According to the recent study the car rental market is projected to reach an estimated $118.4 billion by 2028 from $73.2 billion in 2022, at a CAGR of 8.3% from 2022 to 2028. Growth in this market is primarily driven by growing global tourism industry, increase in international air travelers, and rising income levels across the globe.
Browse 93 figures / charts and 73 tables in this 200 -page report to understand trends, opportunities and forecast in car rental market by location (on-airport and off-airport), type of customer (business, leisure, and others), mode of booking (on-line and off-line), vehicle type (luxury cars, executive cars, economy cars, sports utility vehicles, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Leisure customer market is expected to remain the largest segment during the forecast period.”
Based on customer type, the car rental market is segmented into business, leisure and other. Lucintel forecasts that the leisure customer market is expected to remain the largest segment due to the rise in air travel and increasing domestic tourism.
“North America will dominate the car rental market in near future”
North America is expected to remain the largest region mainly due to the growing adoption of rental vehicles, and increasing corporate travels. Asia Pacific is expected to witness highest growth over the forecast period due to rapid urbanization and increased expenditure on traveling by domestic tourists.
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Major players of car rental market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Enterprise Rent-A-Car, Hertz Group, Avis Budget Group Inc., Europcar Mobility Group, Sixt SE, Localiza Rent a Car, Ichinen Holdings, Redcap Tour, and Empresas Tattersall are among the major car rental providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-732-636-5056 or click on this link https://www.lucintel.com/car-rental-industry.aspx or [email protected]