Global Car Rental Market Size, Share, Analysis, Trends Future & Forecast 2028
MarkNtel Advisors, in its latest report, forecasts a Compound Annual Growth Rate (CAGR) of approximately 7% for the Global Car Rental Market throughout the forecast period (2023-28). The recently published study on the market is thoughtfully structured to provide clients with a comprehensive comprehension of the market and its most lucrative segments. This research report presents precise information in a statistical manner, encompassing recent market prospects and historical achievements. The report emphasizes consumption trends, geographical assessment, market division, and the competitive environment.
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Examining Key Drivers and Trends in the Report:
The Global Car Rental Market Study delivers an extensive examination of growth opportunities, driving factors, challenges, and hurdles in both emerging and developing regions. It presents a detailed exploration of the key elements influencing market expansion. Furthermore, the report scrutinizes recent trends and assesses their impact, both positive and negative, on market dynamics.
Moreover, the study offers an insightful appraisal of the current market frameworks and essential characteristics. The determination of market size takes into account factors like value distribution, pricing, and production. Additionally, the report provides an overview of applications based on consumption trends. Porter’s five forces analysis is employed to forecast the industry’s future performance, offering valuable insights into market dynamics and the competitive factors that mold the market landscape.
Global Car Rental Market Key Drivers: Expansion of Global Tourism to Augment the Market Growth
Tourism is a rapidly growing industry, especially in countries like China, the UAE, France, etc., and this has been a major driver for the Car Rental market across the globe. According to World Travel and Tourism Council, the growth rate of the global travel & tourism sector outpaced the growth of the global economy for nine consecutive years prior to the COVID-19 pandemic. During the pandemic, the industry witnessed a downfall of 50.4%, and later on, it recovered by 21.7% in 2021. As more individuals travel globally, they seek convenient means of transportation, owing to which they opt for these services.
Moreover, many countries, like Saudi Arabia, Qatar, Thailand, Singapore, etc., are implementing plans to boost their sector. For instance,
In 2022, Saudi’s Ministry of Tourism launched 10 new regulations to develop the tourism sector. The regulation covers tourism hospitality facilities, traveling & tourism services, tourist guides, tourism hospitality facilities management, tourism consultancy, private tourist hospitality facility, etc.
Consequently, the plans by different countries to boost tourism are leading to enhanced investment in theme parks, new hotels, resorts, etc., & as the number of tourists surges, there would be an increase in car rental demand to explore these places, which would aid in enhancing the Car Rental market share during the forecast period.
Global Car Rental Market Segments, as per the Research Report
-By Booking Mode
-By Vehicle Type
-Sports Utility Vehicles (SUVs)
-Multi Utility Vehicles (MUVs)
-By Rental Category
-By Driver Type
-By Rental Duration
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-The Middle East & Africa
Comprehensive Analysis of Market Competition
Analyzing the competition is crucial to identify major rivals in the global market. This assessment involves looking at various aspects like their revenue, market potential, global presence, production capabilities, market strategies, financial health, manufacturing facilities, strengths and weaknesses, and investments in research and development.
In this report, we focus on key market players, such as Avis Budget Group, Sixt SE, Enterprise Holdings (Alamo), Hertz Corp., Europcar, Localiza, Carzonrent India Pvt. Ltd. (CIPL), ZoomCar, Inc., Dollar Rent a Car, Green Motion, Buchbinder, Others. We study their tactics for growth, partnerships, new product development, collaborations, mergers, and acquisitions to maintain their positions in the market. We also assess their business performance, product range, operational segments, and recent developments. Furthermore, we provide a feasibility analysis of the return on investment (ROI) and an estimated SWOT analysis.
Our research ensures that stakeholders receive accurate market forecasts. The report includes economic conditions, relevant statistics, and economic factors to support well-informed market predictions regarding industry scenarios.
The Global Car Rental Market Research Report addresses the following important inquiries:
- What is the expected growth rate of the Car Rental market during the forecasted period?
- What market dynamics will steer changes in client and business strategies?
- Which factors are expected to have a significant impact, including rising demand and ongoing market trends?
- Which geographic region is projected to dominate the market in the next five years?
- Among the identified market segments, which ones display potential for promising growth opportunities?
- Who currently holds the largest market share among the companies in this market?
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