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The latest research study released by Transparency Market Research on “Car Rental Market Forecast to 2023-2031 ″ research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Car Rental industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
Car Rental market is estimated to attain a valuation of US$ 126.9 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 4.2% during the forecast period, 2023-2031
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The future analysis of the car rental market suggests that with growth in international travel and changes in attitudes toward car ownership rise, the industry is projected to undergo significant transformations. Surge in disposable income and expansion in the tourism sector are also estimated to augment market expansion during the forecast period.
Rise in competition among service providers is a major challenge leading to market limitations. Thus, vendors in the global car rental industry are focused on technological advancements to broaden their customer base and increase their car rental market share. Surge in adoption of smartphones and rise in penetration of internet are likely to offer lucrative growth opportunities for car rental companies. Mobile applications and online platforms have simplified the reservation and rental process, making it more convenient for customers to book, pick up, and return vehicles.
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Technological Advancements in Car Rental Services Fueling Car Rental Market Value
Emergence of online rental platforms and reservation systems has simplified the process of renting a car. Customers can now browse available vehicles, compare prices, and make reservations through user-friendly websites or mobile apps. This convenience has made it easier for people to book rental cars in advance, saving time and effort. Hence, technological advancements in car rental services are augmenting the car rental market progress.
Technological advancements have facilitated the growth of car-sharing and peer-to-peer rental platforms. These platforms enable individuals to rent out their personal vehicles or access shared vehicles for short durations. The availability of mobile apps and advanced booking systems allows for easy vehicle selection, booking, and payment, promoting flexible and convenient transportation options.
Many car rental companies are adopting keyless entry systems, which use smartphones or digital key fobs to unlock and start rental vehicles. This eliminates the need for physical keys and provides a more secure and streamlined rental experience. Additionally, vehicle tracking technology enables companies to monitor the location and status of rental cars, ensuring better fleet management and security.
Competitor Analysis:
Advantage Rent A Car, Avis Budget Group, BIS Group, Carzonrent, China Auto Rental Inc., Citer SA, eHi Car Services, Enterprise Holdings, Europcar Mobility Group, Fox Rent A Car, Localiza Rent a Car, Lyft, Movida Rent a Car, Payless Car Rental, Rent-A-Wreck, Sixt SE, The Hertz Corporation, The Orix Corporation, Uber, and Zipcar
Market Segmentation –
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Key Developments
This Report lets you identify the opportunities in Car Rental Market by means of a region:
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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