Car Rental Market Focusing On The Basis Of Vehicle Type, Application, Region And Forecast Till 2025

17/feb/2020 10:24:04 Grand View Research Contatta l'autore

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Car Rental Market

San Francisco, 17 February 2020: The Report Car Rental Market Size, Share & Trends Analysis Report By Vehicle Type (Economy, Executive, Luxury), By Application (Local Usage, Airport Transport, Outstation), By Region, And Segment Forecasts, 2019 – 2025

The global car rental market size is expected to reach USD 125.4 billion by 2025, registering a CAGR of 5.1% from 2019 to 2025, according to a new report by Grand View Research, Inc. High total cost of ownership (TCO) associated with personal vehicles and growth in the tourism industry across the globe are two main factors fueling the market.

Increasing number of smartphone users globally and rising dependency on technology for carrying out activities such as booking and paying for rental services have been vital to market growth over the years. A number of vehicle rental companies are rolling out apps to notify their customers about promotional offers, discount coupons, fare, real-time tracking, and availability. As customers demand availability of cars in minimal time, industry players are focusing on enhancing their service convenience and streamlining business processes by utilizing IoT-enabled fleet management solutions.

Industry participants compete with each other on the basis of fleet size, pricing, location flexibility, and marketing expertise. The market is highly competitive, forcing companies to shrink their profit margins in order to offer better services to customers than their competitors. High intensity of competition within the industry is also encouraging major players to acquire smaller companies in order to strengthen their position in the marketplace. Several prominent service providers have introduced their brands at affordable prices as a strategy to expand their customer base.

Access Research Report of Car Rental Market https://www.grandviewresearch.com/industry-analysis/car-rental-market

Further key findings from the report suggest:

  • Along with reduction in fuel prices, there has been a considerable rise in number of international travelers worldwide, thereby resulting in rising demand for rental services
  • Rising consumer awareness regarding rental add-ons and availability of affordable solutions is compelling car rental market players to focus on enhancing their services and prioritizing customers’ convenience
  • Airport transport is anticipated to emerge as the largest application segment over the coming years, owing to a significant increase in number of air travelers across the globe. Numerous small companies are also entering this segment with new technologies and processes, further propelling the revenue generation prospects of the segment
  • ‘Bleisure’ travel, which refers to a combination of a business and leisure trip, is one of the emerging and most promising trends in the travel and tourism industry. This trend is poised to propel the demand for car hiring and renting services among leisure and business travelers.

Browse more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/automotive-and-transportation

Grand View Research has segmented the global car rental market by vehicle type, application, and region:

Car Rental Vehicle Type Outlook (USD Million, 2014 - 2025)

  • Luxury cars
  • Executive cars
  • Economy cars
  • SUVs
  • MUVs

Car Rental Application Outlook (USD Million, 2014 - 2025)

  • Local usage
  • Airport transport
  • Outstation
  • Others

Car Rental Regional Outlook (USD Million, 2014 - 2025)

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Access Press Release of Car Rental Market https://www.grandviewresearch.com/press-release/global-car-rental-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

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