Budget Cars and others), By End user(Self-driven and Chauffeur-driven) - Industry Forecast 2023-2030

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FAQ's

Global Car Rental Market size was valued at USD 98 billion in 2021 and is poised to grow from USD 102.12 billion in 2022 to USD 141.93 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).

Competition in the global Car rental Market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of services compatible with Car rental Market will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years. 'Avis Budget Group', 'Sixt', 'Enterprise Holdings', ' Europcar Mobility Group ', ' Hertz Global Holdings ', ' Alamo Rent A Car ', ' National Car Rental ', ' Dollar Rent A Car ', ' Thrifty Car Rental ', ' Advantage Rent A Car ', ' Payless Car Rental ', ' Budget Rent A Car ', ' National Car Rental ', ' Firefly Car Rental ', ' Rent-A-Wreck ', ' ACE Rent A Car ', ' Fox Rent A Car ', ' E-Z Rent-A-Car ', ' Silvercar ', ' Carzonrent India '

The expansion of car rental market services demands for technological developments.On the global scale, the market is growing dramatically. Therefore, to improve the efficiency, it is necessary to adopt the automatic technology which will help the participants and competitors to provide the better services, increasing bookings. Along with the car rental market, every business around the globe is trying to digitize because it helps to enhance the customer experience that in turn results in growth of the segment.

The various technological advancements in the car rental market has helped the market to propel its growth.One of the major trends of market in current time is online booking as it serves variety of purpose which includes verification of documents of the renter offering information to the renter regarding the car.About its color condition. Drop and pickup of the rented car at a certain place, E signing contracts and cashless transactions.

Globally, North America is estimated to hold the highest global Car rental Market share in 2021.The region has seen the significant rise in travelers which includes business as well as life short trips .Large number of tourist destinations across North America attracts the traveler on a larger number and aids the car rental services market to grow.

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