The Rising Demand for Car Rentals: Exploring the Global Market | Key Players- Avis Budget Group, Sixt SE

Car Rental Market Report: Understanding the Primary Insights & Opportunistic Areas of the Industry (2023-28)

MarkNtel Advisors offers a deep-driven study on the Global Car Rental Market, incorporating several aspects like market growth drivers, opportunities, restraints, & challenges, among others. The report aims to enable stakeholders to understand the fluctuating industry patterns and make informed decisions associated with investments & participation to yield higher profits in the coming years.

According to the report, the Car Rental Market is set to record around 7% CAGR during 2023-28. The key factors affecting the growth trajectory of the industry during the projected timeline have been well-explained in the study, along with key trends and recent developments, among others,

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Why to Choose Our Car Rental Market Research Report?

MarkNtel Advisors focuses on delivering well-curated research reports that cater to niche industries & emerging geographies, whether on a global, regional, or national scale. Our most recent publication, the "Car Rental Market Research Report," comprehensively covers every significant aspect related to the industry. It offers a clear & insightful outlook on the market, providing authentic data & statistics. The study includes a concise definition of the product/service, an in-depth analysis of its applications & developments, and a thorough examination of its top competitors. Additionally, we delve into the driving forces propelling the market's progress, identify potential growth opportunities, and outline the factors impeding its advancement.

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Primary Parameters as per Which the Data is Cited:

• Period & Statistics
• Historical Period: 2018-21
• Base Year: 2022
• Forecast Years: 2023-28
• Focused on both primary & secondary research methodologies to attain precise & reliable information.
• Detailed examination of the historical, present, and future period, supported with the accentuating developments by the industry players.
• Stressed upon various verticals & segmentations and their role in achieving the projected growth rate.
• Special addition of SWOT analysis & Porter’s five forces analysis to curate an accurate path of the industry.
• Stresses upon the top down & bottom up approach to appraise numerous divisions & deliver unbiased assessment.

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Global Car Rental Market Possible Restraint:

High Deposit Cost Associated with Car Rental to Hamper the Growth - Car rental companies often take a huge amount of deposit from the customers, which discourages some customers from renting cars. All rental car companies have different deposit charges. However, on average, in the US, around USD200 to USD500 is charged as a deposit fee by car rental companies. For instance, as of 2022, Hertz charges a minimum deposit fee of about USD200 for credit cards & USD500 if using a debit card, and similarly, Fox requires a deposit of between USD150 to USD400 when renting a vehicle with them.

Along with this, there have been many instances where customers lost deposit money due to factors like failure to return the car on time, additional charges, failure to pick up a car on time, etc. For instance, in 2023, in the US, a 54 years old individual lost his rental car reservation & around USD249 advanced fee to hold the vehicle due to delayed flight arrival at Orlando Airport. Hence, these factors are boosting the popularity of ride-hailing services as an alternative to traditional car renting services, therefore negatively affecting the market growth.

Exploring the Segmentations of the Car Rental Industry

To provide a comprehensive understanding of the Car Rental Market, we conduct an extensive examination of each segment and its sub-segments. This section of the report offers a detailed analysis of size & volume based on various categorizations. Our aim is to assist our valuable clients in identifying the crucial factors contributing to the industry's growth & enabling them to enhance their end-user positioning, strategic decisions, and revenue generation.

By Booking Mode

• Offline
• Online

By Application

• Leisure
• Business

By Vehicle Type

• Luxury
• Economy Cars
• Executive Cars
• Sports Utility Vehicles (SUVs)
• Multi Utility Vehicles (MUVs)

By Rental Category

• Local
• Airport
• Outstation

By Driver Type

• Self-Driving
• Chauffeur

By Rental Duration

• Short Term
• Long Term

Key Competitors in the Car Rental Market

In this section, we will delve into a comprehensive analysis of the Car Rental Market, including key players & regional/country assessments. The market is highly dynamic, with a diverse range of competitors who are continuously introducing innovative & lucrative solutions, contributing to the industry's growth.

• Avis Budget Group
• Sixt SE
• Enterprise Holdings (Alamo)
• Hertz Corp.
• Europcar
• Localiza
• Carzonrent India Pvt. Ltd. (CIPL)
• ZoomCar, Inc.
• Dollar Rent a Car
• Green Motion
• Buchbinder
• Others

Exploring the Regions/Countries!

Our qualified researchers & analysts use all their skills & also lists out the detailed picture of every region/nation, to assist the stakeholders about the status of the market in each of the areas.

Geographically, the industry expands across:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Key Questions Addressed in the Car Rental Market Research Report:

• What is the estimated size, share, & CAGR of The Car Rental Marketin the forecast period?
• What are the key trends projected to impact the Car Rental Marketduring 2023-28?
• What are the different segments & sub-segments considered in the Car Rental Marketresearch study?
• Who are the key stakeholders and players participating in the Car RentalMarket?
• What would be the demand for different types of products/services in the Car Rental Market through 2028?

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About Us:

MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

We understand the growing need of our clients and thus focus on emerging industries to provide our services which can fulfil their need for assessing the current and future industry potential, identification of white spaces & hotspots and venturing into new geographies or business segments.

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