Car Rental Market to Exceed $90 Billion by 2020

Date: 20 OCT 2016posted by Car Rentaledited by WinX

Zion Research has published a new report titled "Car Rental (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) Market for Local Usage, Airport Transport, Outstation, and Other End-users: Global Industry Perspective Comprehensive Analysis and Forecast, 2014-2020". According to the report, the global car rental market was valued at about USD 41.5 billion in 2014. This market is expected to grow at a compound annual growth rate of around 13.5% between 2015-2020 to reach around USD $90 billion. One of the major driving factors for growth in this market is tourism. Online booking services along with a trove of new technology has made renting a car much more of a convenience than earlier years. In addition to rapid globalization has resulted in an increase of business and leisure trips. North America was the leading regional market for car rental, with around more than 35% share in total revenue generated in 2014.

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