According to a new market research report published by sheer analytics and insights, “The Global Car Rental Market was $9.9 Bn in 2020, and it is expected to reach $19.4 Bn by 2031. It is eventually growing at a commendable high compound annual growth rate CAGR of 6.03% between 2021-2031”, as per the latest market research report titled, Car Rental Market – Industry analysis, size, share, growth, trends, and forecast, 2021 – 2031.
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Increased awareness and concern to low the emission is the main reason that has led to the increase in the car rental options. As here the car rentals and carpooling will help to reduce the increased number of cars on the roads. Also, the increased use of electric vehicles in some of the car rental fleets provides its is options that more environment friendly in their commuting habits. Besides this car rentals also provides options for the increased mobility without worrying about paying the costs than those who own a vehicle. But due to the current COVID-19 pandemic, there might be a difference in the growth rate in the present year.
The primary key players in the Car Rental Market include Avis Budget Group, Hertz Global Holdings, Fox Rent A Car, Enterprise Rent A Car, Alamo, Advantage Rent-A-Car, U-Save Auto Rental System, ACE Rent A Car, International Franchise Systems.
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The Car Rental Market Has Been Segmented Into:
Global Car Rental Market, By Application
Global Car Rental Market, By Vehicle
- Luxury/premium cars
- Economy/budget cars
Global Car Rental Market, By Booking
- Online access
- Offline access
Global Car Rental Market, By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America, Middle East & Africa
- South Africa
- Rest of LAMEA
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