The global car rental market will reach $84.2 billion by 2026

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SAN FRANCISCO, March 24, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Car Rental Business – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.

The global car rental market will reach $84.2 billion by 2026

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Editing: 20; Published: February 2022
Executive Pool: 4434
Companies: 131 – Players covered include Avis Budget Group, Inc.; Enterprise Holdings, Inc.; Europcar Mobility Group; Rent-A-Wreck of America, Inc.; Sixt AG; The Hertz Company and others.
Blanket: All major geographies and key segments
segments: Location (airport and non-airport); and sector (leisure, business and other sectors)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.

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ABSTRACT-

Global car rental market to reach $84.2 billion by 2026
Car rental, an integral part of the global travel and transport industry, represents a major market worldwide. Globalization and the resulting increase in global travel over the decades has supported the growth and development of the car rental industry. The market is largely dependent on the airline industry since it provides ground transportation for air travelers. Industrial development and the expansion of commercial operations of business organizations across the world over the years have resulted in increased business travel, increased air passenger traffic and subsequent demand for more airline flights in service, thus creating a demand for car rental services. Major notable trends in the post-Covid environment would include the increase in the number of online transactions and the advent of mobile apps to facilitate travel booking. In the years to come, information technology will continue to drive the evolution of a new type of car rental business capable of exploiting technologies such as GPS/Satellite Navigation/Telematics and the Internet to optimize fleet management efficiency, reduce fleet costs, increase revenue per rental, improve booking efficiency and deliver superior service improvements in terms of increased comfort and better rental networks. To survive in an increasingly competitive market, companies must focus on expanding brand portfolios to include value-driven truck rental and leisure brands for cost-conscious consumers and businesses. cost-conscious customers.

Amid COVID-19 crisis, Global Car Rental Market Estimated at US$66.6 billion in 2022, is expected to reach a revised size of US$84.2 billion by 2026, growing at a CAGR of 3.7% over the analysis period. Airport, one of the segments analyzed in the report, is expected to register a CAGR of 2.8% and reach US$35.3 billion at the end of the analysis period. After an in-depth analysis of the business implications of the pandemic and the economic crisis it induces, the growth of the non-airport segment is readjusted to a revised CAGR of 4.3% for the next 7-year period. Car rental companies derive their greatest revenue from business customers who rent a car near airports. It is convenient and easy for airline passengers to rent a car near the airport location rather than from an off-airport location. Car rentals located off airport premises are referred to as off-airport or off-airport car rentals and include rental locations such as neighborhood and downtown locations. The off-airport business is seeing greater opportunities as companies focus on increasing off-airport locations to attract more customers.

The US market is estimated at $25.3 billion in 2022, when China is expected to reach $10.9 billion by 2026
The car rental market in the United States is estimated at US$25.3 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$10.9 billion by 2026 at a CAGR of 8% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 2.6% and 3% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 1.7%. Developed regions, including the United States, Canada, Japan and Europe are the main contributors of income. A well-established tourist industry in these regions, a healthy aviation sector and higher numbers of airport arrivals, a large urban population and increased mobility needs of city dwellers, as well as tourist activity. ‘robust business involving employee mobility, are some of the key growth factors. Continued

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