Car Rental Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Car Rental Market Size Worth $125.4 Billion By 2025 | CAGR: 5.1%�
The global car rental market size is expected to reach USD 125.4 billion by 2025, registering a CAGR of 5.1% from 2019 to 2025, according to a new report by Grand View Research, Inc. High total cost of ownership (TCO) associated with personal vehicles and growth in the tourism industry across the globe are two main factors fueling the market. Increasing number of smartphone users globally and rising dependency on technology for carrying out activities such as booking and paying for rental services have been vital to market growth over the years. A number of vehicle rental companies are rolling out apps to notify their customers about promotional offers, discount coupons, fare, real-time tracking, and availability. As customers demand availability of cars in minimal time, industry players are focusing on enhancing their service convenience and streamlining business processes by utilizing IoT-enabled fleet management solutions. Industry participants compete with each other on the basis of fleet size, pricing, location flexibility, and marketing expertise. The market is highly competitive, forcing companies to shrink their profit margins in order to offer better services to customers than their competitors. High intensity of competition within the industry is also encouraging major players to acquire smaller companies in order to strengthen their position in the marketplace. Several prominent service providers have introduced their brands at affordable prices as a strategy to expand their customer base. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/car-rental-market
Further key findings from the report suggest: • Along with reduction in fuel prices, there has been a considerable rise in number of international travelers worldwide, thereby resulting in rising demand for rental services
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Rising consumer awareness regarding rental add-ons and availability of affordable solutions is compelling car rental market players to focus on enhancing their services and prioritizing customers’ convenience
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Airport transport is anticipated to emerge as the largest application segment over the coming years, owing to a significant increase in number of air travelers across the globe. Numerous small companies are also entering this segment with new technologies and processes, further propelling the revenue generation prospects of the segment
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‘Bleisure’ travel, which refers to a combination of a business and leisure trip, is one of the emerging and most promising trends in the travel and tourism industry. This trend is poised to propel the demand for car hiring and renting services among leisure and business travelers.
Grand View Research has segmented the global car rental market by vehicle type, application, and region: Car Rental Vehicle Type Outlook (USD Million, 2014 - 2025) • Luxury cars •
Executive cars
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Economy cars
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SUVs
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MUVs
Car Rental Application Outlook (USD Million, 2014 - 2025) • Local usage •
Airport transport
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Outstation
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Others
Table of Contents Chapter 1. Methodology and Scope 1.1. Information Procurement 1.1.1. Purchased Database 1.1.2. GVR’s Internal Database 1.1.3. Secondary Sources 1.1.4. Third Party Perspective 1.1.5. Primary Research 1.2. Information Analysis & Data Analysis Models 1.3. List of Data Sources 1.4. Research Scope & Assumptions
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Chapter 2. Executive Summary 2.1. Market Snapshot & Key Buying Criteria, 2014 - 2025 Chapter 3. Industry Outlook 3.1. Market Segmentation & Scope 3.2. Market Size and Growth Prospects, 2014 - 2025 3.3. Value Chain Analysis 3.4. Market Dynamics 3.4.1. Market driver analysis 3.4.1.1. Growth in the global leisure and corporate travelers 3.4.1.2. Increase in the number of mobile and Internet users worldwide 3.4.1.3. Globalization and increase in global air travel 3.4.2. Market restraint analysis 3.4.2.1. Introduction of and compliance with stringent emission standards 3.4.2.2. Growth in low-cost public transportation 3.4.2.3. Volatility in the crude oil prices 3.5. Penetration & Growth Prospect Mapping Continue…………………. About Grand View Research, Inc.: Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc Phone: 1-415- 349-0058 Toll Free: 1-888- 202-9519 Email: sales@grandviewresearch.com For More Information: http://www.grandviewresearch.com
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