Incorporation of New Technologies in Car Rental Market Expand Transportation Options for Millennials, Noted Transparency Market Research

The global car rental market is anticipated to clock a robust CAGR of 14.40% during 2014 - 2024. The revenues are expected to climb to US$290.07 Bn by 2024-end. The global car rental market is anticipated to clock a robust CAGR of 14.40% during 2014 - 2024. The revenues are expected to climb toUS$290.07 Bnby 2024-end. Report PDF Brochure of Report at:   https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1633 Among the various regional markets,North...

The global car rental market is anticipated to clock a robust CAGR of 14.40% during 2014 - 2024. The revenues are expected to climb to US$290.07 Bn by 2024-end.

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Among the various regional markets, North America held the sway in 2015, vis-à-vis its global share, and is likely to maintain its status quo in the coming years as well. Presence of top car rental service providers in the region, notably in the U.S. and Canada, makes the region increasingly lucrative. These vehicle rental service providers are always in pursuit of new revenue streams.

Of the various categories, airport transport serves the leading demand in the global car rental market. The growth is fueled by burgeoning air passenger traffic, especially in various developing nations.  Further, constant pursuit of players to consolidate their fleet sizes and offer new vehicle technologies, increasingly to business and luxury travelers, in industrialized nations is likely to bolster prospects in the segment.

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Car Rental Companies aimed at boosting Leasing Penetration in Emerging Markets

One of the key trends driving the rapid evolution of the car rental market is efforts by car companies to increase the leasing penetration in developing economies across the world. Demands for convenient as well as affordable car rental services is one of the factors propelling growth in the global car rental market. A part of the impetus for car manufacturers is to bolster car sales and capitalize on their inventory in showrooms.

Changing mobility needs of inbound and domestic travelers is helping expand the scope of the car rental market. In developing countries, car rental service providers have garnered sizable revenue gains from meeting needs of convenient outstation tours. Most of them are undertaking intense promotional activities to attract new customers, thereby bolstering the prospects in the car rental market. A case in point is heavy discounts offered by car rental companies.

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Launch of New Subscription Services adopting Transportation Options for Consumers

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The study presented here is based on a report by Transparency Market Research (TMR) titled "Car Rental Market (Car Type - Luxury Cars, Executive Cars, Economy Cars, SUVs, and MUVS; Category - Local Usage, Airport Transport, and Outstation) - Global Industry Analysis, Trend, Size, Share and Forecast, 2016–2024."

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Car Rental Market is segmented based on:

Car Type

Category

Geography

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