Emerging Trends in Global Car Rental Market: Demand and Forecast 2023-2028
MarkNtel Advisors recently published a detailed industry analysis of the Global Car Rental Market. The report covers growth trends, regional marketing strategies, challenges, opportunities, and drivers influencing the market.
Insights and Analysis of the Global Car Rental Market (2023-2028)
The Global Global Car Rental Market is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2023-28 .
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What is driving the Global Car Rental Market?
Expansion of Global Tourism to Augment the Market Growth - Tourism is a rapidly growing industry, especially in countries like China, the UAE, France, etc., and this has been a major driver for the Global 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.
Consequently, the plans by different countries to boost tourism are leading to enhanced investment in theme parks, new hotels, resorts, etc., & as the number of tourists surges, there would be an increase in car rental demand to explore these places, which would aid in enhancing the Global Car Rental Market share during the forecast period.
What segments define the Global Car Rental Market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
-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
-By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
Explore the Complete Global Car Rental Market Analysis Report – https://www.marknteladvisors.com/research-library/car-rental-market.html
Who are the leading key players shaping the Global Car Rental Market landscape?
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
Questions Addressed in this Study
1.What factors are driving the Global Car Rental Market growth?
2.How is the Global Car Rental Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Global Car Rental Market?
4.What is the current size of the Global Car Rental Market, and how is it projected to change in the future?
6.What is the future outlook for the Global Car Rental Market in terms of technological advancements and market expansion?
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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.
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