Fort Collins, Colorado, Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Car Rental Market was valued at USD 103.2 Billion in 2022 and is expected to reach USD 156.3 Billion by 2032 with a CAGR of 4.3%.
A car rental is a business or service that provides short-term car rentals to the general public, usually lasting a few hours to several weeks or months. It is typically situated close to airports or busy city centers, it is frequently organized with several local or city branches that enable users to return vehicles to multiple locations.
The rise in international and domestic travel for different purposes, such as tourism and businesses, has led to the use of taxis and rental cars to commute from one place to another. This mode of transport offers flexibility and comfort to customers. Individuals who need a temporary vehicle, such as those without a car, tourists, or owners of automobiles awaiting repair or insurance settlement, are the primary consumers of car rental firms. To suit the needs of the self-moving industry in some places, car rental firms may also offer other types of vehicles, such as motorbikes or scooters, in addition to cars. Automobile rental companies provide value-added services besides standard automobile rental, such as insurance, GPS navigation systems, entertainment systems, mobile phones, portable Wi-Fi, and kid safety seats.
An improved user experience through digitization, availability of environment-friendly vehicles in rental car fleets, the introduction of autonomous vehicles, improved technologies, and the addition of entertainment features such as personalized monitors for the co-passengers in rental cars, the introduction of self-driving rather than hiring a driver are some of the emerging trends that create opportunity in the car rental industry. Numerous trends are influencing the car rental industry, including the transition from diesel-powered vehicles to EV-powered.
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Segmentation Overview:
The global car rental market has been segmented into booking type, vehicle type, application, and region. The online booking segment has dominated the car rental market in 2022. Majorly, the surge in online booking is due to the real-time information about car availability, fare estimation, security enablement, and vehicle hygiene standards. North America leads the overall car rental market. The growth and development in the region are due to the increase in the number of business and leisure trips. The early adoption and emergence of numerous tourist destinations in the region have attracted huge numbers of car rental demand.
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Car Rental Market Report Highlights:
- The global car rental market growth is anticipated at a CAGR of 4.3% by 2032.
- The growing popularity of car renting for domestic travel is boosting the market demand for car rentals in urban areas.
- Economy cars have dominated the segment based on vehicle type. The primary reason for the dominance of economy cars is the low maintenance and high mileage of economy cars.
- The airport transport segment is dominating the market based on application.
- Some prominent players in the car rental market report include Enterprise Rent-A-Car, Sixt Group, Europcar, Avis Budget Group, Toyota Rent-a-Car, ANI Technologies Pvt Ltd, Zoom Cars, Alamo, and Hertz Global.
Industry Trends and Insights:
- In 2023, Drivus Car Rental announced its latest franchise establishment in Turkey. This will serve the mobility needs in Istanbul and create job opportunities in the international markets.
- Hertz Car rental will be functional from Nov, 2023 with a dedicated counter at Enid Woodring Regional Airport.
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Car Rental Market Segmentation:
- By Booking Type: Online, offline
- By Vehicle Type: Economy, executive, SUVs, MUVs
- By Application: Tourism, business, airports, outstation
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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