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.
MORE Car Rental & Rail
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.
Millions of Americans live with heart disease, kidney disease, and metabolic conditions like obesity and…
The Federal Aviation Administration is investigating a close call between American Airlines and Delta Air…
Guests are now going through security before they reach CityWalk and the theme park gates.…
The Jet Set is watching a new Consumer Reports investigation that says Uber and Lyft…
Here's the truth nobody says out loud: the Greek Islands are not one destination. They're…
American Airlines will begin using anti-terror barricades on June 18. Although the barriers had already…