Size of the car rental market worth $ 141.17 billion by 2028
SAN FRANCISCO, September 23, 2021 / PRNewswire / – The Global car rental market the size is planned to reach $ 141.17 billion by 2028, registering a CAGR of 4.6% from 2021 to 2028, according to a new study from Grand View Research, Inc. The considerable growth of the global tourism sector is one of the critical factors propelling the growth of the market. Additionally, increasing pollution, rising car prices, and the profitable nature of car rental services are some of the other key factors driving the market growth.
Main lessons and findings:
- Car rental providers around the world are focused on implementing a variety of training, sales and marketing, and customer support technologies to set themselves apart from the competition and enable better communication with their customers.
- Growing environmental concerns and awareness of low emission vehicles are shifting consumer preference towards vehicle rental options
- The evolution of “Bleisure” is one of the important emerging trends in the travel and tourism industry, which refers to a combination of business and leisure travel. This trend is expected to boost the market among business and leisure travelers
- Leading players focus on their presence around the world, with the aim of meeting customer needs and acquiring a wider customer base
Read the 120-page market research report, “Car Rental Market Size, Share and Trend Analysis Report by Vehicle Type (Luxury Cars, Company Cars, Economy Cars, SUVs, MUVs), by Application (Local Use, Airport Transportation , remote station), by region and segment forecast, 2021-2028“, by Grand View Research
The market has received special attention over the past decade due to the increased use of online smartphone reservation applications. Reservations / bookings through rental stations have seen a decline in recent years as online booking allows users to plan and reserve vehicles quickly and in advance. In addition, the Internet provides a convenient way to browse the various websites of car rental providers and access many options and offers.
Car rental operators in developed countries, such as the United States, are increasingly implementing advanced technological solutions to streamline their processes. Some of the major players in the market are using smartphone apps to promote discounts and offer information such as real-time car tracking as well as vehicle availability. Industry participants in the moderately fragmented market compete against each other on the basis of price, location, fleet size and marketing expertise.
Grand View Research has segmented the global car rental market by vehicle type, application, and region:
- Car Rental Vehicle Type Outlook (Revenue, USD Million, 2018 – 2028)
- Luxury cars
- Executive cars
- Economy cars
- Car Rental Application Outlook (Revenue, USD Million, 2018 – 2028)
- Local use
- Airport transport
- External post
- Regional Car Rental Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- Asia Pacific
- South America
- Middle East & Africa
List of key players in the car rental market
- Enterprise Rent-A-Car
- The Hertz company
- Budget Opinion Group
Browse Grand View Research’s coverage on Global Automotive and Transportation Industry:
- Intelligent Transportation Systems Market – The size of the global intelligent transport systems market has been estimated to be $ 25,378.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. The growing demand for traffic control solutions as well as intelligent vehicles integrated with the latest telecommunications technologies is expected to drive the growth of the market.
- Semi-trailer market – The size of the global semi-trailers market has been estimated to be $ 19.73 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028. Increasing urbanization, increasing manufacturing activities and the need for efficient transportation are expected to be the main drivers for the origin of demand for semi-trailers. trailers.
- Micro-mobility market – The size of the global micro-mobility market has been estimated at $ 25.42 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 13.7% from 2021 to 2028. Micro-mobility is an evolving field of transportation that includes trips made using a range of light vehicles such as electric scooters, skateboards and electric bikes.
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About Grand View Search
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess opportunities as they arise.
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