According to end use, the global car rental market is segmented into intercity, intracity, airport transport, and others. On the basis of geography, the global car rental market is divided into North America, APAC, Europe, and RoW. The APAC region is expected to witness significant growth in the coming few years due to the emergence of the business class in nations such as India and China.
Albany, NY -- (SBWIRE) -- 10/27/2015 -- The report, titled "Car Rental Market: Global Industry Analysis and Opportunity Assessment 2014 - 2020", is now available for sale on official website of Market Research Reports Search Engine (MRRSE). Revenue-wise, the global car rental services market in 2014 was estimated at US$51.2 bn and by 2020, the market is expected to be worth US$106 bn.
The global car rental market is driven by the accelerating number of air travelers. In addition to this, growth in the number of leisure and business trips across the globe will also fuel the global car rental market. Nevertheless, the global car rental market will be constrained by the stringent emission standards and volatility in raw material prices. Moreover, presence of cheaper substitutes in the form of public transport will also hamper the growth of the global car rental market. However, as far as the emission standards are concerned, the global car rental market will benefit from the rise of electric/hybrid vehicles.
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By car type, the global car rental market is divided into luxury cars, executive cars, SUV cars, economy cars, and MUV cars. In 2014, the segment of economy cars held a substantial share in the global car rental market. Economy cars are generally used by intercity travelers and car poolers. However, service providers offer a wide range of cars to consumers and the selection depends on the consumer's requirement and budget. The segment of business travelers held a 55% revenue share in 2014 in the global car rental market due to the rising economic activities and growing requirement of business travel worldwide.
By booking type, the global car rental market is divided into mobile app, offline access, and other Internet access. The offline booking sector dominated the global car rental market in terms of revenue. This segment held a share of 68% in the global car rental market and was worth more than US$34.8 bn in 2014. The mobile apps and online booking segments are expected to witness good growth in the coming years due to the rising number of smartphone and internet users.
Some of the key players operating in the global car rental market are GlobalCARS, Eco Rent a Car, Localiza Rent a Car, Al Futtaim Group, Carzonrent, Europcar, Avis Budget Group, Enterprise Rent A Car, The Hertz Corporation.
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