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 to new entrants.
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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 have 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.
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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.
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a) GCC Car Rental Market
b) Ride-Hailing Service Market
What can you expect from the report?
The Car Rental Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Car Rental Market Size by Product Categories & Application
2. Car Rental Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Car Rental Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Car Rental Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Car Rental Market Strategic Analysis
18. Car Rental Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Car Rental Market Revenue and Volume Analysis
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