Global Car Rental Market, 2014-2020: By drivers and restrain, Technology, Application, Size & Share
Deerfield Beach, FL -- (SBWIRE) -- 11/07/2017 -- The report covers forecast and analysis for the car rental market on a global and regional level. The study provides historic data of 2014 along with a forecast from 2015 to 2020 based on revenue (USD billion). The study includes drivers and restraints for the car rental market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the car rental market on a global level.
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. 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."
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In order to give the users of this report a comprehensive view on the car rental, we have included a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter's Five Forces model for the car rental market has also been included. The study encompasses a market attractiveness analysis, wherein car type segments and end-user segments are benchmarked based on their market size, growth rate, and general attractiveness.
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 economic 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.