San Francisco, Oct. 15, 2015 (GLOBE NEWSWIRE) -- The global car rental market size is expected to reach USD 103.09 billion by 2022, according to a new report by Grand View Research, Inc. Increasing number of air travelers across the globe is expected to drive the car rental market growth over the forecast period. Service companies rent out vehicles to customers for a specific chargeable period. These companies are often organized across a range of local branches primarily near airports or busy city areas in order to facilitate customers to return the vehicle at a location of their convenience.
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Contemporary car rental services are largely complemented by websites and smartphone applications, which make provision for online reservations. Changes in customer preferences due to fast penetration of smartphones coupled with fast internet access through affordable 3G and 4G LTE services are one of the key factors responsible for industry growth.
The booming international tourism industry has significantly driven industry growth. Car rental service providers offer a plethora of vehicle options which include luxury, executive, and economy vehicles, as well as SUVs and MUVs. The vehicles serve several segments of customer interests, such as leisure travel, business travel, airport transport, employee transport and all other types of local usage. However, stringent emission standards and volatility in crude oil prices are expected to hinder industry growth globally.
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Further key findings from the report suggest:
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Grand View Research has segmented the global car rental market on the basis of vehicle type, application, and region:
Car Rental Vehicle Type Outlook (Revenue, USD Billion, 2012 – 2022)
Car Rental Application Outlook (Revenue, USD Billion, 2012 – 2022)
Car Rental Regional Outlook (Revenue, USD Billion, 2012 – 2022)
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.
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