Car Rental Market Size, Emerging Trends and Overview to 2024: Hexa Reports

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Car Rental Market Analysis, Share and Size, Trends,

Industry Growth, Overview And Segment Forecasts To 2024

The global car rental market is expected to witness a substantial growth over the forecast period,

reaching USD 119.56 billion by 2024, according to a new report by Grand View Research, Inc. The

industry is primarily driven by the growth as well as expansion of the global travel and tourism industry.

There has been a significant increase in the number of business and leisure trips worldwide over the

past few years.

The advent of online rental portals has helped shape the dynamics of the car rental industry. Growing

usage of smartphones and tablets has helped customers to book and reserve cars from anywhere at any

point of time. Major players, such as Enterprise Rent-A-Car and Avis Budget Group, are now focusing on

developing smartphone applications and optimizing their customer-friendly websites to facilitate quick

and convenient bookings.

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However, compliance with stringent vehicle emission regulations is expected to challenge the demand

for these services across the world. In addition to this, the instability in crudeoil prices and growing

demand for publictransportation are presumed to challenge the growth to some degree over the

forecast period.

Further key findings from the report suggest:

An emerging trend in the travel and tourism industry which is gaining immense popularity is the

evolution of "Bleisure", which refers to a combination of leisure travel with business trips. The growth in

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this trend is presumed to propel the demand for car rentals among businesses as well as leisure

travelers.

Executive cars are expected to witness a considerable growth with an estimated CAGR of close to 7%

from 2016 to 2024. Swift...