Global Car Rental Market Predicted to Garner a Revenue of $148,129.4 Million at a CAGR of 15.5% during the Forecast Period, 2020 to 2027- Exclusive COVID-19 Impact Analysis [225 pages] Report by Research Dive

Global car rental market is expected to witness a significant rise during the forecast period. Sports Utility Vehicle sub-segment is expected to be the most lucrative. Leisure sub-segment is estimated to become the most profitable. Online sales channel sub-segment is anticipated to earn the highest market share. Asia-Pacific to dominate the market.

New York, USA, May 04, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global car rental market is expected to garner a revenue of $148,129.4 million and exhibit a CAGR of 15.5% by 2027. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.

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Dynamics of the Market

The main attributors behind the growth of the global car rental market are the increase in disposable income and inclination towards high standard of living. Moreover, the car rental businesses provide cars as requested by the customers at an affordable price.

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The developing countries are seeing a growth in low-cost transportation measures. This factor is expected to hinder the growth of the global car rental market. The growing prominence on developing car rental management software is expected to create many opportunities for the global car rental market in the forecast period.

Key Segments of the Market

The report has divided the market into different segments based on vehicle type, application, and regional analysis.

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Sports Utility Vehicle Sub-Segment is Expected to be the Most Lucrative

By vehicle type, the SUV rental market sub-segment is anticipated to generate a revenue of $13,131.9 million by 2027, increasing from $7,532.6 million in 2019. The sports utility vehicles are known for their amazing features confirming safety and convenience, adequate space, enhanced flexibility, and comfort. This is the main reason behind the growth of the segment.

Leisure Sub-Segment is Estimated to Become the Most Profitable

By application, the leisure sub-segment is projected to surpass $95,179.0 million by 2027, from $61,691.0 million in 2018. This main factor behind this growth is the steady demand from tourists especially from developing countries.

Online Sales Channel Sub-Segment is Anticipated to Earn the Highest Market Share

By sales channel, the online sub-segment is anticipated to generate a revenue of $107,144.0 million during the forecast period. An online car rental system will help enterprises to manage multiple bookings, track various rental statuses, contact the designated customers, statuses of cars, and bill different bookings in a great way. This is the main factor fueling the growth of the segment.

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Asia-Pacific to Dominate the Market

Asia-Pacific regional market share is proposed to register a revenue of $65,651.0 million by 2027 growing at a CAGR of 15.0%. Growing disposable income, increasing craze of smartphones in Asian countries such as Japan, China, South Korea, and India are the main factors enhancing the growth of the market.

Key Players of the Market

1. Eco Rent a Car
2. Enterprise Holdings Inc.
3. Avis Budget Group
4. Europecar
5. The Hertz Corporation
7. Bettercar Rental LLC
8. Al-Futtaim
9. Carzonrent
10. Localiza

These players are focusing on research and development, product launches, collaborations and partnerships to sustain the growth of the market. For instance, in February 2019, the SIXT SE company digitalized the car rental process in Europe. Also, the company adopted connectivity technologies for its fleet management and has already connected thousands of vehicles through the IoT cloud platform. These advancements may lead to an increase in the demand for car rental services in the global market.

The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.


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