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Car Rental Market: Disposable Income in Emerging Economies Opening Opportunities

Published By: IndustryARC Published On : 24-Apr-2019

The rise in the disposable income of the people and the growth prospects in the travel and tourism industry are factors that are creating a myriad of opportunities in the global car rental market. This resonates with the global car rental market that had a market size of $64.47 billion as of 2018, and the demand for rental cars is poised to grow at an impressive compound annual growth rate (CAGR) of 11.53% during the forecast period of 2019 to 2025, according to a market intelligence report by IndustryARC’s analyst.

The report is titled “

Car Rental Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast (2019 – 2024)

”. The report also documents that the increasing demand for internet and smartphone amongst people has increased the market value of the global car rental market. The market is also influenced by various strategic moves made by the existing market players to sustain their positions in the market, which is posing as a threat for new entrants.

Global Car Rental Market: Demand Analysis and Growth Forecast

Car rental is the service companies that rents automobiles as per the demand from the people. They operate by providing services through fleet vehicles and by renting them to their customers. However, these cars are also known as risk vehicles, as the owner of the car is taking a risk by handing over the car to someone else for a short period of time.  

Global Car Rental Market: Leading Segments

North America had dominated the global market with the regional share of 29.98% as of 2018 as per the findings by the IndustryARC’s analysts. The increasing demand by the customers and investments and by the potential investors have created a huge demand for the North America global car rental market. The major factor that has influenced the market growth is the increasing international tourism as the visitors that tour the cities in North America opt for a rental car, which instills a flexible touring schedule in their itinerary. Furthermore, moderate prices of the leasing or rental services has also led to the rising demand for cars on rent. This is because of the growing smartphone subscribers and easily accessible internet applications of these companies.

Moreover, the key application segment of the global car rental market is the economical car and the executive car owing to the growing number of business trips. The growth opportunities for these applications are expected to grow at a remarkable CAGR of 12.72% during the forecast period.

Global Car Rental Market: Market Trends and Growth Drivers

·        

Green Car Rental Services

The environment is highly polluted due to an increasing number of vehicles on the road globally. But there are people trying to prevent the environment, and hence, green car rental services initiative is making strides as it is an eco-friendly service that has observed an increased car rental market revenue. 

·        

Value-for-Money Car Rental Services

One of the latest trends is of value-for-money car rental services. The major players are now focusing on providing services for the leisure market at an affordable price due to cut-throat competition. However, the small players are focusing on expanding geographical presence through online rental car booking services.

·        

Excursions with Car Rental Booking Services

In order to generate more demand in the market, the players are introducing a variety of options apart from the services that are rendered. This has provided people with choices based on the quality of cars or affordability, which is propelling the sales in the car rental market.

·        

Hire Hopping Services

Now that car rental services are used everywhere by everyone. The companies have even started providing hopping services for self-driving cars. The customers can pick-up from one point and can leave it at the second point. Later, they can pick-up another car from the third point and leave the car at the fourth point. These additional services instill a comfortable customer experience, and the trend is further flourishing the car rental market.  

Global Car Rental Market: Competitive Landscape

Some of the key companies identified in the report that are currently holding majority shares in the global car rental market are Avis Budget Group Inc. , Eco Rent a Car, Advantage Rent-a-car, Enterprise Holdings Inc., GlobalCARS, U-save-Auto-Rental System, Ace Rent-a-car, Eco Rent a Car, Europcar, and Budget Rent A Car System, Inc.

Talk to one of our sales representative about the full report by providing your details in the link below:

https://industryarc.com/support.php?id=502138

Related Reports:

a)     

GCC Car Rental Market

https://industryarc.com/Research/GCC-Car-Rental-Market-Research-502419

b)    

Ride-Hailing Service Market

https://industryarc.com/Research/Ride-Hailing-Service-Market-Research-502664

What can you expect from the report?

The car rental market is prepared with the main agenda to cover the following 20 points:

1. Market Size by Product Categories & Application            11. Demand Analysis (Revenue &                                                                                                      Volume)

2. Market trends & Relevant Market Data                            12. Country level Analysis

3. Manufacturer Landscape                                                   13. Competitor Analysis

4. Distributor Landscape                                                       14. Market Shares Analysis

5. Pricing Analysis                                                                 15. Value Chain Analysis

6. Top 10 End user Analysis                                                  16. Supply Chain Analysis

7. Product Benchmarking                                                      17. Strategic Analysis

8. Product Developments                                                      18. Current & Future Market Landscape                                                                                                         Analysis

9. Mergers & Acquisition Analysis                                         19. Opportunity Analysis

10. Patent Analysis                                                                  20. Revenue and Volume Analysis

Frequently Asked Questions:

Q. Does IndustryARC provide customized reports and charge additionally for limited customization?

Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:

1. Increase the level of data in application or end user industry.

2. Increase the number of countries in geography chapter.

3. Find out market shares for other smaller companies or companies which are of interest to you.

4. Company profiles can be requested based on your interest.

5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.

Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com  to discuss more about our consulting services.

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https://industryarc.com/reports/request-quote?id=502138

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Mr. Venkat Reddy

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.

References –

1. https://www.forbes.com/sites/christopherelliott/2018/09/23/car-rental-companies-are-in-a-transformative-stage-heres-what-it-means-for-you/#363081746dd5

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