According to a new report published by Reports Monitor titled, “Global car rental Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the car rental
market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
The latest trend gaining push in the market is introduction of value-for-money car rental services. Players in the car rental industry are focusing on providing low-cost car services, to the customers during their holidays. The small players are preferring online car rental platforms to expand their geographical presence and increased market coverage. Several popular car rental services have launched their own value brands with moderate and affordable pricing. Such strategies will help players in the car hire market expand their potential customers. Car rental agencies are usually present at the airports & busy areas of the city that rents car for a short period of time may be few hours or few weeks. it is very much helpful for the people who do not own any vehicle , travelers who are out of town or the owners who are waiting for the repair compensation. Rental companies purchase a group of vehicle & renting them to their customers for a fee.
Over the past few years the rental car market have experienced a drastic transformation. Consumers rely on various car rental schemes which are cost-effective, car are leased out from their owners for 3 years & then they are put on rent through app based bookings. Car rentals majorly contribute to reduce the pollution level. As cars are most economical & faster mode of transportation that is why it is preferred the most. Car rentals are subjected to many conditions like it should be returned in the same condition it was rented in, & it must not exceed the mileage restrictions otherwise extra fees has to be paid. The car rental conditions vary from company to company & country to country. This report provides a detailed analysis of globalrental car market, which includes current industry situations such as market size, growth and demands, market outlook, major players with their key strategies such as investment, mergers and acquisitions, value chain analysis and swot analysis. It covers the market canvas and the growth, opportunities in the coming years. The report has been made with an in-depth analysis along with important inputs from the various industry experts. The research is carried out with both extensive primary and secondary data sources with bottom-up and top-down approaches. the growth of the global rental car market is driven by development of tourism industry , rise in disposable income of people of U.S., Germany, and Italy . Automobile companies have come up with green vehicles that help in reduction of air pollution to very much extent . furthermore increase investment by global funds & players acting as key drivers for growth of this market. Although inconsistent prices of the petroleum & gasoline products is restraining this market. Even though internet usage for reshaping of travel trips, reservations & bookings will create future opportunities for the global rental car market.
The market segmentation is based on type of car, rental category. The type of car is further sub-segmented as : luxury car, executive car, economical car, sports utility vehicle (SUV), and multi utility vehicle (MUV). By rental category, it is bifurcated into: on airport and off airport rental. The off airport rental segment is further divided into local usage, outstation, and others.
Global car rental market Segmented by geographies: North America (USA, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia);South America (Brazil, Argentina, Columbia etc.) Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Key players of rental car market are: Avis Budget Group, Inc., Carzonrent India Pvt Ltd., Enterprise Holdings Inc., Europcar, The Hertz Corporation, Sixt Rent a Car, Uber Technologies Inc. , Localiza, Eco Rent a Car, Budget Rent a Car System, Inc., German Rent a Car, Tempest Car Hire, DTG Operations, Inc.
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