Car Rental Market worth USD 1,71,849.96 million by 2033

The Market Statsville Group (MSG) publishes the new report on the "Car Rental Market by Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars, MUV Cars), by Application (Online Bookings, Offline Bookings), By Region – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global car rental market size is expected to grow from USD 99,430.49 million in 2022 to USD 1,71,849.96 million by 2033, at a CAGR of 5.1% from 2023 to 2033.

The car rental market consists of sales of car rental services by entities (organizations, sole traders, and partnerships) The increasing popularity of smartphone-based online rental car booking apps, the car rental business has gotten a lot of attention. Customers can hire automobiles from firms for a short or long amount of time. The bulk of these services are available in tourist areas and tier 1 and 2 cities. Increasing pollution and automobile prices, as well as cost-effectiveness, are important factors driving this market's rapid rise. The industry is fast establishing itself as a vital vertical in the transportation industry, benefiting not only customers and rental firms, but also manufacturers.

Furthermore, the industry is being driven by economic growth and greater use of luxury automobiles in business trips by corporations worldwide. Another aspect fostering growth is the expansion of the tourist industry. People are going out of their way to spend meaningful time with their family. The continuous digital revolution has had a significant influence on the automobile rental business. The internet platform has enabled customers to share more information, opening up new avenues for vehicle rental firms to reach out to them. Retailers are utilizing new technology to differentiate their business and provide superior services to their customers.

Global Car Rental Market Segmentation

The overall car rental market has been segmented into type, application, and region.

• By Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars, MUV Cars)
• By Application (Online Bookings, Offline Bookings)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Executive Cars segment is at the highest CAGR during the forecast period

Executive Cars segment is expected to grow at the highest CAGR during the forthcoming period. One of the primary causes driving the segment's growth is the growing number of business travelers across the world, particularly in emerging nations. Furthermore, these cars provide consumers with a combination of quality amenities at a reasonable price, driving their popularity among corporate travelers.

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The Asia Pacific to account for the highest CAGR during the forecast period

Over the forecast period, the Asia Pacific market is expected to grow rapidly. Increased consumer disposable incomes and continuously developing economies, as well as increased corporate travel spending, are predicted to have a positive influence on regional market growth. Over the projection period, markets in China and India are predicted to rise at an exponential rate. Government limits on automobile purchases in certain regions of China, in an effort to address increasing pollution and traffic difficulties, are expected to encourage people to use car rental services.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the car rental market. It also consists of the profiles of leading companies such as Europcar (Europcar Mobility Group), The Hertz Corporation, Carzonrent India Pvt Ltd, Avis Budget Group, Enterprise Rent-A-Car (Enterprise Holdings, Inc.), SIXT, Al-Futtaim, Localiza, Midway Car Rental, FAST RENT A CAR, TTcar Transit, Zoomcar India Private Ltd, Company 13, Company 14 and Company 15. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

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Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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