The latest report on Car Rental Market by Infinium Global Research gives complete coverage of the Car Rental Market by car type (luxury, economy cars, suvs, muvs), category (local usage, airport transport, outstation), fuel type (gasoline, petrol, diesel) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and application trends in the regional markets of Car Rental such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Car Rental Agencies Primarily Serve People Who Require A Temporary Vehicle
A car rental agency is a company that rents automobiles for short periods generally ranging from a few hours to a few weeks. Additionally, Car rental agencies primarily serve people who require a temporary vehicle. Along with the basic rental of a vehicle, car rental agencies offer extra products such as insurance, global positioning system (GPS) navigation systems, entertainment systems, mobile phones, and portable Wi-Fi and child safety seats.
An increase in international tourism coupled with awareness about rental car services is anticipated to be the major factors driving the growth of the car rental market. Additionally, the increasing trend of using the internet for customizing travel trips and online reservations and bookings is expected to boost the use of technology in the car rental market over the upcoming years.
Moreover, leading car rental service providers are offering quality services and promoting their brands at airports and this is helping customers to adopt their services. However, Fluctuation in the crude oil prices and increased operational cost are the factors anticipated to hamper the growth of the car rental market over the forecast period.
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Several Opportunities for The Key Players in The Car Rental Industry
On the other hand, several car companies are using mobile-based applications to communicate the fare, discount coupons, promotional offers, availability of cars, and real-time tracking details to the consumers. This, in turn, is providing several opportunities for the key players in the car rental market. Furthermore, the trouble-free process of online reservations and bookings increases convenience for both the operators and customers, which are anticipated to open doors of opportunity for the industry growth in the upcoming years.
Among the geographies, North America dominated the car rental market followed by the Asia-Pacific owing to the consumer preference coupled with the presence of a large number of key operators in the North American regions. Moreover, a growing number of business trips as both domestic and international and the number of air travelers is expected to increase the demand for such services in the North American regions.
On the other hand, the expansion of leading car rental companies along with technological advancements in regions such as the Asia Pacific is anticipated to nurture demand for car rental services in the upcoming years. Moreover, strengthening the position of the medical tourism industry is augmented to drive the Asia Pacific market for car rentals in the years to come.
The major players in the car rental market are Avis, Hertz, Sixt, and GLobalCARS. These players in the car rental industry are concentrating on providing low-cost care services, particularly for leisure markets. Additionally, the Mahindra group’s e-vehicle arm Mahindra Electric has extended its partnership with car rental firm Zoom car. Moreover, Car services provider Avis India has announced the launch of its international transport drive service in the Indian market. On the other hand, Avis has provided its car rental services across 110 countries across EMEA, APAC, USA, and Canada for its Indian customers.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the car rental.
- Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.