The market has experienced significant growth due to technological advances that have helped companies capture a larger customer base with dedicated mobile apps designed to serve customers at their convenience. In the last few years, technological advancements keep transformed the industry: better customer and corporate information management and hassle-free internet booking applications are two of the biggest ways car rental companies can provide enhanced customer service. Since customers can now rent a car using their smartphones to carry out various tasks traditionally completed by computers, their experience has changed dramatically.
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Global commuters are increasingly urging acquainted, reliable, and high-quality travel assistance on their travels., Some of the pivotal car rental operators are dabbing into this trend by expanding their brand and distribution platforms on a global level. Implementing an integrated global car rental system is expected to enable these operators to manage their geographically dispersed business operations. The evolution of ‘leisure’ is a new trend in the travel and tourism industry and is gaining popularity worldwide. This somewhat new term depicts a combination of leisure travel and business trip. Companies have adopted this trend to increase employee retention and relieve some major road warriors of stress. In addition, younger employees are often business travellers., This concept is especially useful on international trips where employees can get familiar with destinations, especially important business details. The rapid spread of COVID-19 significantly impacted the global tourism industry in 2020, influencing the car rental industry. Car rental operators follow hygiene and safety rules to prevent virus transmission, such as disinfecting their cars after every ride in light of the decline in air traffic worldwide. During the pandemic, important competitors in the market disposed of their older cars in greater volumes than usual to make these transactions a source of revenue.
The luxury cars, executive cars, economy cars, SUVs, and MUVs segment the market based on vehicle type. Economy cars held the largest market share in 2022 and are expected to remain in the lead over the forecast period. The compactness and affordability of these cars are among the key factors driving growth in this segment. As a result, economy cars are increasingly preferred for airport and intra-city travel. The growing number of business travellers worldwide, particularly in developing countries, is one factor that propels the segment’s growth. These vehicles also offer a combination of premium features at an affordable price, which increases their popularity among corporate travellers.
North America had the largest market share in 2022, with the U.S. being the largest market. The presence of some of the world’s leading car rental companies in the region will provide lucrative growth opportunities. The region also features several popular tourist destinations that attract many travellers who require car rental services, thus fuelling the market growth. Over the forecast period, China and India are expected to grow exponentially. Government bans on car ownership in some parts of China to combat pollution and traffic are expected to encourage people to choose car rental services.
The global rental market is moderately fragmented, with many international and local players. Key car rental operators will focus on expansion strategies to increase regional market share, increase brand recognition, and expand into developing markets., This group of players primarily focuses on expanding their services to increase profitability and build a larger customer base. Strategic partnerships are a third critical strategy used by market participants to further their position in the market.
Our Car Rental Industry Subscription Report forecasts global, regional, and country revenue growth. It analyses the latest industry trends in each sub-segments from 2018 to 2028.
We have classified the global car rental market report by: –
- Vehicle type– Luxury cars, Executive cars, SUVs, MUVs
- Application Outlook– Local usage, Airport transport
- Other regional Outlook– North America, Europe, Asia Pacific, South America, Middle East & Africa
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