Car Rental Market Market and its Future Outlook During the Period of 2014 – 2022
Portland, OR -- (SBWIRE) -- 09/27/2017 -- The global car rental market was valued at $79,648 million in 2015, and is expected to reach $164,335 million by 2022, growing at a CAGR of 11.6% from 2016 to 2022. With growth in pollution level and population, car rental industry has experienced a drastic transformation over the past few years, becoming one of the most prominent industries in fleet transportation.
With growth in pollution level and population, the car rental industry has experienced a drastic transformation over the past few years, and is one of the most prominent industries in fleet transportation. Manufacturers and consumers rely on different car rental schemes, which are cost-effective. In addition, car rentals are majorly contributing to curb the pollution level of the atmosphere by reducing the volumetric sales of owned vehicles. Moreover, with increase in air traffic and growth in rise in trend of online booking in travel industry, car rentals are the preferred options to travel, as cars are the most economical and faster mode of transportation. These advantages are promoting the growth of the car rental industry at an exponential rate.
The growth of the global car rental market is majorly driven by development of the travel & tourism industry. Furthermore, rise in disposable income of people in countries such as the U.S., Germany, and Italy and enhanced road infrastructure is promoting the growth of the market. Increase in investment by global funds and players opting for aggregator-based business model further fueling the market growth. Automobile companies have developed green vehicles to control the rise in pollution level.
Key Findings of the Car Rental Market
* In 2015, the economical car segment led the overall car rental market, generating revenue of $22,802 million in 2015, and is estimated to grow at a CAGR of 12.5%.
* Off-airport rental category is anticipated to grow at the highest CAGR of 12.0% during the forecast period.
* In 2015, the local usage segment led the off-airport market, accounting for $19,073 million, and is expected to lose the highest market share to outstation off-airport rental category in 2019.
* North America led the market, generating revenue of $32,248 million in 2015, and is projected to grow at a CAGR of 8.8%.
* Asia-Pacific is anticipated to take over the major market share post 2017, owing to the rise in sales of vehicles.
Market Players In Value Chain
* Avis Budget Group, Inc.
* Carzonrent India Pvt Ltd.
* Enterprise Holdings Inc.
* The Hertz Corporation
* Sixt Rent a Car
* Uber Technologies Inc.
* Eco Rent a Car
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