One of the key factors responsible for the boom in the demand for rental cars is the flourishing travel and tourism industry across the world. As per the World Travel and Tourism Council (WTTC), the global travel and tourism industry observed a growth of 3.9% from 2017 to 2018, which is considerably higher than the global GDP growth rate of 3.2%. In addition to this, there has been a significant increase in the disposable income of the people throughout the world, which is also contributing toward the increasing adoption of rented vehicles.
Due to the above-mentioned factors, the revenue generated from the provision of rental services stood at $78.7 billion in 2018 and is predicted to reach $122.6 billion by 2024. The car rental market is projected to advance at a 7.9% CAGR during the forecast period (2019–2024). There are three types of vehicles available for rent purposes namely economy, executive, and luxury. Amongst these, the economy vehicles, owing to their high fuel efficiency and low environmental impact, recorded the highest usage for rent purposes in 2018.
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In March 2019, Avis Budget Group signed a deal with Etihad Aviation Group to be its exclusive car rental service provider. This deal will provide Etihad Airways Group’s guests a greater travel experience.
The major players operating in the market includes Europcar Mobility Group S.A., Sixt SE, and Localiza Rent a Car SA.
Key Questions Addressed/Answered in the Report
- What is the current scenario of the global car rental market?
- What are the emerging services/technologies in the rental market?
- What is the historical and the present size of the market segments and their future growth potential?
- What are the major catalysts for the market and their impact during the short, medium, and long terms?
- What are the evolving opportunities for the players in the market?
- Which are the key geographies from investment perspective?
- What are the strategies adopted by the major players to expand their market share?