A new report analyzing the global car rental market revealed the value of the industry is expected to reach $124.56 billion by 2022.
According to the report, the car rental industry reached a value of $58.26 billion in 2016 and is expected to grow at a rate of 13.55 percent between 2017 and 2022.
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The market is divided into vehicle types (luxury, executive, economy, SUV and MUV), but it is the economy sector that accounts for the largest share of the market at 33.1 percent. Economy cars are expected to be the fastest growing car type through 2022 due to rising fuel costs.
As for where most people rent their cars, the report claims airport transport accounted for a 41 percent share of the overall market in 2016. North America was the market leader in 2016 and it is expected to remain that way through the forecasted period.
In addition to the success of the car rental industry in the United States, Canada, and Mexico, the growing tourism markets in China, India, and Japan are expected to drive the car rental market in Asia-Pacific.
The report also featured several key industry giants, including Avis Budget Group, Inc, Sixt Rent-A-Car, Enterprise Rent-A-Car, The Hertz Corporation, Europcar, Al-Futtaim Group, Carzonrent, Localiza Rent A Car and Eco Rent A Car.
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