The global car rental market size is expected to reach USD 103.09 billion
by 2022, according to a new report by Grand View Research, Inc. Increasing
number of air travelers across the globe is expected to drive the car rental
market growth over the forecast period. Service companies rent out vehicles to
customers for a specific chargeable period. These companies are often organized
across a range of local branches primarily near airports or busy city areas in
order to facilitate customers to return the vehicle at a location of their
convenience.
Contemporary car rental services are largely
complemented by websites and smartphone applications, which make provision for
online reservations. Changes in customer preferences due to fast penetration of
smartphones coupled with fast internet access through affordable 3G and 4G LTE
services are one of the key factors responsible for industry growth.
The booming international tourism industry has
significantly driven industry growth. Car rental service providers offer a
plethora of vehicle options which include luxury, executive, and economy
vehicles, as well as SUVs and MUVs. The vehicles serve several segments of
customer interests, such as leisure travel, business travel, airport transport,
employee transport and all other types of local usage. However, stringent
emission standards and volatility in crude oil prices are expected to hinder
industry growth globally.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/car-rental-market-analysis-marketNorth America car rental market share by vehicle type, 2012-2022, (USD Billion)
Further key findings from the report
suggest:
- The airport transport application segment accounted for over 43% of the revenue share in 2014 and is expected to maintain steady growth on account of the increase in the number of air travelers. Service providers are attempting to leverage this trend by promoting and expanding their brands across all major airports, globally. An integrated, global service would enable these companies to manage their geographically-dispersed operations efficiently, thereby gaining a competitive advantage over other service providers.
- Rapid globalization resulting in increased business trips across the globe is a major factor, propelling the demand for renting executive and luxury vehicles, which together contributed to over 40% of the revenue in 2014. Economy cars offer high fuel efficiency and can be rented at a cheaper cost as compared to their luxury counterparts, as a result of which they accounted for highest substantial share in the overall industry in 2014.
- Asia Pacific car rental market is expected to grow at a CAGR of over 12.5% over the forecast period on account of high growth prospects of the tourism industry, especially in China, India, and South-East Asian countries. The Chinese government has banned car purchases in certain parts of the country to address increasing traffic and pollution which is expected to encourage people towards renting or sharing cars. North American and the European rental services are expected to witness substantial growth in business and leisure travelers. The growth can be attributed to multiple factors, such as increasing urban population, rise in the number of high-net worth individuals, escalating demand for recreational and leisure activities, and the flourishing economic scenario leading to an increase in consumer spending power.
- Key companies in the car rental industry include Avis Budget Group, Carzonrent, Enterprise Rent-A-Car, EuropCar, The Hertz Corporation Inc, and Sixt. Companies are increasingly focusing on providing mobile applications and improving and making their websites customer-friendly to facilitate quick and easy bookings of such rental services.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand
View Research has segmented the global car rental market on the basis of
vehicle type, application, and region:
Car Rental Vehicle Type Outlook
(Revenue, USD Billion, 2012 – 2022)
- Luxury cars
- Executive cars
- Economy cars
- SUVs
- MUVs
Car Rental Application Outlook
(Revenue, USD Billion, 2012 – 2022)
- Local
- Airport Transport
- Outstation
- Others
Car Rental Regional Outlook
(Revenue, USD Billion, 2012 – 2022)
- North America
- Europe
- Asia Pacific
- RoW
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
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James
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Sales Specialist, U.S.A.
Grand
View Research, Inc.
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Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
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