Demand for Car Rental Service Market Market Trends, Size, Share, Regional Analysis by Key Players | Industry Forecast

The global demand for car rental services market will be worth US$ 134 billion in 2021, according to new data from Future Market Insights (FMI). Because of the increased popularity of ride-sharing services, the market is expected to rise at a CAGR of 7.2 percent over the assessment period.

Subscription models are becoming more popular among consumers since they are more cost-effective and convenient. As a result, a growing number of OEMs are entering the market with improved service offerings, which is expected to drive market expansion.

Furthermore, players want to better their current working models while gaining a competitive advantage by leveraging their fleet management skills and existing public fleet presence.

Vehicle subscriptions are expected to appeal to customers who may not fit the OEM’s typical customer profile. A few opulent OEMs, for example, are experimenting with membership schemes to expand their client base.

Furthermore, the car rental service subscription model allows clients to avoid the upfront cash requirements and long-term contracts associated with buying or renting a demand for car rental service. It also gives customers access to

Key Takeaways:

• Demand for economy automobiles is predicted to increase significantly over the projection period, depending on car type.

• The on-airport segment is expected to remain dominant in terms of end use through 2031.

• Over the projected period, sales of mobile applications are expected to continue to increase.

• Due to the presence of important industry participants and rising demand for ride-sharing services, the United States is likely to dominate the North American market.

• Due to the increased frequency of medical tourism in the United Kingdom, demand is projected to continue high.

Competition Landscape

Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, AI Futtaim Group, Localiza-Rent A Vehicle, Eco Rent A Car, and Global CARS are some of the major companies in the demand for car rental services sector.

To achieve a competitive advantage in the market, leading firms are providing services that are matched with consumer expectations. In addition, firms are engaging in mergers, acquisitions, and collaborations to expand their market presence. For example:In January 2020, Localiza Rent A Car SA had been ranked 7th place in customer service — EXAME / IBRC (Ibero-Brazilian Institute for Customer Relations)

• In 2019, Enterprise Holdings, Inc. had acquired Romsey-based car rental company, SHB Hire Ltd. The latter operates a fleet of over 18,500 commercial vehicles and this acquisition would help the company to form one of the largest U.K. commercial vehicle rental business.
• In 2019, Hertz Global Holdings and Air France jointly launched Hertz DriveU, which had designed to meet all customer transportation needs.

Information Source:
https://www.futuremarketinsights.com/reports/car-rental-market-forecast-period-2015-2025