New York, USA, Oct. 05, 2020 (GLOBE NEWSWIRE) -- A latest report published by Research Dive divulges that the Global Car Rental Market is predicted to garner $1,48,129.4 million by 2027, growing at a CAGR of 15.5% from 2020 to 2027. This report offers detailed information on the current position and future growth of the market. The report is a reliable research study, delivering meticulous market insights for new players, market players, stakeholders, investors, shareholders, etc.
Factors Impacting the Global Car Rental Market Growth:
The factors boosting the growth of the global car rental sector are growing preference by consumers for luxury cars due their high standard of living and rising disposable income. Moreover, an increased focus on car rental management software is expected to create massive opportunities for the market growth in the coming years. However, a rise in low-cost public transport services might hinder the growth of the global market.
The report segments the global car rental market into vehicle type, application, sales channel, and region.
Quick Download Sample Report [225 pages] of Global Car Rental Market - https://www.researchdive.com/download-sample/401
Sports Utility Vehicle (SUV) Segment to Experience Striking Growth during the Forecast Period
By vehicle type, the report divides the market into luxury cars, executive cars, economical car, sports utility vehicle (SUV), and multi utility vehicle (MUV). Among these, the sports utility vehicle (SUV) segment is projected to observe fastest growth and garner $13,131.9 million by 2027. This is mainly due to augmented safety & convenience; sufficient space for the occupants; and improved comfort, flexibility, and security of SUVs.
Leisure Segment to Lead the Market throughout the Forecast Period
By application, the report divides the market into leisure and commercial. Among these, the leisure segment is expected to dominate the global market growth by garnering $95,179.0 million by 2027. This growth is mostly owing to the growing disposable income, accessibility of online platforms, huge penetration of smartphones, and upsurge in tourism worldwide.
Reveal How COVID-19 Impacting On Global Car Rental Market - Connect to our Analyst for More Insights
North American Region to Reveal Rewarding Opportunities
The report analyzes the global car rental market across numerous regions including Asia Pacific, North America, Europe, and LAMEA. Among these, the North America region is projected to unlock profitable opportunities for the market growth and garner a revenue of $30,529.5 million by 2027. This is mainly owing to the rising demand for rental cars from the companies operating in the corporate sector in the region.
COVID-19 Impact on the Market Growth
The COVID-19 pandemic has made a negative impact on the growth of global car rental industry due to huge revenue losses, limitations on travelling, restricted social life, and closure of the tourism industry during the lockdown. However, the leading players functioning in the car rental sector such as Revv and Rent-a-car are taking initiatives to help the society amidst the COVID-19 catastrophe.
Leading Players in the Market
The key players profiled in the report are
- Eco Rent a Car
- Enterprise Holdings Inc.
- Avis Budget Group
- Europecar
- The Hertz Corporation
- SIXT SE
- Bettercar Rental LLC
- Al-Futtaim
- Carzonrent
- Localiza
The research offers numerous business strategies and tactics such as recent strategic moves & developments, product/service range, business performance, and SWOT analysis of the leading players functioning in the market. Quick Download Top Companies Development Strategies Summary Report [225 pages]