The use of car rental services is being fueled by a tremendous increase in the number of people traveling for both business and leisure travelers around the world, which is accelerating the development of the market. Specialized mobile apps for the ease of clients have further assisted market players in gaining a wider customer base owing to the increasing internet penetration across developed and developing countries. Technology is thought to be a key element fueling sales growth for car rental market. In recent years, the industry has seen a transformation due to the impact of technology improvements. Better corporate data management as well as hassle-free online booking tools are the two main strategies helping car rental service providers present their clients with improved services. Customers now have a unique experience renting a car attributed to the growing dependence of consumers on smartphones for a variety of functions once performed by computers. Over the past decade, there has been a marked rise in international travel. Global travelers are becoming pickier about their travel requirements. They are expecting renowned car rental services to be dependable as well as of the highest caliber. Some of the leading car rental service providers are making an effort to take advantage of this development by expanding their brands and distribution networks on a global scale. It is envisaged that these operators would be able to manage their regionally dispersed company activities after an integrated global automobile rental system has been implemented.
Emergence of “Bleisure” Trend in Travel Industry to Drive Car Rental Market The emergence of “bleisure” is a recent development in the travel and tourist business. This relatively new phrase, which is gaining traction all around the world, denotes a vacation that combines both leisure and work. As businesses adopt this trend to help with employee retention and reduce some of the stress experienced by the essential road warriors, and also bringing the family on business travels is becoming more accepted. Given that younger workers are frequently travelling for business, this incentive is becoming more and more tempting to recruiters. This idea is extremely helpful for overseas business visits because employees can acquaint themselves with locales, particularly important commercial
One of the main drivers accelerating the growth of the executive car segment in the market is
the rising number of business travellers around the world, particularly in developing nations. Furthermore, these cars provide consumers with a variety of high-end features at cost- effective prices, which increases demand amongst business travellers. Notable rise in air travel across the globe in recent years is likely to drive future market demand for car rental market. Leading players in the car rental market are expanding their fleets and marketing services at significant airports in light of this trend. Leading market players are present at airports where clients can use 24-hour automobile rental services, thus fueling the expansion of the market in the years to come. Rise in the Number of Tourists in the US to Fuel Expansion of the North America Market
In 2020, North America held a significant portion of the market, with the US being the main market. It is projected that the presence of several of the industry’s top automobile rental companies in this area, like Enterprise Rent-a-Car and Avis Budget Group, is expected to present attractive expansion potential. Another important aspect fostering regional prosperity is the rising number of visits made for both business and pleasure throughout the region. Furthermore, the region is home to a number of well-known tourist attractions that draw lots of visitors who ultimately use car rental services, which helps the industry flourish. In the forthcoming years, a very high growth rate is predicted for the industry throughout the Asia Pacific region. Increasing consumer disposable incomes, rise in business travel costs, and continuously expanding economies are anticipated to positively affect regional market growth. In the upcoming years, markets in India and China are anticipated to experience exponential growth.