Global Car Rental Market Growth Potential 2023-2028: Demand, Size, and Ongoing Trends Analysis

Comprehensive Research Report on Global Car Rental Market Size, Share, and Growth Trends

The Global Car Rental Market size is projected to grow at a CAGR of around 7% during the forecast period 2023-28. MarkNtel Advisors recently released a research report on the market, offering an inclusive & unbiased analysis of the industry dynamics. It highlights current market trends & consumer behavior and explores the cause-and-effect relationships between these trends.

With an extensive analysis substantiated with facts & figures, the report equips stakeholders with valuable insights to make well-informed decisions in order to stay ahead of the competition. The findings of the Car Rental Market report are derived from a robust research strategy, which includes in-depth interviews with industry stakeholders, thorough secondary research, and reliable data sources, ensuring accuracy and reliability.

Discovering the Core Aspects of the Car Rental Market Report: Structure, Size, Share, Growth Drivers, Segmentation, Opportunities, and Top Companies.

• Car Rental Market Structure: This section presents valuable insights into the Car Rental Industry, encompassing its services/products, segmentation analysis, and a comprehensive assessment of past, present, and future scenarios. Gain a deep understanding of market dynamics, growth drivers, challenges, and emerging trends.
• Car Rental Market Size, Share, & Growth Projections: Access unbiased market data, including revenue, growth rate (CAGR), and a breakdown of Car Rental market share. Leverage this data to make well-informed business decisions.
• Car Rental Market Segmentation: Explore thoroughly researched information on each segment and its subcategories. Uncover insights into market share, growth potential, and trends within each segment.
• Car Rental Market Geographical Data: Comprehend the geographical distribution of the market and the share held by each region. Analyze regional trends and identify potential opportunities.
• Car Rental Market Growth Opportunities: Unearth emerging trends, innovative technologies, and untapped opportunities that have the potential to drive Car Rental market growth.
• Car Rental Market Company Outlook: Evaluate the competitive landscape with detailed information about leading companies, their products, financials, SWOT analysis, and recent developments.

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Key Segments & Sub-segments Derived in the Global Car Rental Market Report

This section of the Global Car Rental Market report provides stakeholders with an in-depth analysis of the industry, highlighting the market potential, demand, and growth prospects for each segment to help them tailor their strategies to specific market segments, allowing them to maximize their returns and gain a competitive advantage in the industry.

1. By Booking Mode

• Offline
• Online

2. By Application

• Leisure
• Business

3. By Vehicle Type

• Luxury
• Economy Cars
• Executive Cars
• Sports Utility Vehicles (SUVs)
• Multi Utility Vehicles (MUVs)

4. By Rental Category

• Local
• Airport
• Outstation

5. By Driver Type

• Self-Driving
• Chauffeur

6. By Rental Duration

• Short Term
• Long Term

Geographically, the Car Rental market expands across:

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

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Competitive Projections, as per the Car Rental Research Report

The research report on the Car Rental Market comprises the notable mergers or acquisitions by the leading players in the Car Rental industry, along with their recent product launches or services offered. The report compressively illuminates market strategies, profit-loss status, annual reports, and more. Top Car Rental companies profiled in the study:

• Avis Budget Group
• Sixt SE
• Enterprise Holdings (Alamo)
• Hertz Corp.
• Europcar
• Localiza
• Carzonrent India Pvt. Ltd. (CIPL)
• ZoomCar, Inc.
• Dollar Rent a Car
• Green Motion
• Buchbinder
• Others

Car Rental Industry Development/Investment

• “Hertz, along with private equity firm, Certares, participated in UFODrive's Series A funding round in February 2022, which raised around USD19 million. With this investment, Hertz aims to leverage UFODrive's digital rental & fleet management technology to manage its electric car fleet on a global scale.”

Factors Shaping the Car Rental Market Through 2028

Expansion of Global Tourism to Augment the Market Growth - Tourism is a rapidly growing industry, especially in countries like China, the UAE, France, etc., and this has been a major driver for the Car Rental market across the globe. According to World Travel and Tourism Council, the growth rate of the global travel & tourism sector outpaced the growth of the global economy for nine consecutive years prior to the COVID-19 pandemic. During the pandemic, the industry witnessed a downfall of 50.4%, and later on, it recovered by 21.7% in 2021. As more individuals travel globally, they seek convenient means of transportation, owing to which they opt for these services.

Moreover, many countries, like Saudi Arabia, Qatar, Thailand, Singapore, etc., are implementing plans to boost their sector. For instance,

• In 2022, Saudi’s Ministry of Tourism launched 10 new regulations to develop the tourism sector. The regulation covers tourism hospitality facilities, traveling & tourism services, tourist guides, tourism hospitality facilities management, tourism consultancy, private tourist hospitality facility, etc.

Consequently, the plans by different countries to boost tourism are leading to enhanced investment in theme parks, new hotels, resorts, etc., & as the number of tourists surges, there would be an increase in car rental demand to explore these places, which would aid in enhancing the Car Rental market share during the forecast period.

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Key Questions Answered in the Car Rental Market Research Report

• What are the Car Rental Market size and growth projections during 2023-28?
• What is the regulatory framework and recent developments in the Car Rental Market?
• Which segments or regions/countries are anticipated to emerge as an opportunistic area for the Car Rental Market players?
• What are the key companies profiled in the Car Rental Market research report?
• What are the latest trends in the Car Rental Market?

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