Car Rental Market To Reach $125.4 Billion By 2025 On Account Of The Upsurge In Travel And Tourism Activities Across The Globe | Grand View Research, Inc.

April 22 15:25 2021
Car Rental Market To Reach $125.4 Billion By 2025 On Account Of The Upsurge In Travel And Tourism Activities Across The Globe | Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to recent report published by Grand View Research Inc., COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services.

The global car rental market size is anticipated to reach at USD 125.4 billion by 2025 to expand at CAGR of 5.1%. Increasing number of smartphone users globally and rising dependency on technology for carrying out activities such as booking and paying for rental services have been vital to market growth over the years. A number of vehicle rental companies are rolling out apps to notify their customers about promotional offers, discount coupons, fare, real-time tracking, and availability. As customers demand availability of cars in minimal time, industry players are focusing on enhancing their service convenience and streamlining business processes by utilizing IoT-enabled fleet management solutions.

Amid the COVID-19 pandemic, car rental services are suspended across many countries. In some countries with ease of restrictions car rental ventures have resumed with full swing and adopted to the new normal. Safety norms and COVID protocols are now ruling in the public transport industry throughout the globe. 

Car Rental Market Report Suggest:

 Along with reduction in fuel prices, there has been a considerable rise in number of international travelers worldwide, thereby resulting in rising demand for rental services

Rising consumer awareness regarding rental add-ons and availability of affordable solutions is compelling car rental market players to focus on enhancing their services and prioritizing customers’ convenience

Airport transport is anticipated to emerge as the largest application segment over the coming years, owing to a significant increase in number of air travelers across the globe. Numerous small companies are also entering this segment with new technologies and processes, further propelling the revenue generation prospects of the segment

‘Bleisure’ travel, which refers to a combination of a business and leisure trip, is one of the emerging and most promising trends in the travel and tourism industry. This trend is poised to propel the demand for car hiring and renting services among leisure and business travelers.

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Car Rental Market Segmentation

Grand View Research has segmented the global car rental market by vehicle type, application, and region:

Car Rental Vehicle Type Outlook (USD Million, 2014 – 2025)

     Luxury cars
     Executive cars
     Economy cars
     SUVs
     MUVs

Car Rental Application Outlook (USD Million, 2014 – 2025)

     Local usage
     Airport transport
     Outstation
     Others

Car Rental Regional Outlook (USD Million, 2014 – 2025)

     North America
        • U.S.
     Europe
        • Germany
        • U.K.
        • France
     Asia Pacific
        • China
        • India
        • Korea
        • Japan
    • South America
     Middle East & Africa

List of Key Players of Car Rental Market

    • The Hertz Corporation
    • Sixt SE
    • Europcare
    • Avis Budget Group
    • Enterprise Rent-A Car

Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/1337/ibb

Browse More Related Report:

On-Demand Transportation Market Size, Share & Trends Analysis Report By Service Type (E-Hailing, Car Rental, Car Sharing), By Vehicle Type (Four Wheeler, Micro Mobility), And Segment Forecasts, 2018 – 2025

Transportation Management Systems Market Size, Share & Trends Analysis Report By Deployment Mode, By Mode Of Transportation, By End User, By Region, And Regional Forecasts, 2019 – 2025

About Grand View Research

Grand View Research is an India & 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.

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