According to IMARC Group’s latest report, titled “Car Rental Market: Global Industry Size, Share, Trends, Growth, Opportunity and Forecast 2021-2026”, the global car rental market reached a value of US$ 93.70 Billion in 2020. Looking forward, IMARC Group expects the global market has huge potential for growth during 2021-2026.
Car rental is the facility of renting vehicles temporarily for a predefined period through online or offline channels. Car rental services are primarily focused on serving travelers and individuals who do not own private automobiles. Car rental is a cost-effective alternative to owning a vehicle as it offers low-cost traveling, freedom of movement, and reduced fuel consumption on individual vehicles. Several car rental service providers also offer various other services, such as car damage repair, insurance compensation policies, entertainment systems, GPS and Wi-Fi networks, for an enhanced consumer experience.
The rising urban population, coupled with significant expansion of the travel and tourism industry across the globe, are primarily driving the car rental market growth. Furthermore, the rising adoption of car rental services in the form of taxis and carpooling for increased mobility and cost-effective traveling is also propelling the global market. Additionally, due to the rising air pollution, the governments of several countries are focusing on minimizing vehicular emissions and promoting car rental services as one of the most economical and sustainable modes of transportation. Other factors, such as the introduction of car rental services through websites and smartphone-based applications, rising consumer disposable income levels, the growing number of car rental service providers, etc., are further expected to drive the global car rental market growth in the coming years.
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Car Rental Market 2021-2026 Competitive Analysis and Segmentation:
The competitive landscape of the global car rental market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the global car rental market on the basis of booking, rental length, vehicle type, application, end-user and region.
Breakup by Booking:
Breakup by Rental Length:
Breakup by Vehicle Type:
Breakup by Application:
Breakup by End-User:
Breakup by Region:
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Key highlights of the report:
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