Global Car Rental Market: An Overview:
Domestic and international travelers are increasing as travelling gains prominence over the last few years. The trend is set to continue into the forecast period of 2016 to 2024. Transparency Market Research notes that there is a growing demand for reliable and quality travel services as a result. It is creating growth opportunities for global car rental market players over the period. Additionally, it notes that a robust compound annual growth rate will be noted in the global car rental market, which will add to valuation in a significant manner.
Major Key Players of the Car Rental Market are:
Enterprise Rent-A-Car, Sixt SE, Europcar, The Hertz Corporation and Avis Budget Group.
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For instance, in March 2019, Sixt SE, a prominent player in the car rental market launched a mobility app in order to facilitates customers with several other services and boost personalization. In the same way, in December 2018, The Hertz Corporation, incopated the use of a online platform called the Hertz Fast Lane in their servies. This platform helps in carry out and speed up the entire vehicle rental process with the help of a biometric.
According to TMR, the global car rental market is projected to witness a astonishing double digit CAGR of 14.40% during the forecast period that between 2014–2024. The opportunities in the market is projected to touch a valuation of US$290.07 bn by 2024.
The global car rental market is segmented based on:
- Luxury Cars
- Executive Cars
- Economy Cars
- Local Usage
- Airport Transport
Technologies in Mobile Application to Drive Market Growth
The global car rental market is projected to garner a remarkable growth rate in the coming few years. This is mainly due to the factors such as global upsurge in travel and tourism activities coupled with improving road infrastructure. Along with this, rise in disposable incomes, surge in leisure and business trips and increasing investments by the global players are some other factors expected to fuel the car rental market in the coming few years.
Car rentals are the car services offered by players to the common people for a particular time duration at an agreed amount. Integration of advanced technologies such as real time monitoring, GPS and digital transaction are some other factors that played a crucial role in the growth of the car rental market.
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– To study and analyze the global Car Rental consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Car Rental market by identifying its various sub-segments.
– Focuses on the key global Car Rental manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Car Rental with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
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