Global Car Rental Market is All Set to Witness a Strong CAGR of 14.40%

As per a recent global market discussion of car rental, the market is all set to expand significantly in the coming few years, which is majorly driven by expansion and growth of the traveling & tourism industry. Market Research Reports Search Engine (MRRSE) has recently broadcasted this latest study to their huge offerings, which is titled as "Car Rental Market - Global Industry Analysis, Trend, Size, Share and 2016-2024 Forecast". The researchers have prepared this study by examining some of the key regions, including North America, Asia-Pacific, Europe, Middle East and Africa and Latin America. Additionally, a brief discussion on current trends, drivers and restraints; and competitive landscape of the market are underlined.

This study has been published by Transparency Market Research (TMR) and according to the TMR analysts' predictions, the global car rental market will expand at a strong CAGR of 14.40% during the period from 2014 to 2024 and the market's valuation is likely to touch US$290.07 billion, by the end of the forecast period.

If the customers want to save both precious time and resources to accommodate their travels or visit to a new place, a rental car will be able to answer all the needs and enable them to roam the city streets and highways in utmost convenience.

Currently, the major driving factor for car rental market is growth in the international tourism which in turn supports the demand for car rental services. Apart from that, the globally rising disposable incomes, together with improved road infrastructure are the prime factors which have boosted the number of leisure and business trips, this, as a result, will drive the growth trajectories of the global car rental market.

By car types, it covers:

• Luxury Cars
• Economy Cars
• Executive Cars
• MUVs
• SUVs

With so many rental companies flooding the market, they have to constantly offer new deals, better cars, and improved customer service to keep their business booming.