Market Research Report
Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945212|
|Published||Content info||111 Pages
Delivery time: 2-3 business days
|Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 111 Pages||
The global car rental market is currently witnessing strong growth. Car rental refers to the facility of renting automobiles temporarily for a predefined period through online or offline channels. Car rental services are primarily aimed at serving travelers and individuals who do not own private vehicles. Renting automobiles is considered to be a more cost-effective alternative to owning a vehicle as it offers freedom of movement, low-cost traveling and enables the evasion of high ownership costs. The service providers also offer various other products, such as car damage repair, insurance compensation policies, entertainment systems, global positioning systems (GPS) and Wi-Fi networks, for providing enhanced convenience to users.
Significant growth in the travel and tourism industry across the globe is one of the key factors driving the growth of the market. Furthermore, the rising urban population with increasing inclination toward adventure and travel is also providing a boost to the market growth. In line with this, individuals are adopting car rental services in the form of taxis and carpooling for increased mobility and cost-effective traveling. Additionally, the implementation of favorable government policies, along with the increasing awareness regarding environment conservation, is acting as another growth-inducing factor. Governments of both the developed and emerging economies are emphasizing on minimizing their vehicular emissions and promoting car rental services as one of the most economical modes of transportation. Other factors, including the introduction of car rental services through websites and smartphone-based applications, coupled with increasing expenditure capacities of the masses, are projected to drive the market further. Looking forward, IMARC Group expects the market to register a CAGR of around 7% during 2020-2025.