ALBANY, N.Y. -

The global car rental market, which offered an opportunity of $87.07 billion in 2015, is expected to rise at a compound annual growth rate of 14.40 percent during the period from 2014 to 2024, says a recent research report.

A report by Transparency Market Research (TMR) suggests the market's valuation is likely to reach $290.07 billion by the end of 2024.

These trends mean more robust choices for dealers looking to acquire off-rental units as the report indicated rental companies are broadening fleet sizes and including technical gadgets such as GPS and music systems in the vehicles.

A key factor behind the longevity of this market is continuing demand for car rental services for airport transportation, according to TMR’s study titled Car Rental Market – Global Industry Analysis, Trend, Size, Share and Forecast, 2016 – 2024.

The car rental industry is most driven by the growth of the traveling and tourism industry.

Airport transport, outstation traveling, and local usage are the main categories of car rental services.

“Currently, the market for car rentals in North America is highly concentrated with the significant presence of regional and domestic enterprises, across the U.S. and Canada,” TMR said in a news release.

Collectively, Rent-A-Car, Avis Budget Group, Hertz, EuropCar and Sixt accounted for more than 75 percent of the overall market in 2015, finds the new study.

Leading car rental service providers are taking advantage of this trend by promoting their brands at major airports, says TMR.

Currently, North America dominates the car rental market.

According to analysts, in 2015, it held a share of more than 30 percent of overall revenue generated.

TMR’s team of analysts, researchers and consultants use proprietary data sources to collect and analyze information.

For a description of the Car Rental Market – Global Industry Analysis, Trend, Size, Share and Forecast, 2016 – 2024  report and information about how to obtain it visit its web page.