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Global Car Rental Services Market Poised to Witness Growth at a CAGR of 6.6% through 2027
Geographically, the research analyzes the market across seven regions, which are North America, Western Europe, APEJ, Eastern Europe, Latin America, MEA and Japan. Presently, North America market has been estimated to dominate the Global car rental market, accounting for the maximum revenue share of 45.9% by 2027 end.
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In terms of value, North America and Western Europe cooperatively accounted for more than 57% share in the global market in 2027. According to the research major evaluations, overall revenue from the global car rental market is estimated to be worth US$197,020.00 million by 2027 with a CAGR of 6.6% over the forecast period. In 2016, market was valued at US$ 98,100.00 million.
Moreover, the current study reveals the market trends and market dynamics in all seven regions that are expected to positively affect the current market environment and future scenario of the car rental services market over the forecast period of 2017-2027.
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Major Trends and Dynamics
In the current market, the target market of car rental service providers comprises business travelers, tourist and other travelers. Travelers across the globe are demanding high quality and trustworthy travel services for their tours. Leading car rental service providers are offering quality services and promoting their brands at airports and this is helping customers to adopt their services.
Moreover, the market is segmented on the basis of end use, customer type, sector, booking type and car type. Online bookings for car rentals have increased globally with the development of mobile applications and IT infrastructure advancements making it easy to book car rental services online or via mobile apps. Therefore, the car rental market is thriving.
By customer type, the global car rental market is segmented into business and leisure customers. The leisure segment is expected to dominate over the forecast period due to expansion of global tourism market, growing disposable income, and improved infrastructure for rental service.
Moving further, this comprehensive research report on the global market for car rental services gives a top to bottom view of the market with also the brief profiles of key vendors in the market. Some of the key players in the global car rental market include Avis Budget Group Inc., Enterprise Holdings Inc., Sixt Rent a Car, Carzonrent India Pvt Ltd., The Hertz Corporation, Eco Rent a Car, Europcar S.A., Al-Futtaim, Localiza Rent a Car S / A, and GlobalCARS.
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