Instead of asking a friend for a ride, why don’t rent it overnight?
A car rental or hire a car agency is a company that gives service of renting vehicles for the short-time interval. Car rental companies acquire the number of fleet vehicles and rent them to customers with a payment.
In today’s community hiring cars is not only limited to daily activities, such as weddings, parties, tours, and even business. People can rent a car for short and long term periods, there are several companies that propose opportunities for people who can’t afford to buy a car as well as for those who need a car for some period of time.
Global Car Rental Market Size
The global car rental market was esteemed at $78.7 billion in 2018, which is anticipated to attain $122.6 billion by 2024, registering a CAGR of 7.9% during the forecast period 2019–2024.
Among all the countries, North America held the hugest share in the global car rental market during the historical period, accounting for over 43.3% of revenue in 2018. This is mainly due to the raised usage of car rental services in the U.S., fuelled by increased enterprises by the service operators to optimize the services.
The car rental market is highly dispersed, with a huge number of organized and disorganized players governing in the market. The necessity to shift from the unorganized to the organized sector has given rise to the emergence of how to plan and design an exhibition of the online or digital car rental system, which develops enormous opportunities for the existing and arising players in the market.
Refer here to know about the key market players in the Car Rental market:
Car Rental Business Market is Booming Worldwide with Top Key Players
The global Car Rental Company Market relies on technology. Because customer attention changes from access to convenience, players in the marketplace are trying to find new opportunities to harness their potential. Read more.
Global Car Rental Market Outlook 2020-2025
The global car rental sector is expected to reach an estimated $120 billion by 2025 with a CAGR of 6.1% from 2020 to 2025. The future of the international car rental industry appears promising with chances in the business and leisure travel industry. Read more.
Mena car rental services market 2020 global analysis by key players
The MENA Car Rental Services Market is growing together with the Automotive industry, but the sector is likely to slow its growth as a result of shortage of skilled professionals The requirement for car rental providers in the nation is growing at a faster pace. A number of the prominent auto rental service provider in the UAE market are Hertz, Europcar, SIXT, Thrifty, and Avis Hala.
Car Rental Industry Challenges
One of the major challenges confronted by car rental companies is to deliver superior customer service. Lack of information on fee options, lengthy booking, and the non-availability of cars are some of the factors that can hinder demand in the car rental market. Alarming need of technology to withstand the challenges has led to the invention of mobile software and numerous mergers among car manufacturers and car rental companies to boost the number of cars. Such developments will determine the car rental market value in the coming near future.
To know more about the Car Rental technology trends, refer to these given articles:
Top 5 Car Rental Industry Trends in 2020
At this time last year, the car rental business was still wrapping its head around how to take advantage of new amenities caused by new innovation, particularly artificial intelligence. Technology was to be the most important driver that would move the business forward in a time when increased competition. Read more.
New Technologies Being Utilised In The Car Hire Industry
The auto hire industry has been viewed as a bit of a dinosaur in terms of technological development and implementation. Things are changing but the industry has recognized the importance of supplying quality auto hire options for travelers. Read more.
We at OpenGrowth, are always willing to encourage all the trending startup ideas of the industry.
About the Author: Beauty Kumari
An eloquent individual, love to express a myriad of topics through her words. She is ready to take any professional challenge head-on and give her best to any project entrusted to her. She wants to make an impact through her writing and build a career out of her passion.