New report forecasts remarkable car rental market growth
A study published by ResearchAndMarkets.com forecasts a market value of US$71.69 billion by 2027
The global passenger car rental market reached a value of US$49.86 billion in 2021. Looking ahead, the editor expects the market to reach a value of US$71.69 billion by 2027, exhibiting a CAGR of 6.24% during 2021-2027.
Tourism car rental market trends:
The significant growth in the travel and tourism industry across the globe is one of the key factors creating a positive outlook for the market. Touring car rental provides greater mobility and minimizes the worries and costs associated with vehicle ownership.
Furthermore, the advent of web-based and smartphone-based solutions for renting passenger cars is giving a boost to the growth of the market. These solutions allow consumers to conveniently reserve rental vehicles online through third-party travel reservation organizations. Accordingly, the integration of dashcams, Global Positioning System (GPS) and other geographic tracking technologies help to monitor the location and operation of the rented vehicle and perform predictive maintenance, thus improving the efficiency of the vehicles.
Moreover, the availability of driverless rented vehicles that are regularly disinfected for safe travel is also contributing to the growth of the market. Other factors, including the implementation of favorable government policies to encourage tourism activities in monuments, museums and parks, along with increased spending power of consumers, are anticipated to fuel the growth of the market.