According to a new market report published by Lucintel, the future of the global car rental industry looks good with opportunities in the off- airport and on-airport market segment. The global car rental industry is expected to reach an estimated $99.6 billion by 2022 and it is forecast to grow at a CAGR of 5.5% from 2017 to 2022. The major drivers of growth for this market are increase in international air travelers and increase in the volume of domestic tourists.
Browse 73 market data tables and 84 figures spread through 154 pages and in-depth TOC on “Global Car Rental Market”
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In this industry, car rental location (On-Airport and Off Airport), customer type, vehicle type, and mode of booking (Online and offline) are some of the major segments of car rental market. On the basis of its comprehensive research, Lucintel forecasts that the location and mode of booking segments are expected to show above average growth during the forecast period.
Within the global car rental industry, the leisure customer segment is expected to remain the largest market. With a rise in air travel and domestic tourism, and recovery in the GDP level, the number of the leisure customers in is expected to increase, which will spur growth for this segment over the forecast period.
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North America is expected to remain the largest region due to high quality road infrastructure and limited railways. Increasing investment opportunities in different industries, gains in per capita disposable income, and increasing corporate travel will drive car rental demand in North America.
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Emerging trends, which have a direct impact on the dynamics of the industry, include enhanced user experience through digitization, introduction of green vehicles in car fleet, enhanced technologies in car rental service, and concept of self-drive instead of hiring driver. Enterprise Rent-A-Car, Hertz Global Holdings, Inc., Avis Budget Group Inc., Europcar Groupe S.A., and Sixt AG are the major car rental service providers in the global car rental industry. Some companies are opting for merger & acquisition as strategic initiatives for driving growth.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global car rental industry by location, customer, vehicle type, mode of booking, and region and has come up with a comprehensive research report, “The Global Car Rental Industry 2017-2022: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes the forecast for the global car rental industrythrough 2022, segmented by location, customer, vehicle type, mode of booking, and region as follows:
By location ($ billion from 2011 to 2022):
- On-Airport
- Off Airport
By customer ($ billion from 2011 to 2022):
- Business
- Leisure
- Others
By vehicle type ($ billion from 2011 to 2022):
- Luxury cars
- Executive cars
- Economy cars
- SUV’s
- MUV’s
By mode of booking ($ billion from 2011 to 2022):
- Online
- Offline
By region ($ billion from 2011 to 2022)
- North America
- Europe
- Asia Pacific
- Rest of the World
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This 154-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/global-car-rental-industry-2017.aspx#/ or helpdesk@lucintel.com
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q. 1 What are some of the most promising, high-growth opportunities in the global car rental industry by segments and regions?
Q. 2. Which segments will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the driver’s challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6 What are emerging trends in this market and reasons behind them?
Q.7 What are some of the changing demands and needs of customers in the market?
Q.8 What are some of the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are taken by key players for business growth?
Q.10 What are some of the competitive services and processes in this area and how big of a threat do they pose for loss of market share via materials / service substitution?
Q.11. What M & A activity has transpired in last 1 to 2 years, and describes its impact on the industry?
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