Press release
Car Rental Market Set to Surge to $164,335 Million by 2022 : Key Factors Driving Growth
Car Rental Market Growth
โถ๏ธ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/car-rental-market
With growth in pollution level and population, the car rental industry has experienced a drastic transformation over the past few years, and is one of the most prominent industries in fleet transportation. Manufacturers and consumers rely on different car rental schemes, which are cost-effective. In addition, car rentals are majorly contributing to curb the pollution level of the atmosphere by reducing the volumetric sales of owned vehicles. Moreover, with increase in air traffic and growth in rise in trend of online booking in travel industry, car rentals are the preferred options to travel, as cars are the most economical and faster mode of transportation. These advantages are promoting the growth of the car rental industry at an exponential rate.
๐๐๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ:
In February 2020, Sixt, one of the leading providers of high-quality mobility services is expanding network of stations in Central Asia and incorporating new locations at Uzbekistan.
In November 2019, Europcar Mobility Group acquired Fox Rent A Car, one of the players in the U.S. car rental market. In addition, this acquisition would strengthen Europecar's ability to provide services to the customers on a global scale.
In October 2019, Avis Budget Group renewed the multi-year agreement for extending its relationship as exclusive car rental provider for AARP members. This partnership is expected to provide AARP members with discounted rates and special offers.
In May 2019, Sixt SE incorporated car sharing services in Munich after Berlin and Hamburg. In addition, the customers in Munich can not only opt for traditional car rental but also use a vehicle for short period of time.
๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ข๐๐ฅ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฉ๐จ๐ซ๐ญ๐ซ๐๐ฒ ๐ก๐ข๐ ๐ก๐๐ฌ๐ญ ๐๐๐๐ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก ๐๐๐๐
By application, the commercial segment is anticipated to manifest the highest CAGR of 11.5% during the forecast period. The tie-up between the commercial organization and car rental services providers to provide lucrative offers to the consumers makes commercial the fastest segment in the application. However, the leisure segment held the largest share in 2019, accounting for more than half of the market, due to rising urbanization, increase in fleet transportation and growing travel and tourism industry.
โถ๏ธ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/car-rental-market/purchase-options
๐๐๐จ๐ง๐จ๐ฆ๐ข๐๐๐ฅ ๐๐๐ซ ๐ก๐๐ฅ๐ ๐ญ๐ก๐ ๐ฅ๐๐ซ๐ ๐๐ฌ๐ญ ๐ฌ๐ก๐๐ซ๐
The economical car held the largest share in 2019, contributing to nearly one-third of the market. This is due to expansion and progression of the travel & tourism industry and enhanced road infrastructure. However, the sports utility vehicle (SUV) segment is anticipated to register the fastest CAGR of 14.7% during the study period, owing to rise in population and increase in demand for rental cars due to the booming travel and tourism industry.
๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐ ๐๐จ๐ฆ๐ข๐ง๐๐ญ๐๐ ๐ญ๐ก๐ ๐ฆ๐๐ซ๐ค๐๐ญ
The market across North America held the largest share in 2019, contributing to more than two-fifths of the total revenue. This is owing to lack of route flexibility in public transportation and need of greener environment. However, the market across LAMEA is projected to portray the highest CAGR of 15.1% during the study period, due to development of the travel & tourism industry, rise in disposable income of people.
โถ๏ธ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/2073
๐๐๐ฃ๐จ๐ซ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ
Avis Budget Group, Inc
Enterprise Holdings, Inc.
EuropeCar
Localiza
Hertz System, Inc.
Carzonrent India Pvt Ltd.
Sixt
ANI Technologies Pvt. Ltd.
Eco Rent a Car
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
https://www.alliedmarketresearch.com/electric-vehicle-market - Global Opportunity Analysis and Industry Forecast, 2021-2030
https://www.alliedmarketresearch.com/luxury-car-market-A05980 - Global Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/luxury-yacht-market - Global Opportunity Analysis and Industry Forecast, 2022-2031
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๐๐๐จ๐ฎ๐ญ ๐๐ฌ
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