Car rental companies in industrialized nations, such as the United States, are rapidly using cutting-edge technological solutions to simplify their operations. Some of the major industry participants are utilizing smartphone apps to advertise savings and provide information like as real-time automobile monitoring and automobile availability. Price, geography, fleet capacity, and advertising skill are all factors that industry players in the fairly competitive marketplace compete on.
One of the important elements driving market expansion is significant increase in the global tourism industry. Furthermore, rising automobile prices, growing pollutants, as well as the expense aspect of car rentals are among the numerous significant reasons driving market expansion. Because of the growing usage of mobile phone internet booking software, the industry has received a lot of awareness in the recent decade. Registration at rental facilities have declined in previous years, since internet booking allows consumers to plan & reserve automobiles swiftly and in beforehand. Furthermore, the internet provides a handy way to search through multiple vehicle rental company websites and have access to a plethora of alternatives and deals.
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The market is relatively fragmented, with a large number of foreign and domestic firms operating globally. However, the sector is on the cusp of fragmentation, with a small number of firms acquiring a sizable market position. Business Europcar, Rent-A-Car, Sixt SE, The Hertz Corporation, and Avis Budget Group are among the key players. These companies’ major focus is on improving their services in order to develop a client base and increase revenue.
Car Rental Market Report Highlights
- Car rental companies across the world are concentrating on integrating various technology for learning, marketing and sales, and client support in order to differentiate themselves from rivals and improve contact with their clients.
- GoAir collaborated with Eco Europcar on Q1 2021 to provide vehicle rental solutions in 100 locations around India, comprising 25 terminals. GoAir will provide chauffeur-driven vehicles ranging from mid-range to premium car classes through Eco Europcar.
- Theeb Rent a Vehicle, a Saudi-based vehicle rental company, extended its fleet across the Nation in February 2021. Their company’s growth goal is to update and expand its fleet in order to provide its clients with a variety of automobile brands and variants.
Car Rental Market Segmentation
The research report published by Market Research Strategy contains industry segments, as below-
Car Rental Vehicle Outlook (Revenue, USD Million, 2016 – 2027)
Car Rental Application Outlook (Revenue, USD Million, 2016 – 2027)
- Airport transport
- Local usage
Car Rental Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)
List of Key Players of Car Rental Market
- Shenzhen Topone Car Rental Co. Ltd
- Europcar Mobility Group
- Bettercar Rental
- Fast Rent a Car
- Avis Budget Group
- Enterprise Holdings Inc
- Hertz System, Inc.
- Uber Technologies, Inc.
- Carzonrent India Pvt Ltd.
- Eco Rent a Car
- ANI Technologies Pvt. Ltd. (OLA TAXI’S)
- China Auto Rental
- TT Car Transit
- Renault Eurodrive
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