Car Rental Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

Albany, NY -- (SBWire) -- 02/25/2016 --The global car rental market has been in top gear in the past few years as the global economies are recovering from the recent recession. Over the years, car rental services have become an integral part of the modern lives, which demand hectic travel. The global car rental market has also picked up pace to become the spinal cord for local economies, due to introduction of new business concepts and an unprecedented surge in the tourism industry. Car rental services range from renting vehicles for a day, a few hours, or for a specific period of time such as a month or months.

The global car rental market, which stood at US$36.8 bn in 2013, is set grow at a CAGR of 13.60% from 2014 to 2019 to reach a whopping figure of US$79.4 bn by the end of 2019. Some of the important players making a remarkable contribution in propelling the global car rental market are Carzonrent, Six Rent A Car, Avis Budget Group, Enterprise Rent-A-Car, Hertz Corporation, and Eco Rent A Car.

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In December 2015, The Hertz Corporation was awarded the prestigious Best Domestic Car Rental Company for the 13th consecutive time at the Travel Weekly's 13th Annual Readers' Choice Awards. Senior Vice President Sales Strategy and Operations, The Hertz Corporation, Pamela Wright stated that the company sincerely believes in prioritizing the customer. This motto has enabled the company to offer the best services that is defined by innovation and a good customer experience.

Hertz has been at the forefront of offering innovative solutions such as Carfirmations, Hertz Gold Plus Rewards, Mobile Wi-Fi, and NeverLost®. These applications give the user a chance of knowing the car before they drive it, reward loyalty of the user, and provide connectivity, including state-of-art GPS. These innovative solutions have helped the company retain its leading position for straight thirteen years. Most car rental companies are trying to win customers by devising a safe and convenient platform.

The global car rental market is segmented on the basis of type of car, category, and geography. The types of cars used in the global car rental market are luxury cars, economy cars, executive cars, SUVs, and MUVs. The categories of car rentals are local usage, outstation, airport transport, and others such as employee transportation solutions, event transportation, and self-drive. Geographically, this market is segmented into North America, Asia Pacific, Rest of the World, and Europe.

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In the coming years, the growing volume of international travel, for both leisure and business, is expected to propel the global car rental market. The market will also be encouraged by the growing internet penetration, which is making availing car rental services extremely easy. The only restraint on the car rental market is the strict environmental regulations pertaining to the emissions made by the cars. However, development and increasing demand for electric or hybrid cars is proving to be a new hope for this market.

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