A recent report published by Infinium Global Research on car rental market provides in-depth analysis of segments and sub-segments in global as well as regional car rental market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional car rental market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global car rental market. According to the report the global car rental market is projected to grow at a CAGR of 10.9% over the forecast period of 2018-2024.
A car rental agency is a company that rents automobiles for short periods generally ranging from a few hours to a few weeks. Additionally, Car rental agencies primarily serve people who require a temporary vehicle. Along with the basic rental of a vehicle, car rental agencies offer extra products such as insurance, global positioning system (GPS) navigation systems, entertainment systems, mobile phones, and portable Wi-Fi and child safety seats.
Increase in international tourism coupled with awareness about rental car services is anticipated to be the major factors driving the growth of the car rental market. Additionally, the increasing trend of using internet for customizing travel trips and online reservations and bookings are expected to boost the use of technology in the car rental market over the upcoming years. Moreover, leading car rental service providers are offering quality services and promoting their brands at airports and this is helping customers to adopt their services. However, Fluctuation in the crude oil prices and increased operational cost are the factors anticipated to hamper the growth of the car rental market over the forecast period.
On the other hand, Several car companies are using mobile-based applications to communicate the fare, discount coupons, promotional offers, availability of cars, and real-time tracking details to the consumers. This, in turn, is providing several opportunities for the key players in the car rental market. Furthermore, the trouble-free process of online reservations and bookings increases convenience for both the operators and customers, which are anticipated to open doors of opportunity for the industry growth in the upcoming years.
Among the geographies, North America dominated the car rental market followed by the Asia-Pacific owing to the consumer preference coupled with the presence of a large number of key operators in the North American regions. Moreover, a growing number of business trips as both domestic and international and the number of air travelers is expected to increase the demand for such services in the North American regions. On the other hand, expansion of leading car rental companies along with technological advancements in the regions such as the Asia Pacific is anticipated to nurture demand for car rental services in the upcoming years. Moreover, strengthening the position of the medical tourism industry is augmented to drive the Asia Pacific market for car rentals in the years to come.
The major players in the car rental market are Avis, Hertz, Sixt, and GLobalCARS. These players in the car rental industry are concentrating on providing low-cost car services, particularly for leisure markets. Additionally, the Mahindra group's e-vehicle arm Mahindra Electric has extended its partnership with car rental firm Zoom car. Moreover, Car services provider Avis India has announced the launch of its international transport drive service in the Indian market. On the other hand, Avis has provided its car rental services across 110 countries across EMEA, APAC, USA, and Canada for its Indian customers.
The report on global car rental market covers segments such as car type, and application and fuel type. On the basis of car type, the global car rental market is categorized into luxury cars, economy cars, SUVs and MUVs. On the basis of application, the global car rental market is categorized into local usage, airport transport, and outstation. On the basis of fuel type, the global car rental market is categorized into gasoline and petrol and diesel.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global
car rental market such as Carzonrent India Private Limited, Al-Futtaim Group, Europcar
Mobility Group, The Hertz Corporation, Sixt, Avis Budget Group, Inc., Enterprise
Rent-A-Car, Uber Technologies.Inc, and Enterprise Holding Inc.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global car rental market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the car rental market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the car rental market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the car rental market to understand the present and future trends in this market and formulate their strategies accordingly.