The global car rental market to grow at a CAGR of 17.52% during the period 2018-2022.
Global Car Rental Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is increasing incorporation of advanced digital technologies in car rental services. With the advent of the internet and growing number of smartphone users, the dependency on technology has increased. Several car companies are using mobile-based applications to communicate the fare, discount coupons, promotional offers, availability of cars, and real-time tracking details to the consumers.
Many people benefit by using car rental services because of the reduced total cost of mobility. A crucial reason contributing to the growth of the market is that providers own the vehicles and users are free from the burden of ownership costs. Customers also have the flexibility of choosing cars that can meet their daily needs.
The latest trend gaining momentum in the market is introduction of value-for-money car rental services. Players in the car rental industry are focusing on providing low-cost car services, especially for leisure markets. The small players are preferring online car rental platforms to expand their geographical presence and reach a wide customer base. Several popular car rental services have launched their own value brands with moderate and affordable pricing. Such strategies will help players in the car hire market expand their customer base.
With the consumers increasingly preferring the availability of cars in minimal time, operators are focusing on streamlining their membership procedures and on enhance service convenience by adopting smart technology. Moreover, car rental operators are also focusing on introducing enhanced features in their mobile applications to cater efficient customer convenience.