Asia Pacific Region is Projected to be the Growth Engine for Car Rental Industry
Global Car Rental market is expected to expand at a compound annual growth rate (CAGR) of 5.7% over the forecast period i.e. 2016-2024. The car rental market growth over the last few years can be attributed to the enlargement and development of the global travel and tourism industry.
The growing attractiveness of Uber and Lyft among other app-based services may be shifting the attention of short sellers to car rental companies such as Hertz Global Holdings (Hertz) and the Avis Budget Group (Avis). According to our report, the second largest provider of travel and expense management software in North America, Uber accounted for 43%of USroad transportation transactions, overhauling car rental companies for the first time in 2015. The software provider entitlements that rental car transactions have plunged in the last two years as the average Uber or Lyft fare cost is usually much lower than the average car rental booking.
Advancement in technology has already made a momentous impact on the car rental market as it gives consumers more control over the services and it also plays a vital role in changing market opportunities. Further, governments in many regions around the world are providing the driving privileges for foreign tourists, making them authorized for driving a vehicle across the country with valid driving license and passports. Such favorable regulations and rising number of foreign tourists across major geographies have significantly driven the self-driving car rental market.
“Global Car Rental Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in global car rental industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler, and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, service providers to analyze the future prospects of the overall global car rental industry.
Global car rental market segmentation can be classified on the basis of:-
By Rental Type
- Interstate Services
- Intrastate Services
- Airport Transfers
By Services Type
- Chauffeur Drive
- Special Events
- Car Pool
- Taxi Services
- Luxury Cars
- Executive Cars
- Economy Cars
- Sports Utility Vehicles
- Multi Utility Vehicles
By Mode of Booking
- Online Bookings
- App-based car rental services
- Telephonic car rental services
- Web-Based Car Rental Services
- Offline Bookings
- North America (US, Canada) Car Rental Market
- Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) Car Rental Market
- The Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa Car Rental Market
- Latin America (Brazil, Mexico and Rest of Latin America) Car Rental Market
- Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) Car Rental Market
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Market Trends, Drivers, and Challenges
The car rental industry is witnessing healthy growth owing to demand rental cars in different countries, driven by both domestic and international tourist and business customers, resulting from technological advancements and varying demographics. The upsurge in traveling expenditure, growth rate of air travel, and increasing number of foreign visitors also influenced the car rental market growth. Moreover, growing technological advancements such as Telematics and increasing penetration of smartphones has also significantly impelled the growth of car rental industry from past few years. Moreover, emerging markets in Asia, Latin America, and the Middle East will be the growth engines for the global car rental industry growth.
“Car Rental Market” report has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. The global car rental market report also recognizes value chain analysis to understand the cost differentiation to provide the competitive advantage to the existing and new entry players.
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