Increasing Tourism Positively Impacting Demand for Car Rental Services

The flourishing travel and tourism industry in several countries is pushing up the demand for car rental services. As per the findings of the World Travel and Tourism Council (WTTC), the global travel and tourism industry registered a growth of as much as 3.9% from 2017 to 2018. This growth rate is higher than the global GDP growth rate of 3.2%. Car rental services are used by tourists primarily for sightseeing purposes.


Apart from the aforementioned factors, the increasing concerns being raised all over the world over the rising environmental degradation being caused due to the large-scale usage of vehicles are also fueling the popularity of car rental services. This is because these services eliminate the requirement for the private ownership of vehicles, thereby reducing the road congestion levels in the cities and towns. Moreover, these services reduce the incidence of road accidents across the world.

Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/car-rental-market/report-sample

Furthermore, the car rental services are offering a highly convenient mobility option for daily commuters and office-goers, which is further boosting their popularity throughout the globe. Renting a vehicle allows a person to enjoy all the benefits of owing a car without actually owing it. Additionally, vehicle ownership is associated with various other investments such as fuel costs, maintenance charges, and parking expenses, which are not required while renting a vehicle.

Due to the above-mentioned factors, the popularity of car rental services is rising, which is, in turn, propelling the advancement of the global car rental market. According to the estimates of P&S Intelligence, a market research company based in India, the valuation of the market would rise from $78.7 billion to $122.6 billion from 2018 to 2024.The market is also predicted to progress at a CAGR of 7.9% between 2019 and 2024.

There are mainly three types of vehicles available for renting around the world— luxury, executive, and economy. Out of these, the demand for renting economy vehicles was found to be the highest in the past years. This was because of the higher fuel efficiency of these vehicles in comparison to the executive and luxury ones. Because of this reason, the economy vehicles observed large-scale adoption in car rental services by individuals and fleet owners.

Geographically, the car rental market is predicted to register the highest growth in the North American region in the upcoming years. In this region, the demand for car rental services is currently the highest in the U.S. The adoption of these services increased drastically in various cities in the U.S. in 2018, mainly because of the launch of several favorable initiatives regarding the usage of rented cars by the car rental service providers.

Make Enquiry Before Buying the Report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=car-rental-market

Hence, it can be safely concluded that the demand for car rental services would shoot-up across the world in the coming years, mainly because of the growing requirement for convenient mobility solutions and the rising road congestion levels in urban areas around the world.

Comments

Post a Comment

Popular posts from this blog

Vertical Farming Market- High Investment in the Vertical Farming

Image
GLOBAL VERTICAL FARMING MARKET  By Component ·          Hardware o     Lighting §   Grow Lights §   Grow Light Reflectors §   Grow Light Ballasts o     Hydroponic Components §   Pumps and Irrigation §   Meters and Solutions §   Water Filters §   Others (includes Timer and Delivery System) o     Climate Control §   Ventilation Fans §   Air Purification/ Control §   Others (includes Condenser and HVAC System) o     Sensors §   Temperature Sensors §   CO2 Sensors §   Nutrient Sensors §   PH Sensors §   Crop Sensors §   Others (Biosensors and Electronics Nose) ·          Software Global  vertical farming market  is expected to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of increasing awareness levels among consumers and rising disposable income, leading to the consumption of high value crops. Adoption of organic foods, rising urban population, growing focus towards efficient production of fresh fruits and vegetabl
Read more

CBD Oil Market Assess the Trends, Opportunities and Competition in the Market

Image
With its plethora of health benefits and close association with cannabis or marijuana, as it is popularly known, cannabidiol (CBD) oil is one such controversial substance that makes doctors and medical researchers come face to face with the conservative figureheads of the society. However, with growing public awareness and government support, the stigma associated with CBD oil is rapidly going away and the product is finding more and more consumers all over the world. In the recent times, many countries such as the U.S. and Canada have legalized the usage of the compound and in the coming years, many more will follow. Several countries in Asia-Pacific (APAC), Europe, and Latin America (LATAM) such as the U.K., Norway, Spain, South Korea, Thailand, Japan, Mexico, South Africa, and Brazil have followed the U.S. and Canada and allowed the complete or partial sale of various cannabidiol-containing items in the last few years. Request to Get the Sample Report@  https://www.psmarketrese
Read more

Automotive HMI Market Opportunities, Trends, Growth Analysis | Forecast – 2030

Image
According to a report by P&S Intelligence, the global automotive HMI market is projected to generate a revenue of $55,318.4 million by 2030, increasing from $18,822.3 million in 2019, progressing at a 10.8% CAGR during the forecast period (2020–2030). The market is registering growth due to the advancements in the augmented reality, connectivity, virtual reality, and IoT technologies and the incorporation of these technologies in HMI solutions. Moreover, the swift digitization is also predicted to result in the growth of the market. Geographically, Asia-Pacific (APAC) dominated the market in 2019, in terms of value, due to the higher sales of passenger cars in the region in comparison to other regions. As the spending power of consumers is rising, the adoption of HMI-equipped vehicles is projected to rise as well. In addition to this, the Chinese automotive domain is registering considerable growth in the demand and sales of premium cars, which is further leading to the growth of
Read more