Global car rental market was valued at approximately USD 41.50 billion in 2014 and is expected to reach USD around 90.0 billion in 2020, growing at a CAGR of around 13.5% between 2015 and 2020.
Global car rental industry is experiencing a major transformation. Car rental is a service that offers automobiles on predefined rent for a short time. Rental period ranges from few hours to weeks. Car rental offers better mobility with no the requirement to pay different costs related with car ownership. It provides flexibility to prefer vehicle depending on requirement and budget. Car rental companies also offer different value added services such as entertainment systems, insurance and GPS navigation systems. Car rental service providers are widely found in the vicinity of busy city center and airports.
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More sophisticated corporate information and customer base management is helping car rental players to deliver leading-edge service to their customers. Growing tourism worldwide is one of the major drivers of car rental market. Car rental service provider offers different automobiles on contracted basis to individual, corporate, business or recreational purposes.
Some of the key service providers in this market include Enterprise Rent-A-Car, Sixt Rent-A-Car, The Hertz Corporation, EuropCar, Avis Budget Group, Inc., Al-Futtaim Group, Carzonrent, Localiza Rent-A-Car, and Eco Rent-A-Car.
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