The Global Car Rental Market is expected to witness a substantial
growth over the forecast period, reaching USD 119.56 billion by 2024,
according to a new report by Grand View Research, Inc. The industry is
primarily driven by the growth as well as expansion of the global travel and
tourism industry. There has been a significant increase in the number of
business and leisure trips worldwide over the past few years.
The advent of online rental portals has helped shape the
dynamics of the car rental industry. Growing usage of smartphones and tablets
has helped customers to book and reserve cars from anywhere at any point of
time. Major players, such as Enterprise Rent-A-Car and Avis Budget Group, are
now focusing on developing smartphone applications and optimizing their
customer-friendly websites to facilitate quick and convenient bookings.
However, compliance with stringent vehicle emission
regulations is expected to challenge the demand for these services across the
world. In addition to this, the instability in crudeoil prices and growing
demand for publictransportation are presumed to challenge the growth to some
degree over the forecast period.
Access of Full Report@ http://www.grandviewresearch.com/industry-analysis/car-rental-market-analysis-market
Further key findings from the report suggest:
- An
emerging trend in the travel and tourism industry which is gaining immense
popularity is the evolution of “Bleisure”, which refers to a combination
of leisure travel with business trips. The growth in this trend is
presumed to propel the demand for car rentals among businesses as well as
leisure travelers.
- Executive
cars are expected to witness a considerable growth with an estimated CAGR
of close to 7% from 2016 to 2024. Swift globalization culminating into
increased business trips across the globe is the primary factor propelling
the growth of these cars in the near future.
- In
terms of application, airport transport dominated the overall industry
share in 2015 and is presumed to retain its dominance over the next eight
years. Rapid globalization has resulted in a significant increase in the
number of air travelers across the globe, which, in turn, has bolstered
the growth prospects of the industry.
- The
Asia Pacific market was valued at over USD 12 billion in 2015 and is
presumed to witness a substantial growth over the forecast period. The
significant regional growth prospects can be attributed to the rising
economic development, enhanced road and infrastructure facilities, and
growth in tourism over the forecast period.
View all Related
Reports from this Category: http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research
has segmented the Car Rental Market on the basis of vehicle type, application,
and region.
Car Rental Vehicle Type Outlook (USD Billion) 2013
- 2024
- Luxury Cars
- Executive Cars
- Economy Cars
- SUVs
- MUVs
Car Rental Application Outlook (USD Billion) 2013
- 2024
- Local Usage
- Airport Transport
- Outstation
- Others
Car Rental Regional Outlook (USD Billion) 2013
- 2024
North America
- U.S.
Europe
- France
- Germany
- UK
Asia Pacific
- Japan
- Korea
- China
- India
South America
MEA
Browse Press Release of this Report: http://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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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