Car rental refers to the hiring services for passenger cars over a predefined period. The services can be accessed through online or offline channels by serving travelers who do not own private vehicles. Car rental is a pocket-friendly alternative to owning a vehicle since it provides freedom of movement, low-cost traveling and helps in avoiding high ownership expenses. Several service providers also offer additional services, such as car damage repair, insurance, entertainment systems, global positioning systems (GPS) devices, and Wi-Fi networks.
Some of the key players being Avis Budget Group, Inc (CAR), Europcar (EUCAR), Localiza (RENT3), Sixt SE (SIX2), The Hertz Corporation (HTZ), Carzonrent India Private Limited, Eco rent a car, Enterprise Holdings, Inc., Enterprise Rent-A-Car, etc.
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The demand for car rental services is being propagated by the growing tourism sector along with increasing gravitation towards adventure and travel, especially among the millennial population. Furthermore, these services are also being availed in the form of taxis and carpooling by individuals for better mobility and cost-effective traveling. Additionally, the launch of favorable government policies and rising environmental concerns have resulted in increased emphasis on minimizing vehicular emissions and promoting car rental services. Moreover, the inception of car rental services through websites and mobile applications is further anticipated to spur the car rental market.
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Car Rental Market Key Market Segmentation
Breakup by Booking:
- Offline Booking
- Online Booking
Breakup by Rental Length:
- Short Term
- Long Term
Breakup by Vehicle Type:
Breakup by Application:
Breakup by End-User:
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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