LONDON–(BUSINESS WIRE)–Technavio has been monitoring the global car rental market since 2015,
and the market is poised to grow by USD 103.75 billion during 2020-2024,
progressing at a CAGR of more than 17% during the forecast period. Request
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Read the 167- page report with TOC on “Car Rental Market Analysis
Report by Type (economy cars, executive cars, luxury cars, SUVs, and
MUVs), Mode of Booking (offline and online), Rental Category (airport
transport, local transport, outstation transport, and other transport),
Geography (APAC, Europe, MEA, North America, and South America), and the
Segment Forecasts, 2020-2024”.
The market is driven by the increasing incorporation of advanced digital
technologies in car rental services. Also, advances in rental processes
are anticipated to boost the growth of the car rental market.
Car rental operators are increasingly adopting the latest technologies
to improve service convenience and to expand their business. With the
use of technologies, operators can streamline their membership
procedures and improve customer experience. Several vendors are offering
solutions integrated with voice assistants such as Amazon Alexa that
allow consumers to make car reservations, review current and past
bookings, and request an e-receipt through voice commands. The
increasing adoption of such advanced digital technologies is positively
influencing the growth of the global car rental market.
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Major Five Car Rental Companies:
Avis Budget Group Inc.
Avis Budget Group Inc. owns and operates the business across segments
such as the Americas and International. The company offers a range of
car and truck rental services through brands such as Avis, Budget, and
Zipcar.
Carzonrent India Pvt. Ltd.
Carzonrent India Pvt. Ltd. owns and operates the business across
segments such as Outstation, Local, Airport Transfer, Self-Drive, and
Business Travel. The company offers a wide range of car rental services
that include Airport Transfer, Corporate Travel, and Self Drive.
Enterprise Holdings Inc.
Enterprise Holdings Inc. owns and operates the business across segments
such as Neighborhood Network, Airport & Travel, and Business Rental. The
company offers car rental services under the franchise Enterprise
Rent-A-Car, National Car Rental, and Alamo.
Europcar Mobility Group SA
Europcar Mobility Group SA owns and operates the business across
segments such as Cars & Vans & International Coverage, Low-Cost, and
New-Mobility. The company offers a range of vehicle rental services
through its Europcar, Goldcar, InterRent, Ubeeqo, and GoCar brands.
Expedia Group, Inc.
Expedia Group Inc. owns and operates the business across segments such
as Core OTA, trivago, HomeAway, and Egencia. The company offers online
car rental marketing and retail services through its brand
CarRentals.com.
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Car Rental Type Outlook (Revenue, USD Billion, 2020 – 2024)
- Economy cars
- Executive cars
- Luxury cars
- SUVs
- MUVs
Car Rental Mode of Booking Outlook (Revenue, USD Billion, 2020 – 2024)
Car Rental Rental Category Outlook (Revenue, USD Billion, 2020 – 2024)
- Airport transport
- Local transport
- Outstation transport
- Other transport
Car Rental Regional Outlook (Revenue, USD Billion, 2020 – 2024)
- APAC
- Europe
- MEA
- North America
- South America
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