Subscription models are relying upon to see customer uptake throughout the following 5 years, which ought to pull in a huge scope of players (OEM (original equipment manufacturer) and other third parties) and present extra changeability
The global car rental services market grew at approximately 7.2% CAGR in the forecast year, from a market valuation of US$ 153.4 Billion in 2023. The target market nearly holds ~1%-3% share of the overall transport market.
Subscription models are increasingly gaining traction among consumers as they are cost-effective and offer more convenience. Driven by this, various OEMs are entering the market with improved service offerings, which is expected to augment the growth of the market.
Further, players are aiming to improve their present working models, while utilizing their abilities in fleet management and existing public fleet presence to gain a competitive advantage.
Vehicle subscriptions are expected to entice customers who may not represent conventional customer profiles for OEMs. For example, few extravagant OEMs are trying membership models widen their customer base.
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Moreover, the car subscription model permits customers to maintain a strategic distance from upfront capital necessities and long-term contracts related with buying or renting. It also allows consumers to access comfort and adaptability with the “all-in” month-to-month expense and responsibility.
Key Takeaways:
Competition Landscape
Some of the key players operating in the car rental services market are Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group, Europcar Group, Carzonrent, Sixt SE, AI Futtaim Group, Localiza-Rent A Car, Eco Rent A Car, and GlobalCARS among others.
Leading players operating in the market are offering services aligned with consumers’ expectations to gain a competitive edge in the market. Besides this, players are investing in mergers, acquisitions and collaborations to strengthen their footprint in the market. For instance:
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Car Rental Services Market by Category
By Car Type:
By End Use:
By Consumer Type:
By Booking Mode:
By Sector:
By Region:
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Apr 11, 2023