April 06, 2022 10:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
ALBANY, N.Y., April 06, 2022 (GLOBE NEWSWIRE) — The value of global car rental market stood at US$ 64.80 Bn in 2020. The global market is likely to rise at a CAGR of 6% during the forecast period, from 2021 to 2031. The global car rental market is likely to surpass the value of US$ 121.1 Bn by 2031. Due to increasing demand for automobile rental services throughout the world, manufacturers in the global car rental market is likely to have significant development prospects in the years to come. In order to increase revenue, major companies in the global car rental market are concentrating on extending and strengthening their service offering by collaborating with and buying global and local players.
Car rental companies are stepping up their attempts to achieve a competitive advantage in the global market. The market is strengthened by governments of developing countries increasing their investments and promoting the usage of rented vehicles. The global market is also growing as a result of the growth in tourism industry and technical advances in car rental services.
Major companies can remain ahead of the competition by taking advantage of technological advancements and digitization. Automobile rental services are typically supplemented by websites that allow for online reservations, and car rental offices are generally located near airports or popular city centers. Car rental firms generally include additional services such as GPS navigation systems, entertainment systems, and insurance, in addition to the basic rental of a vehicle.
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