With the success of Airbnb business model, the rental industry has seen an exponential increase in the consumer demands for various rental products. The possible reasons behind the growth are increase in the purchasing power of consumers, increase in the number of car owners (who become vendors and earn money by renting their cars on a marketplace) and the growth in the travel and tourism industry. This drastic increase is across the board in B2B, B2C and P2P car rentals.
Renting a car is one of the most popular approaches to shared mobility in the US, Canada, and Europe. According to PwC, the number of consumers in the worldwide car rental market is expected to reach 291.5 million by 2023. The increasing popularity of shared mobility means that car rental marketplaces will be in high demand.
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