The car rental market is expected to experience a growth surge by 2031

car rental market

The car rental market is expected to surpass the value of US$121.1 billion by the end of 2031, it is expected to grow at a CAGR of 6% from 2021 to 2031

WILMINGTON, DELAWARE, USA, June 14, 2022 /EINPresswire.com/ — According to Transparency Market Research Latest Research Report on Global Car Rental Market for the Historical Period 2017-2019 and Forecast Period 2021 -2031, the increase in the number of inbound and domestic travelers and the increase in air travel have led to a high demand for car rental services around the world

A car rental company rents vehicles/automobiles for a specific period of time ranging from a few hours to a few months for an appropriate fee. The service is often arranged at various local branches, allowing customers to return the vehicle to a location of their convenience. Additionally, car rental services are often complemented by websites that allow online reservations, and car rental agencies are mostly located near airports or busy urban areas. Besides the basic rental of a vehicle, car rental companies usually offer additional services, such as GPS navigation systems, insurance and entertainment systems.

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Increase in the number of travelers worldwide Demands for car rental services

The growing popularity of tours and trips due to the increase in disposable income is a factor demanding the reliable and high quality travel services for their tours. Major car rental service providers offer quality services and promote their brands at airports, which helps customers to adopt their services. Rising demand for luxury cars for short-term transportation services is expected to drive the market over the forecast period. Technological advancements allow for the expansion of web-based sales channels, which has led to an increase in bookings through online channels.

Online channels allow customers to rent a car anytime and anywhere. They also assist the tenant in initiating and managing their bookings and payments on the go from a mobile phone or tablet. Rising on-demand transportation services and low car ownership rates are also contributing to the expansion of the market. In order to spend quality time with family, consumers are prioritizing comfortable and efficient car rental services, which, in turn, is driving the growth of the market. Market players are highly focused on improving their fleet size to meet the growing demand.

Technology is also used to improve the consumer experience. These include the use of GPS, advanced music systems, connecting devices, etc. This paves the way for notable growth in the global car rental market over the forecast period.

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Booming growth in North America creating profitable avenues

North America accounts for the largest share of the global car rental market owing to the lucrative presence of key market players in the region. The increase in the number of leisure and business trips, both locally and internationally, is a major factor responsible for the growth of the car rental market in North America. Also, consumers are more aware of cost effective and efficient car rental services; this factor is likely to drive revenue generation opportunities in North America. The car rental market in North America is growing rapidly owing to rapid economic growth.

Manufacturers operating in North America benefit from profitable growth opportunities. The increasing adoption of mobile phones and the internet due to advancements in technology is attracting customers from all over the world.

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Multifunctional Car Rental: Key Global Market Trend

Travelers around the world demand reliable, high-quality travel services. Major car rental service providers offer quality services and promote their brands at airports, which helps customers to adopt their services.

The increase in recreational activities among millennials is driving the growth of the market. Also, increasing demand for luxury cars for short-term transportation services is expected to drive the market over the forecast period.

Technological advancements allow for the expansion of web-based sales channels, which has led to an increase in bookings through online channels. Online platforms allow customers to rent a car anytime and anywhere. They also assist the tenant in initiating and managing their bookings and payments on the go from a smartphone or tablet.

Rising on-demand transportation services and low car ownership rates are also driving the market

People pay extra to spend quality time with their family. Growth in luxury and comfort tourism is also driving the growth of the market.

Players are very focused on improving their fleet size to meet the growing demand. Technology is also used to improve the consumer experience. These include the use of GPS, advanced music systems, connecting devices, etc. This paves the way for notable growth in the global car rental market.

Several companies are focusing their efforts on market expansion and mergers and acquisitions to ensure high product exposure, consumer recall, and to expand their customer base and car rental market share.

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North America dominates the car rental market

In terms of region, North America dominates the car rental market due to the increase in the number of leisure and business trips, both locally and internationally

In addition, the ever-changing consumer preference for rental services, as well as the presence of large service providers in the region, such as Avis Budget Group and Enterprise Rent-a-Car, are likely to boost income generation opportunities in this region.

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