The market for car rental involves individuals/dealers who rent out their cars and consumers who need the car for a specific period of time. Globally, car renting has shown tremendous growth in the last decade or so, and it is anticipated that the car rental market will witness stellar growth in the next five years as well.
Key Growth Factors for the Global Car Rental Market
The global car rental market is forecasted to witness a CAGR of 12.8% through 2020 and reach a valuation of US$ 106 Bn. Increase in the number of tourists and business travellers has provided an impetus to the global car rentals market and it is anticipated that these factors will continue to fuel the market in the future as well. Furthermore, growing awareness about the advantages of carpooling has also given a boost to the global car rental market.
Role of Technology in Boosting the Global Car Rental Market
Technological innovation has played a major role in making car renting a seamless affair. Car rental service providers have invested in creating an informative website where customers can not only check the availability and charges, but also make online payments. Ease of booking cars and making payments are forecasted as the factors that will further provide an impetus to the growth of the global car rental market.
Market Segmentation of the Global Car Rental Market
Market segmentation of the global car rental market is done on the basis of:
The car segment is further segmented into multi-utility vehicle (MUV), sports utility vehicle (SUV), executive, economy, and luxury. The economy segment was the most dominant in 2014 and it is anticipated that this trend will continue through 2020. The economy car segment is forecasted to witness a 13.1% CAGR through 2020 and reach a valuation of US$ 33.8 Bn. Other segments that will witness phenomenal growth are luxury and executive.
Car rental for leisure and business purpose are the sub-segments of the car type segment. Among these two sub-segments, the car rental for business segment is anticipated to witness faster growth due to the growth in business travellers around the world. Industrialisation, globalisation, and international trade has had a positive impact on the number of people travelling from one country to another and this trend is projected to augur well for the prospects of the global car rental market.
On the basis of end-use applications, the segments of the global car rental markets include airport transport, intracity, intercity, and other travel. Among these, the airport transport sub-segment is anticipated to witness the highest growth and account for 42% market share through 2020.
Global Car Rental Market: Online & Offline Booking
Online and offline booking are the two major segments of the global car rental market on the basis of booking type. Although the offline segment had a greater market share in 2014, it is anticipated that proliferation of smartphones and growing internet penetration will provide a boost to the online segment in the next five years.
Key Markets for the Global Car Rental Market
North America, Europe, and Asia Pacific are anticipated to be the key markets for the global car rental market. It is forecasted that the North American car rental market will be worth US$ 19.4 Bn by 2020.
Key Players in the Global Car Rental Market
The key players in the global car rental market are The Hertz Corporation, Global Cars, Europcar, Avis Budget Group, Inc., Enterprise Rent-A-Car, Carzonrent Private Limited, Localiza, and Al-Futtaim Group.
Browse full Report of Global Car Rental Market: https://www.futuremarketinsights.com/reports/car-rental-market-forecast-period-2015-2025
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