Car Rental Market Growth Analysis:
The Car Rental Market is expected to register a compound annual growth rate of approximately XX during the forecast period to reach around USD XX billion by 2025. Car rentals have become one of the rapidly growing markets in the Asia Pacific countries like India and China with the increase in the travel and tourism industry. These services provide the best commuting options in the regions where there is no proper public transportation and attractive tourist destination places.
Car Rental Market Opportunities:
The increase in the tourism industry has encouraged many companies to offer car rental services, increasing the competitive landscape of the market. The recent changes in the technology and the online hotel and flight booking services has made the car rental providers to partner with the airline and hotels to integrate their services while confirming their bookings. The advent of the Internet of Things (IoT) and connected cars will revolutionize the car rentals market in the future.
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The increase in the inbound and domestic tourism is the primary factor promoting the global car rentals market. Furthermore, the advancements in the technology, lack of proper transportation in some developing nations, easy to choose options on the internet, growth in the disposable income of the population, availability of cars according to the needs of the customers, benefits of telematics technology, increase in the new entrants and other factors are also driving the international car rentals market. Additionally, the demand for hybrid vehicles that are environment-friendly will also boost the market growth. However, the changes in the crude oil prices, the low fare for public transportation, and the strict government regulations are hampering the market expansion.
Car Rental Market Regional Analysis:
Based on the regional analysis, the Car Rental Market is dominated by North America owing to the availability of key players and awareness about the car rental services among the people. Europe is following the North American region in terms of market share. Nonetheless, the Asia Pacific region is expected to witness highest CAGR in the forecast period owing to the increasing travel and tourism industry of the region with the countries like India, Indonesia, Malaysia, Singapore, Japan, Australia, and New Zealand.
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Car Rental Market Top Players in the Market:
Enterprise Rent-A-Car, Avis Budget Group, Inc., the Hertz Corporation, Sixt SE, and Europcar are the top companies of the global car rental car market.
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