According to a report published by Grand View Research, Inc.; the global car rental market is anticipated to reach a valuation of around USD 119.56 billion by 2024. Growth in travel and tourism industry across the world and high disposable income are anticipated to drive the market. Improved road infrastructure and technological advancements can further fuel the market during the forecast period (2013 to 2024).
Rising number of business and leisure trips across the world is likely to boost the demand for car rentals. Upward trend of online portals for customized travel trips and online reservations is anticipated to drive the market growth in the forthcoming years. Rising use of smartphones is anticipated to bode well for expansion. Smartphones and tablets allow customers to book cars from anywhere and anytime. Integration of advanced technology in these services helps making process quick, reliable, safe, and convenient for customers. However, introduction of strict regulations regarding vehicle emission and fluctuating oil prices can hinder the market growth during the forecast period.
Full Research Report On Car Rental Market Analysis:
North America Car Rental Market By Application, 2013 – 2024 (USD Billion)
The worldwide car rental market can be segmented on the basis of vehicle type, application, and region. Based on vehicle type, the market can be categorized into executive, luxury, economy, Sports Utility Vehicles (SUVs), and multi utility vehicles (MUVs). The economy car segment is expected to continue ruling the global market over the forecast period. Affordability and increasing customer preference for inter-city transport are projected to impel the segment growth.
The executive cars segment is anticipated to expand at an estimated CAGR of close to 7% from 2016 to 2024. Increasing leisure and business trips across the world are anticipated to bode well for the growth of this segment in near future. Demand for higher service quality and reliability is expected to further boost the growth. Increasing disposable income is expected to drive demand for SUVs and MUVs in the years to come.
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As per application, the market for car rentals can be classified into local usage, airport transport, outstation, and others. In 2015, airport transport was the leading segment and is expected to hold major share throughout the forecast period. Growth in number of air travelers across the world as a result of globalization is projected to support this growth.
Geographically, the market can be divided into North America, Asia Pacific, Europe, South America, and Middle East and Africa. North America is expected to be the leading regional segment during the forecast period due to the presence of prominent market participants and shifting consumer preferences. In 2015, the regional market was valued at around USD 40 billion. Rise in number of leisure and business trips and growth in domestic and international air travels are anticipated to bode well for regional market growth in near future.
In 2015, Asia Pacific was valued at over USD 12 billion. The region is anticipated to expand at a CAGR of over 10% through to 2024. Economic development, growth in tourism, and improvement of road and infrastructure facilities can supplement the regional growth. Korea and China are considered as the key regional markets. However, care rental services are also gaining momentum in countries like China and India.
Middle East and Africa and South America are expected to exhibit significant growth over the forecast period due to rising number of individual and corporate customers. In addition , the regions are witnessing rapid rise in foreign tourism, which is anticipated to drive the regional market over the next eight years.
Key companies operating in the car rental market include Avis Budget Group, Inc.; Al-Futtaim Vehicle Rentals Company LLC; Carzonrent India Private Limited (CIPL); Localiza Rent a Car SA; and Eco Rent A Car. Major market players are involved in mergers and acquisitions and joint ventures to expand their global presence and to improve profitability. Companies are also concentrating on improving customer services to sustain in the market.
Grand View Research has segmented the car rental market on the basis of vehicle type, application, and region.
Car Rental Vehicle Type Outlook (USD Billion) 2013 – 2024
Car Rental Application Outlook (USD Billion) 2013 – 2024
Car Rental Regional Outlook (USD Billion) 2013 – 2024
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