Car Rental Market Growth Owing To Increasing International And Domestic Tourism & Digitalization
The car rental market is estimated to be valued at US$ 119.28 billion in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2022-2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The car rental market involves short-term rental of automobiles and utility vehicles. Key products associated with the market include economy cars, executive cars, luxury cars, SUVs, and MUVs. Customers can rent vehicles through both offline and online channels for purposes such as leisure travel, business travel, and airport transportation.
Market Dynamics:
The global car rental market is primarily driven by the increasing number of international and domestic travelers worldwide. International tourist arrivals crossed the 1 billion mark in 2012 and are expected to reach 1.8 billion by 2030 according to UNWTO projections. Additionally, the digitalization of the car rental industry has made booking and rental processes highly convenient for customers. Key players are focusing on launching technologically advanced mobile applications and websites for seamless reservation, pickup, and drop-off services. Furthermore, the rising popularity of car sharing and ride-hailing services among urban populace is also contributing to the growth of short-term vehicle rentals.
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