(MENAFN- America News Hour) Factors such as the growing trade on services across nations worldwide, backed by increasing urbanization and development of several new micro, small and medium enterprises are anticipated to promote towards the growth of the Car Rental Market throughout the forecast period. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the United States recorded to be the largest exporters of international trade in services amongst all the OECD nations with a value worth USD 827 billion in the year 2018
Market Synopsis
Car rental is a service provided through online and offline platforms that involves renting out automobiles. The companies commonly offer service for a few hours to a few months. The company serves travelers who are out from their town or who do not own their individual vehicles. Car rental service also includes car damage repair and insurance compensation policy for the consumers. The companies also offer extra products such as WiFi, mobile phones, entertainment systems, and child safety seats.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.
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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
Segmentation: Car rental Market
Car rental Market
Global car rental market is segmented on the basis of type, mode of booking, application, vehicle type, and region. On the basis of type, the market has been segmented into local, outstation, airport, and others. On the basis of mode of booking, the market has been segmented into online and offline. On the basis of application, the market has been segmented into business and non-business. On the basis of vehicle type, the market has been segmented into sedan, SUV, MUV, luxuries, and others.
Geographically, the global car rental market has been segmented into the four major regions of North America, Europe, Asia-Pacific, and the Rest of the World. North America will dominate the market in terms of both, value and volume during the forecast period followed by Europe. In North America, increase in the number for business and non-business trip will enhance the car rental market. In Europe, growth of tourism and stringent government policies will further fuel the growth for the car rental market.
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The prominent players in the global car rental market include Avis Budget Group (US), Enterprise Holdings, Inc. (US), Europcar (France), The Hertz Corporation (US), and Sixt SE (Germany). Localiza (Brazil), Eco Rent a Car (India), Al-Futtaim Vehicle Rentals Company LLC (Qatar), Capps Truck & Van Rental (US), and Bandago Van Rental (US) are among others.
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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