Car Rental Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 08/25/2015 -- The car rental market, the market where a car company rents out vehicles for a specific duration in return for an appropriate fee, is increasingly embracing a number of technologically advanced techniques to run its services in a more customer-friendly and efficient manner. With the use of GPS devices for tracking the location of vehicles, infotainment devices for indoor entertainment, dedicated websites for online reservation, and mobile apps for added convenience to mobile device users, the global car rental market is rapidly becoming the face of today's rapidly changing digital world. Services are often organized across numerous local branches to facilitate the return of vehicle at the location most convenient for the user.
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A report from Transparency Market Research states that the global and U.S car rental market had a net valuation of US$36.89 billion in 2013. Growing at a positive 13.6% CAGR between 2014 and 2019, the market is expected to rise to US$79.46 billion by 2019.
Flourishing Global Tourism Industry a Key Driver for Global Car Rental Market
The rising middle-class population, rise in per capita incomes of the population in developing countries, and continuous rise in disposable incomes have continued to benefit the global tourism industry over the past few years. Rise in both domestic and overseas travel has also positively affected the global car rental market. Easy access to car reservation facilities through online services and mobile apps add to the convenience of travelers in foreign places. Thus, demand for easy-to-reserve, reliable car rental services have observed a huge boost in recent years.
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However, the market faces a challenge in the form of volatile crude oil prices, leading to fluctuating vehicle fuel prices. Stringent emission standards laid by government bodies owing to environmental concerns and cheaper substitutes to regional public transport media are also posing difficulties for the growth of the global car rental market.
The market can, however, encash a rising set of growth opportunities due to the introduction of electric/hybrid vehicles. Suffering from less debilitating complications as compared to fuel-based vehicles due to stringent emission regulations and price concerns of the latter, switching to electric/hybrid vehicles is a trend car rental companies need to seriously consider for future growth.
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Global Car Rental Market: a Brief Segmentation
The global market for car rental services can be broadly segmented on the basis of the varieties of cars, the end-use applications, and key regional markets. The variety of cars available in most car rental markets includes luxury cars, SUVs, executive cars, MUVs, and economy cars. Rising demand for executive cars from developing economies such as India and China is expected to drive demand for these cars in the global car rental market in the near future.
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Based on end-use applications, the car rental market observes demand for outstation transportation, airport transportation, local use, employee transportation, and self-drive purposes.The TMR report states that the use of a variety of cars in airport transportation garnered the global car rental its major share of revenue in 2013. The market segment of airport transportation had a net valuation of US$15.99 billion. Geography-wise, the car rental market in North America led the overall market the same year and had a net valuation of US$14.66 billion.
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