Global Car Rental Market Insights and Forecast By 2028: Showcasing a CAGR of 7%

Global Car Rental Market Size, Share, Trends, Analysis Future and forecast 2023-28

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Let’s Run Through the Car Rental Market Insights to Have a Clear View

The Global Car Rental Market is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2023-28.

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Examining the Top Competitors of the Car Rental Market Size:

In this section, we will explore the Car Rental Market from a competitive perspective, providing information on company profiles, financials, resources, key initiatives, R&D investments, strengths, weaknesses, and more. Leading companies in the market often form partnerships & collaborations to engage in joint venture programs, facilitating efficient resource sharing & goal achievement. Now, let's delve into the details & acquaint ourselves with these market players.

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

A Comprehensive Overview of Geographical Diversity:

the Global Car Rental Market expands across:

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

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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.

Car Rental Market Segmentation Outline:

By Booking Mode (Offline, Online)
By Application (Leisure, Business)
By Vehicle Type (Luxury, Economy Cars, Executive Cars, Sports Utility Vehicles [SUVs], Multi Utility Vehicles[MUVs])
By Rental Category (Local, Airport, Outstation)
By Driver Type (Self-Driving, Chauffeur)
By Rental Duration (Short Term, Long Term)

Key Questions Addressed in the Car Rental Market Research Report:

What is the estimated size, share, & CAGR of the Car Rental Market in the forecast period?
What are the key trends projected to impact the Car Rental Market during 2023-28?
What are the different segments & sub-segments considered in the Car Rental Market research study?
Who are the key stakeholders and players participating in the Car Rental Market?
What would be the demand for different types of products/services in the Car Rental Market through 2028?

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Note: The Car Rental Market can further be customized with multi-dimensional, deep-level, & high-quality insights as per the specific requirements of clients to help them garner the industry's prospects, effortlessly encounter market challenges, adequately formulate different strategies, and make sound decisions to remain competitive in the market.

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