In a recent study, MarkNtel Advisors focused on the Global Car Rental Market. The market is anticipated to grow at a compound annual growth rate (CAGR) of about 7% from 2023 to 2028, according to the analysis. The research study looks at the base year of 2022 and spans the years 2018-21 in history. It offers a thorough study of the market's numerous facets, including its main drivers, restrictions, difficulties, and possibilities. The study also emphasizes current events, significant trends, and the contributions made by important players in the market.
In order to help stakeholders, make wise decisions in the upcoming years, the study intends to educate them on the market's ups and downs as well as provide a thorough analysis of competitors' tactics, developments, and profit margins over the study period.
To give readers a broader insight of the market dynamics, the research study also highlights several characteristics, such as sales networks, production rights, capital investments, economies of scale, and regulatory legislation, among others.
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The Dynamic of Global Car Rental Market –
Driving Factor –
Tourism is a rapidly growing industry, especially in countries like China, the UAE, France, etc., and this has been a major driver for the Car Rental market across the globe. According to World Travel and Tourism Council, the growth rate of the global travel & tourism sector outpaced the growth of the global economy for nine consecutive years prior to the COVID-19 pandemic. During the pandemic, the industry witnessed a downfall of 50.4%, and later on, it recovered by 21.7% in 2021. As more individuals travel globally, they seek convenient means of transportation, owing to which they opt for these services.
Moreover, many countries, like Saudi Arabia, Qatar, Thailand, Singapore, etc., are implementing plans to boost their sector. For instance,
In 2022, Saudi’s Ministry of Tourism launched 10 new regulations to develop the tourism sector. The regulation covers tourism hospitality facilities, traveling & tourism services, tourist guides, tourism hospitality facilities management, tourism consultancy, private tourist hospitality facility, etc.
Major Challenges –
Car rental companies often take a huge amount of deposit from the customers, which discourages some customers from renting cars. All rental car companies have different deposit charges. However, on average, in the US, around USD200 to USD500 is charged as a deposit fee by car rental companies. For instance, as of 2022, Hertz charges a minimum deposit fee of about USD200 for credit cards & USD500 if using a debit card, and similarly, Fox requires a deposit of between USD150 to USD400 when renting a vehicle with them.
Along with this, there have been many instances where customers lost deposit money due to factors like failure to return the car on time, additional charges, failure to pick up a car on time, etc. For instance, in 2023, in the US, a 54 years old individual lost his rental car reservation & around USD249 advanced fee to hold the vehicle due to delayed flight arrival at Orlando Airport. Hence, these factors are boosting the popularity of ride-hailing services as an alternative to traditional car renting services, therefore negatively affecting the market growth.
Comprehensive Report Analysis:
- The analysis provides a comprehensive overview of the evolving market dynamics, offering unbiased and accurate insights into the Global Car Rental Market. It covers key trends, recent developments, drivers, opportunities, restraints, challenges, and more.
- Stakeholders can also gain an understanding of the status of various segments and regions, along with a clear definition of potential milestones that can be achieved during the forecast period.
- Our research report is comprehensive and prepared after rigorous analysis" means that our report is thorough and well-researched.
- Elucidating the key imperatives evolving around the market across the numerous industries, governments, & geographical locations" means that we have identified the key trends and challenges affecting the market in a variety of settings.
- All these parameters are studied while analyzing the challenges & opportunities sought by the competitors in the political interface" means that we have analyzed these factors to identify the opportunities and threats that competitors face in the political landscape.
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Top Companies in Global Car Rental Market
- Avis Budget Group
- Sixt SE
- Enterprise Holdings (Alamo)
- Hertz Corp.
- Europcar
- Localiza
- Carzonrent India Pvt. Ltd. (CIPL)
- ZoomCar, Inc.
- Dollar Rent a Car
- Green Motion
- Buchbinder
- Others
Global Car Rental Market segmentation analysis: the key to success.
The Global Car Rental market is a highly diverse and competitive market, with a variety of different segments. These segments include:
By Booking Mode
- Offline
- Online
By Application
- Leisure
- Business
By Vehicle Type
- Luxury
- Economy Cars
- Executive Cars
- Sports Utility Vehicles (SUVs)
- Multi Utility Vehicles (MUVs)
By Rental Category
- Local
- Airport
- Outstation
By Driver Type
- Self-Driving
- Chauffeur
By Rental Duration
- Short Term
- Long Term
Each segment has its own unique set of challenges and opportunities. By understanding the different segments, businesses can better position themselves to succeed in the Global Car Rental market.
The report presents calculated & accurate insights" means that the report provides data that has been carefully analyzed and verified. on the upcoming sales & demand in terms of value & volume of each segment between 2023 & 2028" means that the report provides data on the expected sales and demand for each segment in terms of both value and volume, over a specific period of time.
Such data enables the stakeholders to scale their business, customer base, brand visibility, and target niche in the market for strategic investments in the future" means that this data can help stakeholders make informed decisions about how to grow their business and reach their target audience.
Geographically, the industry is spread out among the following regions:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Besides this, information about all distributors, suppliers, & retailers of the Global Car Rental Market operating across each of the above-cited regions/countries is also cited thoroughly in the research report.
Explore the Report's Framework: Get Oriented with the Table of Contents for a Clear Understanding
- Market Segmentation
- Introduction
- Executive Summary
- Market Porters Five Forces Analysis
- Market Technological Changes
- Market Trends & Insights
- Market Dynamics
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About MarkNtel Advisors
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals. Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.
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