Global Car Rental Market
The car rental industry after facing several issues and bumpy road in past decade started to revolutionize on the back of new technologies and digitization. Growing number of smartphones and development of electric and autonomous vehicles are some of the major areas to study when it comes to the predicting the future of car rental industry across the globe. Advancement in technology has already made a significant impact on the car rental market as it gives consumers more control over the services and it also play vital role in changing market opportunities.
Goldstein Research analyst forecast the global car rental market to expand at a CAGR of 5.7% during the forecast period 2016-2024 and reach the valuation of USD 85.1 billion by 2024.
Covered In This Global Market Report
The report covers the present ground scenario and the future growth prospects of the car rental market for 2016-2024 along with the total revenue of car rental in every region. We calculated the market size and revenue share on the basis of revenue generated from the car rental services providers and total number of transaction made by commercial and individual users. The revenue forecast is given on the basis of number of service providers and current growth rate of the market.
Global Car Rental Market Segmentation
By Rental Type
- Interstate Services
- Intrastate Services
- Airport Transfers
By Services Type
- Chauffeur Drive
- Special Events
- Car Pool
- Taxi Services
- Luxury Cars
- Executive Cars
- Economy Cars
- Sports Utility Vehicles
- Multi Utility Vehicles
By Mode of Booking
- Online Bookings
- ·App-based car rental services
- ·Telephonic car rental services
- ·Web-Based Car Rental Services
- Offline Bookings
- North America (US, Canada) Car Rental Market
- Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) Car Rental Market
- Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa Car Rental Market
- Latin America (Brazil, Mexico and Rest of Latin America) Car Rental Market
- Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) Car Rental Market
Based on bookings online segment accounted for the highest revenue share of more than 70% in global car rental market owing to the ease of bookings and payment methods. Offline bookings are expected to decline by 15% over the forecast period as small and medium market players will provide their services through online methods.
Global Car Rental Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global car rental market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global car rental market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
Our global car rental market report comprises of the following companies as the key players in the global car rental market: Rent-A-Car, Hertz Global Holdings, Inc., Avis Budget Group Inc., Europcar Groupe S.A., Sixt AG., Carzonrent, Enterprise Holding, Uber, OLA, LYFT, Hailo, Grab Taxi, Didi Dache, Gett, LeCAb, cabify.
According to our global car rental market study on the basis of extensive primary and secondary research, one major trend in the market is technological advancements. Car rental service providers are now able to take advantage of internet which enables them to provide new distribution channels, ease of bookings and door step services. Technological advancement also provided the car rental operators the ability to provide services which include self-service kiosk, online check-in, loyalty programs among others to make the rental process faster and smoother.
According to the report, major driver in global car rental market is growing inbound and domestic tourism flows across the globe. Governments in many regions are also providing the driving privileges for foreign tourists, making them eligible for driving a vehicle across the country with valid driving license and passports. Such favorable regulations and rising number of foreign tourists across major geographies has significantly driven the self-driving car rental market.
Further, the report states that one challenge in global car rental market is intense competition from the well-established major players in the industry. Averagely, around 60% of the car rental market share is majorly acquired by the 3-4 big market players across the different geographies of the world. Lower fare of public transport is also the major challenge for car rental market.
Geographically, North America accounted for the largest market share with more than USD 40% revenue share owing to the. On the other hand Asia Pacific region is the fastest growing region growing and is likely to expand at a CAGR of 6.2% over the forecast period i.e. 2016-2024. China, India and Indonesia are the fastest growing markets in the region, collectively accounting for more than 50% market share in Asia-Pacific car rental market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Key questions answered in this global car rental market report
- What is the total market size by 2024 and what would be the expected growth rate of sales?
- What is the total adoption rate in 2015-16 and what would be the expected adoption rate over the forecast period?
- What are the key market trends?
- What are the factors which are driving this market?
- What are the major barriers to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities for the existing and entry level players?
- What are the recent developments and business strategy of the key players?
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