Market Dynamics:
The car rental market is driven by increasing business and leisure travel worldwide. There has been a rising trend of business trips and tour & travel packages globally due to increasing globalization of business and advancements in communication technologies. This has fueled the demand for temporary vehicle rentals. Additionally, rising disposable incomes have encouraged leisure travel, which has boosted the market growth.
Another factor propelling the car rental market is the preference for vehicle rental over vehicle ownership owing to benefits such as low upfront investment and low maintenance costs. The rental services allow customers to avail vehicles as per their usage requirement without long-term ownership commitments. This makes rentals a flexible and affordable option.

Key Takeaways
The Global Car Rental Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for shared and rental mobility driven by millennials and generation Z preferring access over ownership. The market size for 2023 is US$ 133.23 Bn.

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