NEW YORK, May 18, 2020 (GLOBE NEWSWIRE) -- The global car rental market was valued at USD 86.3 billion in 2019 and is expected to reach USD 131.0 billion by 2025, growing at a CAGR of 6.9% during 2020-2025. In 2019, the tourism industry witnessed massive growth with tourists enhancing their tourism budget that is significantly supporting the growth of car rental market. Tourism is expanding as tourists find it leisure and socially acceptable activity, as a result of which, apart from business meetings or exploring the city, tourists are splurging ample amount on visiting new places. Additionally, car rental provides convenience and flexibility to the tourist to explore any location.
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The executive type of vehicle segment is expected to witness fastest growth in the global car rental market during the forecast period (2020 – 2025)
Based on vehicle type, the global car rental market is segmented into executive, luxury, SUVs, economy, and MUVs. Of all the vehicle types, the executive type of vehicle segment is expected to witness fastest growth in the global market during the forecast period. This is due to the growing number of business travellers globally, specifically in emerging economies.
Geography Insight
Geographically, North America is the largest car rental market and is expected to generate largest revenue by 2025. This is owing to the increasing number of business and leisure trips both domestic and international. On the other hand, Asia-Pacific is expected to witness highest CAGR during the forecast period due to the improved road infrastructure along with accessibility to high end luxury vehicles.
Competitive Insight
Some of the key players operating in the global car rental market are Sixt SE, Uber Technologies Inc., Carzonrent India Pvt Ltd., Europcar, Avis Budget Group, Inc, German Rent a Car, DTG Operations, Inc., Localiza Rent a Car S.A., Enterprise Holdings Inc., Tempest Car Hire, The Hertz Corporation, Alamo, and Eco Rent a Car.
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Global Car Rental Market Coverage
Vehicle Type Insight and Forecast 2015 – 2025
- Executive
- Luxury
- SUVs
- Economy
- MUVs
Application Insight and Forecast 2015 – 2025
- Airport Transport
- Outstation
- Local Usage
- Others
Geographical Segmentation
Car Rental Market by Region
North America
- By Vehicle Type
- By Application
- By Country – U.S., Canada, and Mexico
Europe
- By Vehicle Type
- By Application
- By Country – Germany, U.K., France, Italy, Spain, The Netherlands, and Rest of Europe
Asia-Pacific (APAC)
- By Vehicle Type
- By Application
- By Country – China, Japan, India, Australia, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Vehicle Type
- By Application
- By Country – Brazil, U.A.E., and Other Countries
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