Global Car Rental Market, 2014-2020: By drivers and restrain, Technology, Application, Size & Share
Deerfield Beach, FL -- (SBWIRE) -- 07/24/2017 -- Zion Market Research has published a new report titled "Car Rental (Luxury Cars, Executive Cars, Economy Cars, SUV Cars, and MUV Cars) Market for Local Usage, Airport Transport, Outstation, and Other End-users: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014-2020." According to the report, global car rental market was valued at approximately USD 41.50 billion in 2014 and is expected to reach around USD 90.0 billion in 2020, growing at a CAGR of around 13.5% between 2015 and 2020.
Car rental is a service, wherein a company offers a car to its customers for a specific period ranging from few hours to months at a predefined lease. Car rental is beneficial for one whose car is out of service temporarily for someone who does not have access to their vehicles. Car rental is a most convenient option for the people opting to have a car for a specific period without indulging into legalities of buying a car and those who don't want invest money in buying a car. Most commonly, car rental service provider's offices are located near airports or busy city center. Most of the time, car rental companies also provide value added services such as insurance, entertainment systems, GPS navigation systems, etc.
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Growing tourism is one of the major driving factors for car rental market around the world. The higher penetration of travelers is been noticed especially form North America and Europe region. Online booking services and facilities to return the vehicle to a location of their convenience is also attracting people to hire a car. Additionally, rapidly increasing industrialization and globalization has been resulted into increase in business and leisure trips. This, in turn, is expected to propel the market growth. However, stringent emission standards and volatility in crude oil prices are anticipated to hold back the growth of the market over the forecast period.
On the basis of car type, the car rental market has been segmented as luxury cars, executive cars, economy cars, SUV cars, and MUV cars. The economy car was one of the leading segments and accounted for more than 30% share of the total revenue generated by car rental market in 2014. The executive and luxury cars are the second and third largest segments respectively and also expected to experience significant growth in the years to come.
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Local usage, airport transport, outstation and including self-drive, event transportation, employee transportation solutions, etc among others are the key end-user segments of car rental market. In 2014, the airport transport was the largest segment and accounted for more than 30% of the total revenue generated by car rental market. The vigorous growth of air travelers is mainly driving growth of airport transport segment. The outstation application is also an important outlet that is expected to exhibit rapid growth in the years to come at growing CAGR.
North America was the leading regional market for car rental, with around more than 35% share in total revenue generated in 2014. Strong growth in business and leisure traveling is expected to drive the demand for rental cars. Huge population, strong economical growth, increasing disposable income, improved road and infrastructure facilities, the steep rise in tourism coupled with rapidly increasing internet usage has resulted into strong growth car rental market in Asia Pacific region. Europe, Latin America, and the Middle East are also expected to witness the significant growth of car rental market in the years to come.
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Some of the key participants for the global rental car market include Avis Budget Group, Inc, Sixt Rent-A-Car, Enterprise Rent-A-Car, The Hertz Corporation, EuropCar, Al-Futtaim Group, Carzonrent, Localiza Rent-A-Car, and Eco Rent-A-Car.
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