Zion Market Research Car Rental Market, 2016 – 2022 | Page 2

Car Rental Market
Zion Market Research has published a new report titled “Car Rental Market by Car Type
(Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Usage,
Airport
Transport,
Outstation,
and
Others:
Global
Industry
Perspective,
Comprehensive Analysis, and Forecast, 2016–2022.” According to the report, the
global car rental market was valued at approximately USD 58.26 billion in 2016 and is expected
to reach approximately USD 124.56 billion by 2022, growing at a CAGR of around 13.55%
between 2017 and 2022.
Car rental is a service which provides car and automobiles on rent for short periods of time. This
time period generally ranges from few hours to weeks. Car rental service is primarily located
near airports, tourist places or city etc. There are many conditions on car rental service which
may vary by specific country. The majority of car rental companies use a credit card to take
additional fees or deposit amount before giving car on rent. Some companies request to carry
identity documents while hiring car on rent.
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The car rental market is expected to witness significant growth due to the increasing tourism
industry. The major driving factor for car rental market is growth in the international tourism
which in turn supports the demand for car rental services. In addition, healthy economic growth