Global Car Rental Market Expected to Grow Over Next 5 Years

A new study of the global car rental market indicates the industry will grow by more than 10 percent over the next five years.

Data provided by ResearchandMarkets.com shows the compound annual growth rate in the global market for the car rental industry will increase10.24 percent by 2022, due in part to an increase in urban population, a strengthened economy and a growing tourism industry.

The report broke down the global market by region, and North America was the largest regional share for the car rental industry in 2016. The Asia Pacific region also showed substantial increases, with the potential to become the fastest growing market in the world over the next five years.

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As a result of the budding tourism industry, the leisure car rental market has improved and the growth is expected to continue. Airport car rentals are also expected to increase significantly by 2022 due to a jump in air traffic numbers.

The car rental industry is working hard to continue the upward swing, with several companies finding success in various markets over the last year. In February, Enterprise announced its plans to add a Finland location to its portfolio.

Sixt Rent-A-Car also opened its third location in the United States in February.