Car Rental Market Size Worth USD 187.5 Billion by 2026
Acumen Research and Consulting Recently Published Report On “Car Rental Market Size, Share, Trends, Scope, Growth Opportunity and Forecast 2019-2026”
LOS ANGELES, Sept. 06, 2019 (GLOBE NEWSWIRE) -- The Global Car Rental Market Size is expected to reach over USD 187.5 billion by 2026 and is expected to grow at a CAGR of 13.7% during the forecast period, 2019–2026.
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According to a new report published by Acumen Research and Consulting titled “Car Rental Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019-2026”, The global car rental market is expected to reach over 187.5 USD Billion by 2026 and is expected to grow at a CAGR of 13.7% during the forecast period, 2019–2026.
The global car rental market is expected to have a steady growth owing to the increasing adoption of rental vehicles, rising demand for the car rentals from developing countries, and increasing concern towards the environment. Increased concern toward fuel efficiency of the vehicles have supported the growth of the market. On the other hand, presence of huge grey market will slow the growth of the market during the forecasted period.
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Global Car Rental market is segmented by booking type, vehicle type, and application.
Based on the booking type, the car rental market is segmented into online access, and offline access. Online access holds the major share in the global market. Based on the vehicle type, the car rental market is segmented into economy/budget cars, luxury/premium car. Economy/budget cars dominate the global car rental market. On the basis of application, the car rental market is segmented into leisure/tourism and business. Leisure/tourism dominates the global car rental market. Leisure/tourism is the major way and application for the car rental which is the reason the market is expected to dominate.
Geographically, the car rental market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America dominates the global Car Rental market owing to the growing adoption of rental vehicles and increased investment in the tourism by countries such as the U.S. and Mexico are driving the market growth in North America. Europe accounts for the second leading share in the global car rental market. Increased number of car rentals in the developing countries such as Japan, Korea, and China are significantly driving the market growth. Moreover, rapid urbanization and growth in buying power have increased the demand for rental vehicles. Continuously increasing tourism activates in Asia Pacific region have supported the growth of the car rental market in Asia Pacific. On the other hand, LAMEA holds the least share in the global car rental market. Middle East holds the major share in the LAMEA market owing to the huge spending power of the people and continuously increasing tourism activities.
Some of the major players in the market are Avis Budget Group Inc., Eco Rent a Car, Enterprise Holdings Inc., Europcar Group, Car2go, Hertz Corp., Sixt, Movida, Ace Rent-a-car, Global Cars, Localiza–Rent-a-car SA, Advantage Rent-a-car, National Car Rental, Locamerica, and others.
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