According to a new market report published by Lucintel, the future of the car rental industry looks promising with opportunities in the business and leisure travel industry. The car rental industry is expected to reach an estimated $120 billion by 2025 with a Compound Annual Growth Rate (CAGR) of 6.1% from 2020 to 2025. The major drivers for this market are the growing global tourism industry, an increase in international air travelers, and rising income levels across the globe. (To download the report brochure, please go to https://www.lucintel.com/car-rental-industry.aspx and click the “report brochure” tab from the menu.)
In the car rental market, various types of vehicles are rented at the airport and off-airport locations. Lucintel forecasts that the on-airport will remain the largest market by location type and it is also expected to witness the highest growth during the forecast period due to a rise in domestic and inbound tourism, increasing passenger flow at airports, and infrastructure improvement.
In this market, leisure travelers will remain the largest segment over the forecast period due to growth in air travel and domestic tourism.
“Although the Indonesian government considering hiking fuel prices as much as 40%, the price levels under consideration remain below operational production costs. Our aim is to guarantee convenience, quality, and cost-effectiveness to our clients” Added Andreas Chandra.
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