Car Rental Market Trends, Industry Statistics and Business Opportunities 2023-2028

IMARC Group has recently released a new research study titled "Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How Big is the Car Rental Market?

The global car rental market size reached US$ 79.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 95.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.1% during 2023-2028.

Download a free sample report to get a detailed overview of the market: https://www.imarcgroup.com/car-rental-market/requestsample

Car Rental Market Trends:

The increasing number of travelers who often seek flexibility and autonomy is fueling the demand for the market. In addition to this, many businesses are embracing the concept of "mobility as a service" to optimize employee mobility while reducing the costs and complexities of fleet management which in turn is impelling the market growth. Furthermore, the demand for electric and hybrid rental cars is increasing aligning with the global push for reduced carbon emissions thus favoring the market growth. In line with this, an increasing number of people are using mobile apps and online platforms to book, manage, and pick up rental cars thereby accelerating the demand for the market.

Apart from this, Aas airports expand and air travel becomes more accessible, car rental companies strategically position themselves to serve travelers arriving at airports, capitalizing on the convenience factor for tourists and business travelers alike. Moreover, car rental companies are focusing on customer retention through loyalty programs such as discounted rates for frequent renters, and rewards for brand loyalty are favoring the market growth of the market. Furthermore, Ssome car rental companies have formed strategic partnerships with ride-sharing platforms, allowing their rental vehicles to be utilized by ride-share drivers thus fueling the market growth.

Key Market Segmentation:

The report has segmented the global car rental market based on booking type, rental length, vehicle type, application, end-user and region.

Breakup by Booking Type:

• Offline Booking
• Online Booking

Breakup by Rental Length:

• Short Term
• Long Term

Breakup by Vehicle Type:

• Luxury
• Executive
• Economy
• SUVs
• Others

Breakup by Application:

• Leisure/Tourism
• Business

Breakup by End-User:

• Self-Driven
• Chauffeur-Driven

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Competitive Landscape With Key Players:

The competitive landscape of the car rental market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Avis Budget Group, Inc.
• Carzonrent India Private Limited
• Eco rent a car
• Sixt SE
• Localiza
• Enterprise Holdings, Inc.
• Enterprise Rent-A-Car
• Europcar
• The Hertz Corporation

Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=2036&flag=C

Car rental is a pivotal facet of the modern transportation landscape, offering individuals and businesses the flexibility and convenience of temporary vehicle access. It involves the provision of automobiles on a short-term basis, typically ranging from a few hours to several weeks, with the rental period determined by the specific needs and preferences of customers. Moreover, car rental companies maintain diverse fleets, encompassing various vehicle types, from economy cars to luxury vehicles, to cater to a wide array of clientele.

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.