New York, June 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Car Rental Global Market Report 2023" - https://www.reportlinker.com/p06466576/?utm_source=GNW
, Eco Rent A Car LLC, Carzonrent India Pvt Ltd, Ace Rent-A-Car Pvt. Ltd., National Car Rentals Pte. Ltd., Alamo Rent A Car Inc., Budget Rent a Car System Inc., and Renault Eurodrive Inc.
The global car rental market is expected to grow from $94.75 billion in 2022 to $102.29 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The car rental market is expected to reach $136.02 billion in 2027 at a CAGR of 7.4%.
The car rental market includes revenues earned by entities by providing services, such as automated check-in and checkout, online cancellation, vehicle information and listing, and more.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Car rental refers to a kind of service that involves the process of renting or hiring a car for a short-term period, typically ranging from a few hours to several weeks. Car rental services are typically used by travelers, tourists, or individuals who need a temporary mode of transportation for various reasons, such as vacations, business trips, or vehicle repairs.
North America was the largest region in the car rental market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the car rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of vehicles used in car rental services are luxury cars, executive cars, economy cars, SUVs, and MUVs, which can be booked online and offline.Luxury cars refer to luxury vehicles or luxury automobiles, which are high-end vehicles that offer superior comfort, performance, and features compared to standard or economy cars.
These are used for several applications, such as local usage, airport transport, outstation travel, and others, and are used by various end users, such as self-driven and chauffeur-driven.
The significant growth in the tourism industry is expected to propel the growth of the car rental market going forward.The tourism industry refers to the business that deals with the traveling of individuals from one destination to another for various purposes such as business, vacations, pleasure traveling of individuals from one destination to for various purposes such as business, vacations, or pleasure.
In the tourism industry, renting a car or vehicle helps travelers to enjoy the journey at an affordable cost and provides the passengers with a secure, comfortable, and relaxing ride by following a simple booking procedure.For instance, in September 2022, according to the World Tourism Organization (UNWTO), a Spain-based international organization, the tourism sector had recovered almost 60% of the pre-pandemic levels.
The estimated number of tourists traveling at the international level from January to July 2022 accounted for 474 million, as compared to 175 million tourists in the same months of the year 2021.With tourists reaching 57% of pre-pandemic levels in the first seven months of 2022, international tourism continued to exhibit encouraging signs of recovery.
Therefore, the significant growth in the tourism industry is driving the growth of the car rental market.
Technological advancements are the key trends gaining popularity in the car rental market.Companies operating in the car rental market are adopting new technologies to sustain their position in the market.
For instance, in October 2022, The Growr Inc., a UK-based self-driving car rental company, launched the ’AI Smart Drive’ self-driving cars in the car rental industry. AI (artificial intelligence) Smart Drive is an innovation in the car rental industry that enables the incorporation of self-driving vehicles into already-available rental services. The Growr’s self-driving automobiles are also referred to as driverless or autonomous vehicles. They represent unique technological advances. These vehicles use a collection of sensors to sense their surroundings and move safely with little to no human intervention. The goal of AI Smart Drive is to offer fully autonomous automobiles.
In September 2022, Green Motion International, a UK-based car rental company, acquired U-Save Car & Truck Rental LLC for an undisclosed amount.The acquisition aims to enhance growth opportunities by collectively providing the combined service offerings of both companies.
With this acquisition, Green Motion International looks forward to expanding its geographical presence, while U-Save Car & Truck Rental LLC strengthens its brand position. U-Save Car & Truck Rental LLC is a US-based car rental company that provides discounted car and truck rental services.
The countries covered in the car rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The car rental market research report is one of a series of new reports that provides car rental market statistics, including car rental industry global market size, regional shares, competitors with a car rental market share, detailed car rental market segments, market trends and opportunities, and any further data you may need to thrive in the car rental industry. This car rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466576/?utm_source=GNW
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