The global car rental market is highly consolidated landscape as the top five players accounted for a whopping share of more than 75.0% in 2015, finds Transparency Market Research (TMR). These leading companies are Sixt SE, Europcar, The Hertz Corporation, Avis Budget Group, Inc., and Enterprise Rent-A-Car. The top players are proactively focused on boosting their fleet sizes and offering technologically advanced gadgets for the users, in order to consolidate their shares in various regions. The market is intensely competitive and these strategic measures are further expected to intensify the rivalry among the players, observes TMR.

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Several car rental service providers are actively offering quality services specially tailored to suit a wide range of needs of inbound and domestic travelers, in a move to gain a competitive edge over others. The global car rental market is projected to rise at a CAGR of 14.40% from 2014 to 2024. Growing at this pace, the valuation of the market is anticipated to reach US$290.07 bn by the end of 2024.

Regionally, the global car rental market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Of these, the North America market held the dominant share of over 30% in 2015 and is projected to lead throughout the forecast period. The presence of prominent car rental service providers in countries such as the U.S. and Canada is boosting the regional market.

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Based on category, the car rental market is segmented into local usage, airport transport, and outstation. Of these, the major demand for car rental services is expected to come from airport transport. The dominance of the segment throughout the forecast period is mainly attributed to the constant rise in global passenger traffic and the rising per capita incomes of citizens in various industrialized nations.

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