How Big Is the Car Rental Business?

Car rental includes the rental of compact cars, vans, limousines and other forms of transportation. Car rental services provides vehicles to people for a limited time for a certain price. Some car rental services allow cars to be rented for a matter of hours up to several weeks. Many car rental businesses are in areas where the population is denser and where people tend to need transportation like tourist locations and airports. Many countries offer car rental services, although the conditions of these services differ. Renting a car requires some form of identity, an upfront deposit and typically a credit card payment.

People may not know how profitable the car rental business is. Whether someone is seeking a car rental service near a busy airport or needing any rental vans seattle wa or needing to rent a vehicle while on vacation, this is a billion-dollar industry many people do not think of as in terms of profitable numbers. The trends for the worldwide industry of car rentals is expected to continue to flourish. The growth is calculated over thirteen percent. The industry will grow from 2017 to 2022 by this thirteen percent figure. In 2016, the global car rental market was just over fifty-eight billion. By 2022, the global car rental market will be over one hundred and twenty-four billion dollars. What is causing this boom in growth is international tourism.

The economy is currently growing at a steady pace. More individuals are acquiring disposable income. Developing companies are especially seeing an increase in the amount of the people who have the extra income to travel. Renting a car has become more convenient than ever. The development of technology in how people rent cars is another factor in why the global car rental market is booming. Another factor in the surge of this market is due to how car rental services are becoming more affordable. This is causing people to rent cars on demand. The on-demand industry is rising due to the on-demand market emerging.

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Though this industry is booming as an increase in international tourism, the number people with disposable income is increasing and technology is making it easier than before to rent a car on demand, there has been some issues that come along with this on demand rental car experience. Due to spike in cars being rental, sometimes car rental businesses are running out of cars quicker than they expect. There have been instances where a person will rent a car from their phone and once they reach the car rental business, there is no inventory to fulfil their reservation.

These car rental dilemmas tend to happen for one reason. The car rental business has gotten pretty liberal over the years. Because of this people are reserving cars that they do not always actually come to rent and sometimes glitches in technology do not cause all of the reservations to come through. These situations influence how a car rental business manages their fleet of vehicles.