The rise in the disposable income of
the people and the growth prospects in the travel and tourism industry are
factors that are creating a myriad of opportunities in the global car rental
market. This resonates with the global car rental market that had a market size
of $64.47 billion as of 2018, and the demand for rental cars is poised to grow
at an impressive compound annual growth rate (CAGR) of 11.53% during the
forecast period of 2019 to 2025, according to a market intelligence report by
IndustryARC’s analyst.
The report is titled “Car Rental
Market - Industry Analysis, Market Size, Share, Trends, Application Analysis,
Growth and Forecast (2019 – 2024)”. The report also documents that the increasing
demand for internet and smartphone amongst people has increased the
market value of the global car rental market. The market is also
influenced by various strategic moves made by the existing market players to
sustain their positions in the market, which is posing as a threat for new
entrants.
Global
Car Rental Market: Demand Analysis and Growth Forecast
Car rental is the service companies
that rents automobiles as per the demand from the people. They operate by
providing services through fleet vehicles and by renting them to their
customers. However, these cars are also known as risk vehicles, as the owner of
the car is taking a risk by handing over the car to someone else for a short
period of time.
Global
Car Rental Market: Leading Segments
North America had dominated the
global market with the regional share of 29.98% as of 2018 as per the findings
by the IndustryARC’s analysts. The increasing demand by the customers and
investments and by the potential investors have created a huge demand for the
North America global car rental market. The major factor that has influenced
the market growth is the increasing international tourism as the visitors that
tour the cities in North America opt for a rental car, which instills a
flexible touring schedule in their itinerary. Furthermore, moderate prices of
the leasing or rental services has also led to the rising demand for cars on
rent. This is because of the growing smartphone subscribers and easily
accessible internet applications of these companies.
Moreover, the key application
segment of the global car rental market is the economical car and the executive
car owing to the growing number of business trips. The growth opportunities for
these applications are expected to grow at a remarkable CAGR of 12.72% during
the forecast period.
Global
Car Rental Market: Market Trends and Growth Drivers
·
Green Car Rental Services
The environment is highly polluted
due to an increasing number of vehicles on the road globally. But there are
people trying to prevent the environment, and hence, green car rental services
initiative is making strides as it is an eco-friendly service that has observed
an increased car rental market revenue.
·
Value-for-Money Car Rental Services
One of the latest trends is of
value-for-money car rental services. The major players are now focusing on providing
services for the leisure market at an affordable price due to cut-throat
competition. However, the small players are focusing on expanding geographical
presence through online rental car booking services.
·
Excursions with Car Rental Booking
Services
In order to generate more demand in
the market, the players are introducing a variety of options apart from the
services that are rendered. This has provided people with choices based on the
quality of cars or affordability, which is propelling the sales in the car
rental market.
·
Hire Hopping Services
Now that car rental services are
used everywhere by everyone. The companies have even started providing hopping
services for self-driving cars. The customers can pick-up from one point and
can leave it at the second point. Later, they can pick-up another car from the
third point and leave the car at the fourth point. These additional services instill
a comfortable customer experience, and the trend is further flourishing the car
rental market.
Global
Car Rental Market: Competitive Landscape
Some of the key companies identified
in the report that are currently holding majority shares in the global car
rental market are Avis Budget Group Inc. , Eco Rent a Car, Advantage
Rent-a-car, Enterprise Holdings Inc., GlobalCARS, U-save-Auto-Rental System,
Ace Rent-a-car, Eco Rent a Car, Europcar, and Budget Rent A Car System, Inc.
Talk to one of our sales
representative about the full report by providing your details in the link
below:
https://www.industryarc.com/support.php?id=502138
Related Reports:
a)
GCC Car Rental Market
https://www.industryarc.com/Research/GCC-Car-Rental-Market-Research-502419
b)
Ride-Hailing Service Market
https://www.industryarc.com/Research/Ride-Hailing-Service-Market-Research-502664
What can you expect from the report?
The car rental market is prepared with the
main agenda to cover the following 20 points:
1. Market Size by Product Categories
& Application 11.
Demand Analysis (Revenue
& Volume)
2. Market trends & Relevant
Market
Data
12. Country level
Analysis
3. Manufacturer
Landscape
13. Competitor
Analysis
4. Distributor Landscape
14. Market
Shares Analysis
5. Pricing Analysis
15. Value
Chain Analysis
6. Top 10 End user Analysis
16. Supply
Chain Analysis
7. Product Benchmarking
17. Strategic
Analysis
8. Product Developments
18. Current
& Future Market Landscape
Analysis
9. Mergers & Acquisition
Analysis
19.
Opportunity Analysis
10. Patent Analysis
20.
Revenue and Volume Analysis
Frequently Asked Questions:
Q. Does IndustryARC provide
customized reports and charge additionally for limited customization?
Response: Yes, we can customize the
report by extracting data from our database of reports and annual subscription
databases. We can provide the following free customization:
1. Increase the level of data in
application or end user industry.
2. Increase the number of countries
in geography chapter.
3. Find out market shares for other
smaller companies or companies which are of interest to you.
4. Company profiles can be requested
based on your interest.
5. Patent analysis, pricing, product
analysis, product benchmarking, value and supply chain analysis can be
requested for a country or end use segment.
Any other custom requirements can be
discussed with our team, drop an e-mail to [email protected] to
discuss more about our consulting services.
To request for a proposal, provide
your details in the below link:
https://www.industryarc.com/reports/request-quote?id=502138
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Sales
Manager
Email 1: [email protected]
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About IndustryARC: IndustryARC is a
Research and Consulting Firm that publishes more than 500 reports annually, in
various industries such as Agriculture, Automotive, Automation &
Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food
and Beverages, Information Technology, and Life sciences and Healthcare.
References
–
1. https://www.forbes.com/sites/christopherelliott/2018/09/23/car-rental-companies-are-in-a-transformative-stage-heres-what-it-means-for-you/#363081746dd5