Leading market intelligence firm Transparency Market Research has announced the release of a new market study. The new study examines the global car rental market, according to its historical statistics and current market trends, and charts the future growth trajectory of the car rental market in the coming years. The report, titled ‘Car Rental Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019’, is available on the company’s website for sale.
The car rental industry provides a vital service in the modern world. Due to growing international travel, the number of customers in the car rental market is growing steadily. International travelers often lack transportation options, making car rental services an essential commodity. Majorly due to the rising number of international travelers, the global car rental services market is registering a 13.6% CAGR from 2014 to 2019, according to the report. The market was worth US$36.8 bn in 2013 and is expected to expand to US$79.4 bn by the end of 2019.
Within international travelers, business as well as leisure travel is on the rise. Rising globalization of corporate operations is responsible for the former, while rising disposable incomes of the middle class are enabling the latter. Developed regions such as North America and Europe have well-developed car rental markets, due to the high volume of business travel within the respective continents.
Apart from the rising volume of international travel, the major drivers of the global car rental market are the rising global population and increasing internet penetration around the world. The high prevalence of online car rental services around the world has been facilitated by the rising internet penetration, which has made availing car rental services much easier.The major restraint on the global car rental market is the increasing implementation of environmental regulations around the world. The high amount of environmental pollutants released by cars is responsible for the negative impact of environmental regulations on the car rental market. However, this presents a significant scope for future expansion of the global car rental market. The rising sale of fully and partially electric cars represents a major opportunity for major players in the car rental market.
Executive cars and MUVs lead the global car rental market. These two segments are followed by economy cars, SUVs, and luxury cars. According to application, airport transport leads the global car rental market, totaling close to US$16 bn in 2013. Outstation and local usage are the other major application segments of the car rental market, apart from other minor applications such as event transportation, employee transportation, and self-drive. By geography, the report segments the global car rental market into North America, Asia Pacific, Europe, and Rest of the World.
The report contains analytical profiles of major companies in the global car rental market such as Avis Budget Group, Enterprise Rent-A-Car, Six Rent A Car, Eco Rent A Car, Carzonrent, and Hertz Corporation. These provide key insights into the competitive landscape of the global car rental market, helping decision makers in the market make well-informed, timely decisions.
Segmentation of the global car rental market is as follows:
Car Rental Market: By geography
- North America
- Asia Pacific
- Rest of the World
Car Rental Market: By type of car
- Luxury Cars
- Executive Cars
- Economy Cars
Car Rental Market: By category
- Local Usage
- Airport Transport
- Others (self-drive, event transportation, employee transportation solutions)
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