Car Rental Market Size worth US$ 126.9 Billion by 2031 | CAGR: 4.2%: TMR Study

The latest research study released by Transparency Market Research on "𝐂𝐚𝐫 𝐑𝐞𝐧𝐭𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐭𝐨 𝟐𝟎𝟐𝟑-𝟐𝟎𝟑𝟏 ″ research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Car Rental industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.

Car Rental market is estimated to attain a valuation of US$ 126.9 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 4.2% during the forecast period, 2023-2031

𝐆𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭-https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1633

The future analysis of the car rental market suggests that with growth in international travel and changes in attitudes toward car ownership rise, the industry is projected to undergo significant transformations. Surge in disposable income and expansion in the tourism sector are also estimated to augment market expansion during the forecast period.

Rise in competition among service providers is a major challenge leading to market limitations. Thus, vendors in the global car rental industry are focused on technological advancements to broaden their customer base and increase their car rental market share. Surge in adoption of smartphones and rise in penetration of internet are likely to offer lucrative growth opportunities for car rental companies. Mobile applications and online platforms have simplified the reservation and rental process, making it more convenient for customers to book, pick up, and return vehicles.

𝐄𝐱𝐭𝐞𝐧𝐬𝐢𝐯𝐞 𝐔𝐬𝐞 𝐨𝐟 𝐂𝐚𝐫 𝐑𝐞𝐧𝐭𝐚𝐥 𝐟𝐨𝐫 𝐋𝐞𝐢𝐬𝐮𝐫𝐞

According to the latest car rental market trends, the leisure customer segment is expected to dominate the industry during the forecast period. Car rental companies are offering a wide range of vehicles, including compact cars, SUVs, luxury cars, and specialty vehicles like convertibles or off-road vehicles. Car rental service providers allow customers to choose a vehicle that suits their specific needs and preferences for their leisure activities.

In some cases, renting a car can be more cost-effective than using other modes of transportation, particularly for larger groups or families. It eliminates the need to purchase or maintain a personal vehicle solely for occasional leisure trips, saving money on depreciation, insurance, and maintenance costs.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐛𝐞𝐟𝐨𝐫𝐞 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1633

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐮𝐭𝐥𝐨𝐨𝐤

According to the latest car rental market forecast, Asia Pacific is projected to hold largest share from 2023 to 2031. Expansion in domestic and international tourism sectors is fueling market dynamics in the region. Tourists often prefer renting cars to explore various destinations at their own pace. Additionally, business travelers also contribute to the demand for car rentals in major cities. Rapid urbanization in countries, such as China and India, is also augmenting market statistics in Asia Pacific.

Changing consumer preferences, especially among millennials and younger generations, have driven the demand for shared mobility solutions like car rentals. These consumers often prioritize flexibility and convenience over car ownership.

𝐓𝐡𝐞 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐂𝐚𝐫 𝐑𝐞𝐧𝐭𝐚𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞

Advantage Rent A Car, Avis Budget Group, BIS Group, Carzonrent, China Auto Rental Inc., Citer SA, eHi Car Services, Enterprise Holdings, Europcar Mobility Group, Fox Rent A Car, Localiza Rent a Car, Lyft, Movida Rent a Car, Payless Car Rental, Rent-A-Wreck, Sixt SE, The Hertz Corporation, The Orix Corporation, Uber, and Zipcar

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 -

This report has explored the key segments: by Type and by Application. The lucrativeness and growth potential have been looked into by the industry experts in this report. This report also provides revenue forecast data by type and by application segments based on value for the period 2023-2031.

𝐇𝐚𝐯𝐞 𝐀𝐧𝐲 𝐐𝐮𝐞𝐫𝐲? 𝐀𝐬𝐤 𝐓𝐨 𝐀𝐧𝐚𝐥𝐲𝐬𝐭: https://www.transparencymarketresearch.com/sample/sample.php?flag=ASK&rep_id=1633

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬

In May 2021, Uber introduced Uber Rent, a new car rental service in Washington DC, U.S.

In February 2020, Yamaha Motor Corporation injected an additional US$ 35 Mn in Drivezy, an India-based car rental company

𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐥𝐞𝐭𝐬 𝐲𝐨𝐮 𝐢𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐭𝐡𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐂𝐚𝐫 𝐑𝐞𝐧𝐭𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐛𝐲 𝐦𝐞𝐚𝐧𝐬 𝐨𝐟 𝐚 𝐫𝐞𝐠𝐢𝐨𝐧:

North America (the United States, Canada, and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 -

𝐁𝐈 𝐚𝐧𝐝 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2022/08/05/2493214/0/en/BI-and-Analytics-Market-is-Estimated-to-Progress-at-a-CAGR-of-8-8-during-the-Forecast-Period-notes-TMR-Study.html

𝐓𝐞𝐱𝐭𝐢𝐥𝐞 𝐀𝐮𝐱𝐢𝐥𝐢𝐚𝐫𝐢𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2022/08/08/2493700/0/en/Textile-Auxiliaries-Market-to-Reach-US-11-7-Bn-by-2031-TMR-Study.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬

Nikhil Sawlani

Transparency Market Research Inc.

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