March 16, 2022 06:08 ET | Source: Research and Markets Research and Markets
Dublin, March 16, 2022 (GLOBE NEWSWIRE) — The “Asia Pacific Car Rental Market By Application, By Vehicle Type, By Country, Opportunity Analysis and Industry Forecast, 2021-2027” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific Car Rental Market is expected to witness market growth of 4.2% CAGR during the forecast period (2021-2027).
The growing popularity of smartphone-based online rental car booking apps has drawn a lot of attention to the car rental industry. Customers can rent cars from companies for a short or long amount of time.
Tourist destinations and tier 1 and 2 cities provide the majority of these services. The rapid rise of this sector is fuelled by rising pollution and car prices, as well as cost-effectiveness. Consumers, rental firms, and manufacturers all profit from the sector, which is increasingly establishing itself as a significant vertical in the transportation industry.
In a country like India, the recent expansion of the internet and technology has boosted the self-drive car rental sector. Transportation is the backbone of the working man and serves as a medium for many enterprises, governments, and individuals.
Ola Rentals is the next company on the consumers’ list of favorite firms. Ola Rentals, which began operations in June 2016 in India, offers a variety of cars, ranging from SUVs to hatchbacks. Ola Rentals’ attractive and inexpensive price makes it a fantastic option for individuals who wish to attend meetings, shop around the city, go on a weekend getaway, or bring their family to a function. Ola Rentals can handle any event. Hence, these factors are anticipated to propel the growth of the regional Car Rental Market during the forecasting period.
The China market dominated the Asia Pacific Car Rental Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $6.93 billion by 2027. The Japan market is anticipated to grow at a CAGR of 3.6% during (2021 – 2027). Additionally, The India market is expected to showcase a CAGR of 4.8% during (2021 – 2027).
Based on Application, the market is segmented into Airport Transport, Outstation, Local usage and others. Based on Vehicle Type, the market is segmented into Economy cars, Executive cars, Luxury cars, SUVs and MUVs.
Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Key companies profiled in the report include
Scope of the Study
By Vehicle Type
For more information about this report visit https://www.researchandmarkets.com/r/ozcyqq