The global car rental market is expected to witness a substantial growth over the forecast period, reaching USD 119.56 billion by 2024, according to a new report by Grand View Research, Inc. The industry is primarily driven by the growth as well as expansion of the global travel and tourism industry. There has been a significant increase in the number of business and leisure trips worldwide over the past few years.
The advent of online rental portals has helped shape the dynamics of the car rental industry. Growing usage of smartphones and tablets has helped customers to book and reserve cars from anywhere at any point of time. Major players, such as Enterprise Rent-A-Car and Avis Budget Group, are now focusing on developing smartphone applications and optimizing their customer-friendly websites to facilitate quick and convenient bookings.
However, compliance with stringent vehicle emission regulations is expected to challenge the demand for these services across the world. In addition to this, the instability in crudeoil prices and growing demand for publictransportation are presumed to challenge the growth to some degree over the forecast period.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/car-rental-market-analysis-market
Further key findings from the report suggest:
·
An emerging trend in the travel and tourism
industry which is gaining immense popularity is the evolution of “Bleisure”,
which refers to a combination of leisure travel with business trips. The growth
in this trend is presumed to propel the demand for car rentals among businesses
as well as leisure travelers.
·
Executive cars are expected to witness a
considerable growth with an estimated CAGR of close to 7% from 2016 to 2024.
Swift globalization culminating into increased business trips across the globe
is the primary factor propelling the growth of these cars in the near future.
·
In terms of application, airport transport
dominated the overall industry share in 2015 and is presumed to retain its
dominance over the next eight years. Rapid globalization has resulted in a
significant increase in the number of air travelers across the globe, which, in
turn, has bolstered the growth prospects of the industry.
·
The Asia Pacific market was valued at over USD
12 billion in 2015 and is presumed to witness a substantial growth over the
forecast period. The significant regional growth prospects can be attributed to
the rising economic development, enhanced road and infrastructure facilities,
and growth in tourism over the forecast period.
Browse more
reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the car rental market on the basis of
vehicle type, application, and region.Car Rental Vehicle Type Outlook (USD Billion) 2013 - 2024
·
Luxury Cars
·
Executive Cars
·
Economy Cars
·
SUVs
·
MUVs
Car Rental Application Outlook (USD Billion) 2013 - 2024
·
Local Usage
·
Airport Transport
·
Outstation
·
Others
Car Rental Regional Outlook (USD Billion) 2013 - 2024
·
North America
o
U.S.
·
Europe
o
France
o
Germany
o
UK
·
Asia Pacific
o
Japan
o
Korea
o
China
o
India
·
South America
·
MEA
For press release of this report - http://www.grandviewresearch.com/press-release/global-car-rental-market
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.
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