cars. Moreover, these vehicles also play a major role in reducing the road congestion levels in cities and towns.

Because of the above-mentioned factors, the popularity of car rental services is growing rapidly across the world, thereby propelling the expansion of the global car rental market. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $78.7 billion in 2018 to $122.6 billion by 2024. Furthermore, the market is predicted to demonstrate a CAGR of 7.9% between 2019 and 2024.

Economy, executive, and luxury are the most commonly used types of vehicles deployed by car rental service providers all over the world. Out of these, the demand for economy vehicles was observed to be the highest during the last few years. This was primarily attributed to the higher fuel efficiency of these vehicles than the others.Moreover, the surge in gasoline prices and the escalating environmental concerns in several countries are massively bolstering the worldwide demand for economy class vehicles.

Car rental service are majorly deployed via online and offline channels. Between these, the adoption of the online distribution channel was higher in the past years, due to the large-scale adoption of the internet of things (IoT) and the high convenience associated with this mode of deployment. Globally, the demand for car rental services will shoot up in North America in the coming years, because of the increasing implementation of various initiatives by car rental service providers in the region.

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Hence, it is safe to say that the demand for car rental services will surge sharply all over the world in the future years, mainly because of the growing requirement for highly convenient mobility solutions and the boom in the global travel and tourism industry.

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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.

This release was published on openPR.