The Passenger Car Rental Global Market Report 2023, provides comprehensive information on the passenger car rental market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global passenger car rental market size is expected to grow from $164.30 billion in 2022 to $173.19 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global passenger car rental market size is expected to reach $202.40 billion in 2027 at a CAGR of 4%.
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The surge in technological innovation has emerged as a pivotal and increasingly favored trend in the ever-evolving landscape of the passenger car rental market. Prominent corporations within the passenger car rental sector have demonstrated a resolute commitment to the development of pioneering solutions, a strategic move aimed at enhancing their competitive foothold within the industry. A case in point is the remarkable initiative undertaken by Localiza, a distinguished Brazilian-based car rental enterprise, which, in June 2021, unveiled Zarp Localiza, a cutting-edge business platform meticulously engineered to augment the efficiency and value proposition of car rental services.
Zarp Localiza represents a paradigm shift in the industry, and its ingenuity is underscored by the integration of advanced telemetry and data science capabilities. This advanced technology empowers not only the car rental company but also the drivers themselves. It facilitates real-time tracking of the driver’s location and behavior, offering a comprehensive and data-driven approach to ensuring safety and efficiency. At its core, the Zarp Localiza app functions as a versatile tool, seamlessly centralizing all car rental services and affording drivers unparalleled convenience and accessibility.
Furthermore, the service platform extends its offerings to encompass exclusive benefits for app drivers, adding another layer of appeal to the overall rental experience. Notably, drivers gain access to enticing fuel discounts, a practical incentive that can result in significant cost savings over time. Most significantly, the app possesses the capability to identify and alert drivers with risky driving profiles, thereby contributing to the reduction of accident risks and promoting road safety.
In summation, the burgeoning synergy of technology and passenger car rentals heralds a transformative era within the industry. Localiza’s Zarp Localiza venture serves as a vivid testament to this shift, signifying an innovative stride towards enhancing efficiency, convenience, and safety in car rental services. The fusion of telemetry and data science propels this platform into the vanguard of contemporary car rental solutions, offering both rental companies and drivers a dynamic and data-backed approach to vehicle rental. The incorporation of exclusive benefits and safety features further solidifies Zarp Localiza’s position as a beacon of progress in the passenger car rental market.
The passenger car rental market is segmented:
1) By Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, Sports Utility Vehicle (SUV), Multi Utility Vehicle (MUV)
2) By Rental Duration: Long-Term, Short-Term
3) By Application: Local Usage, Airport Transport, Outstation, Others
North America was the largest region in the passenger car rental market in 2022.
The table of contents in TBRC’s passenger car rental market report includes:
1. Executive Summary
2. Passenger Car Rental Market Characteristics
3. Passenger Car Rental Market Trends And Strategies
4. Passenger Car Rental Market – Macro Economic Scenario
5. Passenger Car Rental Market Size And Growth
…
27. Passenger Car Rental Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Passenger Car Rental Market
29. Passenger Car Rental Market Future Outlook and Potential Analysis
30. Appendix
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