The global car rental market is being driven by the flourishing tourism sector and the growing consumer demand for cost-effective and convenient services. The growing government regulations, coupled with the rising awareness regarding the impact of vehicular emission on the environment, is expected to aid the growth of the car rental industry globally.
North America region is one of the leading markets in the industry, within which the United States car rental market contributes significantly towards its growth. Further, Europe is expected to witness an increase in demand for such services due to the implementation of stringent government policies in the region. With the rapid advancement in technology and increasing automation, the manufacturers are focusing on providing solutions like connected vehicles and the self-serve option to customers in order to enhance their rental experience. In January 2020, Avis Budget Group, Inc. (NASDAQ: CAR) and Fiat Chrysler Automobiles signed a new connected car agreement to add more than 22,000 Fiat vehicles in Avis Budget Group’s European fleet to provide enhanced on-demand car rental experience to the customers in Europe and allowing them to manage the same digitally through Avis mobile app, enabling lock/unlock technology. Such developments are expected to further aid the growth of the global car rental industry over the forecast period.
Market Breakup by Vehicle Types, Booking Types, Application Type, and Regions:
Key Findings of the Report:
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The major players in the global car rental market are Ace Rent-a-car, Advantage Rent-a-car, National Car Rental, Avis Budget Group Inc., Eco Rent a Car, Enterprise Holdings Inc., Hertz Corp., Global Cars, Localiza–Rent-a-car SA, and Europcar Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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