Car Rental Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Car Rental market - Overview
The car rental market is estimated to experience rapid expansion opportunities on the back of a significant rise in the number of people taking leisure and business trips around the world. Further, rapid penetration of internet connectivity in the developed as well as in the developing countries is also helping key players to capture a wide consumer base in the market. This consumer attraction is possible with the assistance of dedicated mobile applications to ensure customers convenience. This factor is predicted to boost growth opportunities in the car rental market.
Technology is anticipated to serve as a vital factor to drive growth opportunities in the car rental market. Rapid technological advancements are also bringing revolutions in the market in recent years. Further, hassle-free internet booking apps and improved corporate and customer information management are the two significant ways to provide assistance in the car rental service providers. These factors play a pivotal role to ensure enhanced services to the targeted consumers. This factor is predicted to bring growth opportunities in the car rental market.
The growing dependency of users on smartphones to carry out different tasks instead of traditional computer mode is also projected to bring transformations in the car rental market in the upcoming years.
Car Rental market – Key Trends
There is a rapid increase in global travel over the last decade. Commuters across the world are demanding high-quality, reliable, and familiar travel services during their journey. Some of the major players operating in the car rental market are leveraging this current trend by expanding distribution platforms and their brands across the globe. This factor is predicted to enable these market operators the operation of the globally spread car rental market.
In recent years, the tourism and travel industry are experiencing an emergence of ‘bleisure’. This relatively novel term explains the combination of business trips with leisure trips. This trend is experiencing wide popularity across the world. Companies allow employees to bring the family on different corporate trips. This ongoing trend alleviates some of the major stress of the employees. These incentives by the corporate offices are appealing to recruits due to the growing interest of younger employees to become business travelers. This initiative is anticipated to bring various expansion opportunities in the car rental market.
The outbreak of COVID-19 has significantly impacted the expansion prospect of the car rental market. Owing to imposed lockdown to maintain social distancing to curtail the spread of coronavirus, the demand for different rental cars has decreased. But the stringent regulations to maintain safety and hygiene during a pandemic is projected to create growth opportunities in the car rental market.
Car Rental market – Competitive Dynamics and Key Developments
The key players in the car rental market are adopting strategies such as collaborations, partnerships, agreements, novel product launch, and others to boost growth opportunities. For instance, an Indian airline named AirAsia India, has made a partnership with Avis India. Avis India company provides mobility solutions to retail and corporate users with discounted car rental services.
Some of the key players in the car rental market are:
IoT Security market – Regional Assessment
The car rental market is spread across different geographical regions including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Among these, the North America region is estimated to account for the largest market share. Owing to the presence of a leading rental car operator in the region and the rising count of leisure and business trips, the market is estimated to boost growth opportunities.
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