Car Rental Market Revenue To Surge USD 119.56 Billion By 2024: Grand View Research. Inc.

Car Rental Market Revenue To Surge USD 119.56 Billion By 2024: Grand View Research. Inc.

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According to report published by Grand View Research, Car Rental Market is primarily driven by the growth as well as expansion of the global travel and tourism industry. There has been a significant increase in the number of business and leisure trips worldwide over the past few years.

According to a report,“Car Rental Market Analysis By Vehicle Type (Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs), By Application (Local Usage, Airport Transport, Outstation) And Segment Forecasts To 2024“,published by Grand View Research, Inc.,The global car rental market is expected to witness a substantial growth over the forecast period, reaching USD 119.56 billion by 2024, The industry is primarily driven by the growth as well as expansion of the global travel and tourism industry. There has been a significant increase in the number of business and leisure trips worldwide over the past few years.

Key Takeaways from the report:

  • An emerging trend in the travel and tourism industry which is gaining immense popularity is the evolution of “Bleisure”, which refers to a combination of leisure travel with business trips. The growth in this trend is presumed to propel the demand for car rentals among businesses as well as leisure travelers.

  • Executive cars are expected to witness a considerable growth with an estimated CAGR of close to 7% from 2016 to 2024. Swift globalization culminating into increased business trips across the globe is the primary factor propelling the growth of these cars in the near future.

  • In terms of application, airport transport dominated the overall industry share in 2015 and is presumed to retain its dominance over the next eight years. Rapid globalization has resulted in a significant increase in the number of air travelers across the globe, which, in turn, has bolstered the growth prospects of the industry.

  • The Asia Pacific market was valued at over USD 12 billion in 2015 and is presumed to witness a substantial growth over the forecast period. The significant regional growth prospects can be attributed to the rising economic development, enhanced road and infrastructure facilities, and growth in tourism over the forecast period.

North America Car Rental Market By Application, 2013 – 2024 (USD Billion)

North America Car Rental Market

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The advent of online rental portals has helped shape the dynamics of the car rental industry. Growing usage of smartphones and tablets has helped customers to book and reserve cars from anywhere at any point of time. Major players, such as Enterprise Rent-A-Car and Avis Budget Group, are now focusing on developing smartphone applications and optimizing their customer-friendly websites to facilitate quick and convenient bookings.

However, compliance with stringent vehicle emission regulations is expected to challenge the demand for these services across the world. In addition to this, the instability in crudeoil prices and growing demand for publictransportation are presumed to challenge the growth to some degree over the forecast period.

Grand View Research has segmented the car rental market on the basis of vehicle type, application, and region.

Car Rental Vehicle Type Outlook (USD Billion) 2013 – 2024

  • Luxury Cars

  • Executive Cars

  • Economy Cars

  • SUVs

  • MUVs

Car Rental Application Outlook (USD Billion) 2013 – 2024

  • Local Usage

  • Airport Transport

  • Outstation

  • Others

Car Rental Regional Outlook (USD Billion) 2013 – 2024

  • North America

    • U.S.

  • Europe

    • France

    • Germany

    • UK

  • Asia Pacific

    • Japan

    • Korea

    • China

    • India

  • South America

  • MEA

Explore the car rental market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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