Global Car Rental Market: Snapshot
The global market for car rental is heavily influenced by the increasing volumes of inbound and domestic travelers. The rise in the GDP levels, disposable income of consumers, and the improving road infrastructure are also amongst the key factors behind the growth of this market. In addition, the significant growth in the business class, particularly in emerging economies, and the green revolution in the automotive sector are likely to drive this market further in the near future. However, the negative impact of volatile prices of gasoline and petroleum products on the consumers spending levels and the economic conditions across the world is projected to hamper the market’s growth over the forthcoming years.
The global car rental market stood at US$87.07 bn in 2015. Rising at a CAGR of 14.40% between 2014 and 2024, the market’s opportunity is likely to increase to US$290.07 bn by the end of 2024.
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Demand for Car Rental Services to Remain High for Airport Transport
Airport transport, outstation traveling, and local usage are the main categories of car rental services. Airport transport, among these, has emerged as the key contributor to the overall revenue generated in this market. Thanks to the rising number of air travelers, together with the increasing globalization and industrialization, the scenario is likely to remain unchanged for the next few years.
Airport transport is closely followed by the local usage segment, which is expected to hold the second position over the forthcoming years. The substantial rise in car pool services and cab sharing in the recent times is anticipated to give rise to the car rental services for the local usage in the near future.
Despite Slow Growth, North America to Remain Market Leader
Based on the geography, the worldwide car rental market is bifurcated into Latin America, North America, Europe, the Middle East and Africa, and Asia Pacific. In terms of revenue, the global market is vastly driven by North America. In 2015, the regional market generated US$26.40 bn in revenues. Currently, the market for car rentals in North America is highly concentrated with the significant presence of The Hertz Corp., Enterprise Rent A Car, Avis Budget Group Inc., and various other regional and domestic enterprises, across the U.S. and Canada. The Europe market for car rentals, which held the second position in 2015, demonstrates a comparatively fragmented landscape. In this region, France holds the lead and is expected to remain seated in this position in the near future.
Over the forthcoming years, even though Europe and North America will continue on their respective positions, the growth in both the regional markets is likely to slow down due to their maturing state. On the other hand, Asia Pacific will show a great deal of progress in the years to come, thanks to the strengthening tourism industry in this region.
Some of the leading players in the global car rental market are Carzonrent, Localiza Rent A Car, Eco Rent A Car, Al-Futtaim Group, EuropCar, The Hertz Corp., Enterprise Rent A Car, Sixt Rent A Car, and Avis Budget Group Inc.