Car Rental Market and Vehicle Market-Global Industry Forecast and Opportunity Analysis

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Car Rental Market and Vehicle Market-Global Industry Forecast and Opportunity Analysis

The car rental market size was valued at $92.92 billion in the year 2019. And they planned to reach $214.04 billion by 2027. In 2019, North America accounted for the highest share in the car rental market. By following the terms and revenue Lama is ready to anticipate an increased remarkable growth rate in the forecast period. Car hire or rental agencies rent automobiles for a limited period at a particular cost. Many local branches organize this service which is located in busy areas or near airports in the city and the website complements allow online reservations. With the growth in population and pollution levels, the car hiring industry has faced a drastic transformation within a few years, becoming the most prominent industries in the transportation of fleet. Consumers and Manufacturers rely on different car rental schemes that are most cost-effective.

And car owners are leasing the car for three years and outing their cars in app-based bookings. Besides, car rental schemes majorly help pollution curb level by reducing the owned vehicles from volumetric sales. Moreover, with increased population and air traffic growth in online car booking, car travel is one of the options in travel. Consumers and Manufacturers rely on different car hiring most cost-effective schemes. Car rental industry is the most preferable option in the economic world. These advantages estimate the growth of the car rental industry. The rise in on-demand transportation services and low rates are the factors among millennials in the car rental market. Developing the region’s low rate of internet penetration hampers the market growth. Further, car rental industry analysis management adoption software is anticipated to make lucrative growth opportunities in the car rental industry.

Key Market Segments 

By Application

  • Leisure
  • Commercial

 By Rental category

  • On the airport
  • Off-airport 

By Car type

  • Luxury car
  • Executive car
  • Economical car
  • Sports utility vehicle (SUV)
  • Multi-utility vehicle (MUV)

Key Market Players

  • Avis Budget Group
  • Europcar
  • Enterprise Holdings Inc.
  • Hertz System, Inc.
  • Localiza
  • SIXT
  • Uber Technologies, Inc.
  • Carzonrent India Pvt Ltd.
  • Eco Rent a Car
  • ANI Technologies Pvt. Ltd. (OLA taxies)

On-demand Transportation Services 

It includes passenger vehicles, taxis, and charter vehicles with features and flexibility and features are tracking vehicles, real-time feedback, and rating to final customers. The global car rental industry is segmented based on the vehicle type, region, rental category, and application. Leisure and commercial are the classifications by the application. Based on the rental category, it is divided into an off-airport and at the airport. On the vehicle type basis, it is categorized into an executive car, luxury car, economical car, multi-utility vehicle, and sports utility vehicle. On a region wise basis, the market was analyzed across Europe, Asia-Pacific, LAMEA, and North America. Key player reports include Europcar, Enterprise Holdings, Hertz System, Avis Budget Group, Carzonrent India Private limited, and ANI technologies, and others. Nowadays, car rental market was most growing market.

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