New York, NY, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Car rental is a service which provides car and automobiles on rent for short periods of time. This time period generally ranges from few hours to weeks. Car rental service is primarily located near airports, tourist places or city etc. There are many conditions on car rental service which may vary by specific country. The majority of car rental companies use a credit card to take additional fees or deposit amount before giving car on rent. Some companies request to carry identity documents while hiring car on rent.
According to the report, the global car rental market was valued at approximately USD 58.26 billion in 2016 and is expected to reach approximately USD 124.56 billion by 2022, growing at a CAGR of around 13.55% between 2017 and 2022.
The car rental market is expected to witness significant growth due to the increasing tourism industry. The major driving factor for car rental market is growth in the international tourism which in turn supports the demand for car rental services. In addition, healthy economic growth and rising disposable income in developing countries are expected to have a positive impact on car rental market. The high demand of internet and smartphone that increases the convenience of car rental service is expected to develop an astounding growth of key players of this market. Affordable prices of car rental services and rising demand of car rental on daily basis need are emerging trends which are likely to open new market avenues in the near future. However, some restraints like a rise in crude oil prices may hamper the growth of this market.
Request Free Sample Report of Car Rental Market: https://www.zionmarketresearch.com/sample/car-rental-market
On the basis of car type, car rental market is divided into MUV cars, SUV cars, economy cars, executive cars, luxury cars. Economy cars accounted for approximately 33.10% share of the global market in terms of revenue in 2016 due to rising price of fuel. It is the fastest growing car type in the forecast period with CAGR around 13.73%.
Local usage, airport transport, outstation and others are the different end-users of car rental service. Car rental for airport transport dominated the global market and accounted for 41% share of the overall market share in 2016.This is primarily owing to rising international business activities.
North America was followed by Europe and Asia Pacific in 2016. North America and Europe together recognized over 47.80% market share in 2016. The affordability of car hiring or car on rent and its awareness among users is expected to drive this regional car rental industry in the coming years. Car rental market in Europe is expected to have significant growth during the years to come owing to the presence of well known car service providers like Sixt Rent-A-Car, Europcar in region.
Download Free Report PDF Brochure: https://www.zionmarketresearch.com/requestbrochure/car-rental-market
Asia Pacific is one of the fastest growing regional markets for car rental within the forecast period due to the increasing population coupled with transportation issues in the region. Car rental service is very useful in Asian countries like India, Australia, Cambodia, Japan, China etc. There are many islands in Indonesia region which are the most attractive tourist destination. This helps to grow the car rental market in Asia Pacific. Eco Rent A Car, Carzonrent , Al-Futtaim Group are some leading car rental service providers in Asia Pacific.
Latin America, Middle East and Africa are likely to have moderate growth for car rental market during the estimated five years. Increasing disposable income coupled with increasing demand for transportation is expected of fuel the car rental market within the forecast period.
Browse the full "Car rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Usage, Airport Transport, Outstation and Others: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 - 2022" report at https://www.zionmarketresearch.com/report/car-rental-market
Key industry participants include Avis Budget Group, Inc, Sixt Rent-A-Car, Enterprise Rent-A-Car, The Hertz Corporation, Europcar, Al-Futtaim Group, Carzonrent, Localiza Rent A Car, and Eco Rent A Car.
Inquire more about this report before purchase @ https://www.zionmarketresearch.com/inquiry/car-rental-market
The report segments the global car rental market as:
Car Rental Market: Car Type Segment Analysis
- Luxury cars
- Executive cars
- Economy cars
- SUV cars
- MUV cars
Car Rental Market: End-users Segment Analysis
- Local usage
- Airport transport
- Outstation
- Others (Including self-drive, event transportation, employee transportation solutions)
Car Rental Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle-East and Africa
Browse Related Reports:
- Boat Market: https://www.zionmarketresearch.com/report/boat-market
- Carpets & Rugs Market: https://www.zionmarketresearch.com/report/carpets-rugs-market
- Consumer Electronics Market: https://www.zionmarketresearch.com/report/consumer-electronics-market
- Cold Chain Equipment Market: https://www.zionmarketresearch.com/report/cold-chain-equipment-market
- Car Accessories Market: https://www.zionmarketresearch.com/report/car-accessories-market
About Us:
Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Follow Us LinkedIn: https://www.linkedin.com/company/zion-market-research
Follow Us Twitter: https://twitter.com/zion_research
Blog: http://www.intenseresearch.com | http://www.mrsresearchgroup.com | http://www.marketresearchtrade.com | https://qyresearchgroup.com | http://marketnreports.com | https://zmrnewsjournal.us | http://www.e-marketresearch.com
Contact Us:
Joel John
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com
Blog: http://zmrblog.com