The World Travel and Tourism Council reported that in 2018, a growth of 3.9% was witnessed by the global travel and tourism industry. It created more than 319 million jobs worldwide and amassed $8.8 trillion in 2018. This massive growth in the industry also boosted the growth of other related industries, such as car rental. Nowadays, tourists prefer renting cars to explore a new place as it gives them the flexibility of planning their own itinerary without the fear of relying on public transport system. Car rental services allow customers to travel to their choice of places as per their convenience. Further, the rising disposable income has also established the trend of more people taking short trips. Rather than taking their own vehicle, customers prefer renting cars; airport rentals are the most common as tourists rent a car immediately after landing in a new country and keep the car with them for the whole duration of their stay or drop them off at convenient drop-off points.
Browse report overview with detailed TOC on “Car Rental Market Research Report: By Vehicle Type (Economy, Executive, Luxury), Channel (Online, Offline), Purpose (Business, Personal), Usage (Local, Airport, Outstation), Geographical Outlook (U.S., Canada, Germany, U.K., France, Italy, Spain, Netherlands, China, Japan, India, Australia, U.A.E, Brazil) – Global Industry Analysis and Forecast to 2024″ at:https://www.psmarketresearch.com/market-analysis/car-rental-market
Witnessing a 7.9% CAGR, the car rental market is expected to generate a revenue of $122.6 billion in the coming years. Car rental services are offered via three different vehicle types: luxury, executive, and economy. During 2014–2018, the economy vehicle type was used the most for car rental services. These cars are inexpensive and are smaller in size and have a seating capacity of four to five persons. Being smaller in size, these cars have a high fuel efficiency, which makes them a suitable option for rental services. Further, amidst growing environmental concerns, these cars are witnessing a high demand as their impact on the environment is not as severe as other cars. In the coming years, the luxury cars are predicted to register a faster growth in demand, as the global disposable income is improving. These cars offer superior performance, comfort, and have better configuration.