MarkNtel Advisors has thoughtfully curated the Global Car Rental Market Research Report, taking into account our client's distinct needs. Our research offers a thorough examination of the present regional and global market conditions. This report on industry analysis extensively encompasses market dynamics, limitations, and their potential consequences on future market requirements, presenting a comprehensive overview of the sector.

What is the projected growth rate of the Global Car Rental Market during the forecast period?

The Global Car Rental market is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2023-28.

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Global Car Rental Market Key Drivers:

Expansion of Global Tourism to Augment the Market Growth - Tourism is a rapidly growing industry, especially in countries like China, the UAE, France, etc., and this has been a major driver for the Car Rental market across the globe. According to World Travel and Tourism Council, the growth rate of the global travel & tourism sector outpaced the growth of the global economy for nine consecutive years prior to the COVID-19 pandemic. During the pandemic, the industry witnessed a downfall of 50.4%, and later on, it recovered by 21.7% in 2021. As more individuals travel globally, they seek convenient means of transportation, owing to which they opt for these services.

Moreover, many countries, like Saudi Arabia, Qatar, Thailand, Singapore, etc., are implementing plans to boost their sector. For instance,

In 2022, Saudi’s Ministry of Tourism launched 10 new regulations to develop the tourism sector. The regulation covers tourism hospitality facilities, traveling & tourism services, tourist guides, tourism hospitality facilities management, tourism consultancy, private tourist hospitality facility, etc.

Consequently, the plans by different countries to boost tourism are leading to enhanced investment in theme parks, new hotels, resorts, etc., & as the number of tourists surges, there would be an increase in car rental demand to explore these places, which would aid in enhancing the Car Rental market share during the forecast period.

Segmentation Analysis of Global Car Rental Market:

The report has segmented the market into the following categories:

• By Booking Mode
• Offline
• Online
• By Application
• Leisure
• Business
• By Vehicle Type
• Luxury
• Economy Cars
• Executive Cars
• Sports Utility Vehicles (SUVs)
• Multi Utility Vehicles (MUVs)
• By Rental Category
• Local
• Airport
• Outstation
• By Driver Type
• Self-Driving
• Chauffeur
• By Rental Duration
• Short Term
• Long Term
• By Region
• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

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Competitive Landscape with Key Player:

• Avis Budget Group
• Sixt SE
• Enterprise Holdings (Alamo)
• Hertz Corp.
• Europcar
• Localiza
• Carzonrent India Pvt. Ltd. (CIPL)
• ZoomCar, Inc.
• Dollar Rent a Car
• Green Motion
• Buchbinder
• Others

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