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, according
to a new report by Grand View Research, Inc. 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.
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.
Browse Details of Report@
https://www.grandviewresearch.com/industry-analysis/car-rental-market
https://www.grandviewresearch.com/industry-analysis/car-rental-market
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.
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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