The global car rental market size is expected to
reach USD 125.4 billion by 2025, registering a CAGR of 5.1% from 2019 to 2025.
High total cost of ownership (TCO) associated with personal vehicles and growth
in the tourism industry across the globe are two main factors fueling the
market.
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Increasing number of smartphone users globally and
rising dependency on technology for carrying out activities such as booking and
paying for rental services have been vital to market growth over the years. A
number of vehicle rental companies are rolling out apps to notify their
customers about promotional offers, discount coupons, fare, real-time tracking,
and availability. As customers demand availability of cars in minimal time,
industry players are focusing on enhancing their service convenience and streamlining
business processes by utilizing IoT-enabled fleet management solutions.
Industry participants compete with each other on the
basis of fleet size, pricing, location flexibility, and marketing expertise.
The market is highly competitive, forcing companies to shrink their profit
margins in order to offer better services to customers than their competitors.
High intensity of competition within the industry is also encouraging major
players to acquire smaller companies in order to strengthen their position in
the marketplace. Several prominent service providers have introduced their
brands at affordable prices as a strategy to expand their customer base.
Further
key findings from the report suggest:
• Along with reduction in fuel prices, there has been
a considerable rise in number of international travelers worldwide, thereby
resulting in rising demand for rental services
• Rising consumer awareness regarding rental add-ons
and availability of affordable solutions is compelling car rental market players
to focus on enhancing their services and prioritizing customers’ convenience
• Airport transport is anticipated to emerge as the
largest application segment over the coming years, owing to a significant
increase in number of air travelers across the globe. Numerous small companies
are also entering this segment with new technologies and processes, further
propelling the revenue generation prospects of the segment
• ‘Bleisure’ travel, which refers to a combination
of a business and leisure trip, is one of the emerging and most promising
trends in the travel and tourism industry. This trend is poised to propel the
demand for car hiring and renting services among leisure and business
travelers.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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