Global Car Rental Market 2018-2022
About Car Rental
Many people benefit by using car rental services because of the reduced total cost of mobility. A crucial reason contributing to the growth of the market is that providers own the vehicles and users are free from the burden of ownership costs. Customers also have the flexibility of choosing cars that can meet their daily needs. Moreover, insurance costs incurred during renting vehicles are also taken care of users by the rental companies. Corporate members also have access to a fleet of cars with hassle-free maintenance and management systems. In addition, service agreements with car rental providers help companies reduce their fleet costs and provide their employees with easy access to a range of vehicles.
Technavio’s analysts forecast the global car rental market to grow at a CAGR of 17.52% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global car rental market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of car rental.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Car Rental Market 2018-2022
Technavio recognizes the following companies as the key players in the global car rental market: Avis Budget Group, Enterprise Holdings, Europcar, Hertz, Sixt, and Carzonrent.
Other Prominent Vendors in the market are: Hermes, Advantage OPCO, and E-Z Rent A Car.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is introduction of value-for-money car rental services. Players in the car rental industry are focusing on providing low-cost car services, especially for leisure markets. The small players are preferring online car rental platforms to expand their geographical presence and reach a wide customer base. Several popular car rental services have launched their own value brands with moderate and affordable pricing. Such strategies will help players in the car hire market expand their customer base.”
According to the report, one of the major drivers for this market is increasing incorporation of advanced digital technologies in car rental services. With the advent of the internet and growing number of smartphone users, the dependency on technology has increased. Several car companies are using mobile-based applications to communicate the fare, discount coupons, promotional offers, availability of cars, and real-time tracking details to the consumers. With the consumers increasingly prefering the availability of cars in minimal time, operators are focusing on streamlining their membership procedures and on enhance service convenience by adopting smart technology. Moreover, car rental operators are also focusing on introducing enhanced features in their mobile applications to cater efficient customer convenience.
Avis Budget Group, Enterprise Holdings, Europcar, Hertz, Sixt, Carzonrent, Hermes, Advantage OPCO, and E-Z Rent A Car.
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