Car Rental Market is projected to witness ~14% CAGR by 2023, according to latest depth study on Car Rental Market 2019 Analysis by Type (Local, Outstation, Airport, Others), Mode of Booking (Online, Offline), Application (Business, Non-Business), Vehicle Type (Sedan, SUV, MUV, Luxuries, Others), and Region – Forecast till 2023, published by Market Research Future.
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Car Rental Market Insights:
Increase in the per capita disposable income of the consumers will increase their purchasing power, which will further enhance their comfort of renting. In the past years, there has been a massive increase in the business and non-business trips around the globe, which aid in the growth of the global car rental market. Rapid growth in urbanization and population makes it difficult for the consumers to drive their own vehicles, which would create a demand for car rental. Favorable government norms and increase in awareness regarding environment and car sharing will enhance the demand for car rental.
Global car rental market has seen remarkable growth; expected to rise at a CAGR of ~14% between 2018 and 2023. The rise in purchasing power of the consumers due to the growing economy of the regions will drive the global car rental market. Increase in per capita disposable income of the consumers and rapid growing urbanization will further enhance the car rental market in the global aspects. Massive increase in the industrialization and growing population will make it difficult to drive own vehicle on the road.
Additionally, favorable government norms and increase in awareness regarding environmental protection through vehicles will create opportunities for the new entrants in the global market for car rental. Avis Budget Group (US) and Enterprise Holdings, Inc. (US) are the biggest companies in the market. The acquisition of widely present local players is the key strategy adopted by the major players in the market. However, there is high competition in the market owing to the presence of a high number of players, which may restrain the growth of the market. Customer service and continuous changing crude oil prices will be major concerns for the prominent and new players in the global car rental market.
Market Research Analysis:
In terms of region, the global market for the car rental is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to hold the highest revenue market share in the base year; expected to dominate during the forecast period followed by Europe and Asia-Pacific. North America is expected to hold the highest market share in terms of value owing to increased business and nonbusiness trips. Increase in the number of international travelers in the US and Canada will further enhance the demand for car rental in North America. In Europe, favorable government policies and consumer awareness will influence the demand for car rental. In Asia-Pacific, the market for car rental will grow at the highest CAGR owing to the increased population and growing average disposable income. The rest of the world plays a crucial role owing to the major car rental companies’ presence in the Middle East & Africa and South America.
Scope of the Report:
This study provides an overview of the global car rental market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive car rental market by type, mode of booking, application, vehicle type, and regions.
The report for Global Car Rental Market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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