Market Statistics for Car Rentals in 2027
The global car rental market was worth $92.92 billion in 2019 and is expected to grow at a CAGR of 10.7% from 2020 to 2027, reaching $214.04 billion by 2027. In terms of revenue, North America held the largest share of the worldwide vehicle rental market in 2019, while LAMEA is expected to develop at a rapid pace during the projected period.
Vehicle rental or car hire firms are businesses that rent cars for a set amount of time at a set price. This service is frequently arranged with a number of local branches, which are usually located around airports or major sections of the city, and are supplemented with a website that allows for online reservations. The car rental industry has undergone a significant transition in recent years as a result of rising pollution levels and population, becoming one of the most prominent industries in fleet transportation.
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