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
Follow Us: