Car Rental Market Scenario
Car Rental agencies are usually present at the airports & busy areas of the city that rents car for a short period of time may be a few hours or few weeks. it is very much helpful for the people who do not own any vehicle, travelers who are out of town or the owners who are waiting for the repair compensation. Rental companies purchase a group of vehicle & renting them to their customers for a fee. Over the past few years, the rental car market has experienced a drastic transformation. Consumers rely on various car rental schemes which are cost-effective, a car is leased out from their owners for 3 years & then they are put on rent through app-based bookings. Car rentals majorly contribute to reducing the pollution level. As cars are the most economical & faster mode of transportation that is why it is preferred the most. Car rentals are subjected to many conditions like it should be returned in the same condition it was rented in, & it must not exceed the mileage restrictions otherwise extra fees has to be paid. The car rental conditions vary from company to company & country to country.
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the growth of the global rental car market is driven by the development of tourism industry, a rise in disposable income of people of U.S., Germany, and Italy. Automobile companies have come up with green vehicles that help in the reduction of air pollution to very much extent. furthermore, increase investment by global funds & players acting as key drivers for the growth of this market. Although inconsistent prices of the petroleum & gasoline products are restraining this market. Even though internet usage for reshaping of travel trips, reservations & bookings will create future opportunities for the global rental car market.
Avis Budget Group, Inc., Carzonrent India Pvt Ltd., Enterprise Holdings Inc., Europcar, The Hertz Corporation, Sixt Rent a Car, Uber Technologies Inc., Localiza, Eco Rent a Car, Budget Rent a Car System, Inc., German Rent a Car, Tempest Car Hire, DTG Operations, Inc.
The market segmentation is based on a type of car, rental category. The type of car is further sub-segmented as the luxury car, executive car, economical car, sports utility vehicle (SUV), and multi-utility vehicle (MUV). By rental category, it is bifurcated into: on an airport and off-airport rental. The off-airport rental segment is further divided into local usage, outstation, and others.
Global car rental market Segmented by geographies:
North America (USA, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia); South America (Brazil, Argentina, Columbia etc.) The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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