Car rental industry is providing so many solutions to the customers for making the market more profitable. The numerous car rental companies are providing mobile tablet technology that digitizes rental transactions and eliminates administrative bottlenecks at rental counters. However unsurprisingly, this industry is a multibillion dollar industry across the globe as the car rental industry have realized that they are now not only operating to serve access to care but rather have to focus on mobility solutions. The industry of car rental is segmented on the basis of types of vehicles, location, regions, market size and several others. According to the report analysis, ‘car rental industry research and market reports’ states that the growing digitalization, advancement in the technologies, industrialization has fueling the landscape of the car rental industry and the users are currently looking for fulfilling variety of needs besides than just fulfilling one. With the further development in the technology the car rental industry is expected to grow more significantly as the increase in mobility, companies have come up with car pooling and car sharing mechanism which makes the market more effective and competitive.
In a research, it is observed that the car rental industry has immense growth in the near future and with the more development in the mobility the car rental industry is consisting a combination of pickup and drop location, rental period, car type and even refueling option. Moreover, the global car rental industry is anticipated to grow at a cagr of 13.7% and reach an approximate market value of usd 127.0 billion in the near future. Moreover, the industry of car rental is proving a dynamic shift and more companies can offer variety of applications to address their corporate clients need. According to the report analysis, ‘market research reports for car rental’ states that the global rental industry has been encountering a major transformation over the last few years and the positive impact of information technology in the industry has driven the transformation of the car rental facilities. The major operators are significantly increasing with the undergoing mergers and acquisitions for acquiring a handsome amount of share across the globe in the near future. Moreover, with the growing gdp rates and increase in the levels of income across the globe are also expected to drive the car rental market more positively in the forecasted period. Therefore, in the near future with the emerging economies the mobility in the car rental industry is growing which will make the market more aggressive.
The north america region is most prominent region in this market and with north america, the europe is constituted around 62.4% share across the globe. Moreover, the north america is expected to remain most effective region alone across the globe and acquire highest share in forecasted period around the globe. The key player of asia pacific region is investing more in developing the mobility of various technology which result in dominating the handsome amount of share in the near future across the globe and the technological advancements coupled with enlarging of leading car rental companies in the under develop regions, such as latin america.
The hertz corporation, enterprise holdings inc., ai futtaim group, europcar group s.a., avis budget group, inc., and others are the major key payers across the globe. Moreover, the enterprise is the major leading player across the globe and make the market more competitive and effective which further lead to market growth and will welcome the new investors which will support the market financially. Therefore, in the coming years it is expected that the car rental industry will grow more significantly over the decades with the more development in the technology will lead to mobility in the car rental industry.
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Ankur Gupta, Head Marketing & Communications