Car Rental Market Growth, Outlook, Demand, Keyplayer Analysis and Opportunity 2023-2028

Author: Elena Anderson

Marketing Manager

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Global Car Rental Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled “ Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-202 8

,” the global car rental market size reached US$ 79.2 Billion in 2022.

Car rental, or hire a car facility, refers to the process of renting a car for a short duration. These car rental services are provided by agencies that purchase several fleet vehicles and rent them to customers for a fee. Nowadays, individuals prefer to hire a car on rent as it is a more cost-effective alternative than owning a vehicle and offers freedom of movement and low-cost traveling. Some rental cars are also equipped with entertainment systems, global positioning systems (GPS), and WiFi networks.

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Global Car Rental Market Trends:

The global car rental market is primarily driven by the rapid growth of the information technology (IT) sector. With the rising penetration of smartphones, renting a car through online platforms has become the most preferred choice. Besides this, increased travel and tourism activities have encouraged individuals to opt for car rental services, such as taxis and carpooling, for improved mobility and costeffective traveling.

The high usage rate of car rental services by daily commuters and office goers is also providing a positive outlook to the market. Besides this, governments of various countries are emphasizing on minimizing their vehicular emissions. Consequently, car rental services have emerged as one of the most economical modes of transportation.

On account of these factors, the market value is anticipated to reach US$ 95.7 Billion by 2028, expanding at a CAGR of 3.1% during 2023-2028.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/car-rental-market

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Key Market Segmentation

The research report includes the following segments:

Breakup by Booking Type:

• Offline Booking

• Online Booking

Breakup by Rental Length:

• Short Term

• Long Term

Breakup by Vehicle Type:

• Luxury

• Executive

• Economy

• SUVs

• Others

Breakup by Application:

• Leisure/Tourism

• Business

Breakup by End-User:

• Self-Driven

• Chauffeur-Driven

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

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Competitive Landscape with Key Players:

• Avis Budget Group, Inc.

• Carzonrent India Private Limited

• Eco rent a car

• Sixt SE

• Localiza

• Enterprise Holdings, Inc.

• Enterprise Rent-A-Car

• Europcar

• The Hertz Corporation

1. What was the size of the global car rental market in 2022?

2. What is the expected growth rate of the global car rental market during 2023-2028?

3. What are the key factors driving the global car rental market?

4. What has been the impact of COVID-19 on the global car rental market?

5. What is the breakup of the global car rental market based on the booking type?

6. What is the breakup of the global car rental market based on the rental length?

7. What is the breakup of the global car rental market based on the vehicle type?

8. What is the breakup of the global car rental market based on the application?

9. What is the breakup of the global car rental market based on the end user?

10. What are the key regions in the global car rental market?

11. Who are the key players/companies in the global car rental market?

Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/car-rental-market/toc

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