Zion Research has released a new report titled “Car Rental (Luxury Cars, Executive Cars, Economy Cars, SUV Cars, and MUV Cars) Market for Local Usage, Airport Transport, Outstation, and Other End-users: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014-2020.” According to the report, global car rental market was valued at approximately USD 41.50 billion in 2014 and is expected to reach USD around 90.0 billion in 2020, growing at a CAGR of around 13.5% between 2015 and 2020.
Global car rental industry is experiencing a major transformation. Car rental is a service that offers automobiles on predefined rent for a short time. Rental period ranges from few hours to weeks. Car rental offers better mobility with no the requirement to pay different costs related with car ownership. It provides flexibility to prefer vehicle depending on requirement and budget. Car rental companies also offer different value added services such as entertainment systems, insurance and GPS navigation systems. Car rental service providers are widely found in the vicinity of busy city center and airports.
Browse the full “Car Rental (Luxury Cars, Executive Cars, Economy Cars, SUV Cars, and MUV Cars) Market for Local Usage, Airport Transport, Outstation, and Other End-users: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020” report at http://www.marketresearchstore.com/report/car-rental-market-z39067
More sophisticated corporate information and customer base management is helping car rental players to deliver leading-edge service to their customers. Growing tourism worldwide is one of the major drivers of car rental market. Car rental service provider offers different automobiles on contracted basis to individual, corporate, business or recreational purposes. Facilities such as easy-to-use internet car booking applications and returning the vehicle to the convenient place are the major attraction in this industry.
Rapidly increasing industrialization resulted into increase in leisure and business trips, which is a significant growth factor of this market. Travelers are increasingly looking for reliable, familiar and high quality travel services. Most of the leading car rental players are striving to take benefit of this trend by intensifying their brands worldwide. However, stringent emission standards and instability in crude oil prices are anticipated to affect the growth of the market during estimated period. Various types of cars are used in the rental services are executive cars, SUV cars, economy cars, MUV cars and luxury cars. In 2014 economy cars was dominant segment and accounted for more than 30% share of overall market. The executive and luxury cars segment is also projected to show considerable growth in the years to come.
Browse 29 Market Tables and 30 Figures spread through 110 Pages and an in-depth TOC on “Car RentalMarket – Global Size, Shares, Trends, Segment & Forecast to 2020”
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Key end use sectors of car rental services include airport transport, outstation and including self drive, local usage, event transportation, employee transportation solutions and others. In 2014, the airport transport was the largest segment and accounted for more than 30% of the total revenue produced by car rental market. Dynamic growth of air travelers is mainly supporting demand of car rental services.
North America was the major region in car rental market, with approximately more than 35% share in total revenue in 2014. This growth is supported by strong growth in business and leisure travelling in this region. The rental vehicle industry is inextricably connected to the tourism industry. Tourism influences the rental vehicle industry at major tourism destinations and airport. Rental cars at major airports represent a considerable proportion of the overall turnover of this industry. Substantial economical growth, improved road and infrastructure facilities, steep rise in tourism are major supporting reasons for the strong growth car rental market in Asia Pacific region. Europe and Middle East regions are also estimated to witness significant growth of car rental market in the near future.
Some of the key service providers in this market include Enterprise Rent-A-Car, Sixt Rent-A-Car, The Hertz Corporation, EuropCar, Avis Budget Group, Inc., Al-Futtaim Group, Carzonrent, Localiza Rent-A-Car, and Eco Rent-A-Car.
The report segments the global car rental market as:
Car Rental Market: Car Type Segment Analysis
- Luxury cars
- Executive cars
- Economy cars
- SUV cars
- MUV cars
Car Rental Market: End-users Segment Analysis
- Local usage
- Airport transport
- Others (Including self drive, employee transportation solutions etc.)
Car Rental Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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