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Albany, NY -- (SBWIRE) -- 03/25/2015 -- Chinese car rental market emerged in 1990 when the Asian Games was held in Beijing. Afterwards, Beijing, Shanghai, Guangzhou and Shenzhen with higher internationalization level began to develop the market at first. Until 2000, the car rental market extended to other cities. Over more than a decade of development, China had more than 400,000 vehicles for lease by 2014 with the market size of nearly RMB40 billion, and the figures are expected to be 750,000 and over RMB60 billion by 2018.
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Compared with foreign mature markets, the fast-growing car rental industry of China is featured with lower access threshold, more small-sized enterprises and lower industry concentration, meaning China's car rental industry is still in its infancy. In 2014, the penetration rate of China car rental industry was 0.5%, lower than 1.7% in the United States, 2.6% in Japan, 2.1% in South Korea and 1.5% in Brazil. At the same time, the top three car rental companies accounted for 12.6% of Chinese car rental market together, wherein CAR Inc., eHi and Avis occupied 8.1%, 2.9% and 1.6% respectively.
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China car rental industry targeted foreign companies and large state-owned enterprises in early time, but car rental services for individuals just sprang up in recent ten years. In foreign car rental markets, about 50% of the demand comes from individuals. Chinese individual customers usually desire cars during holidays and peak seasons, and they are more concerned about prices, brand reputation, quality of services and process convenience than models.
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The traditional car rental industry is involved with considerable assets and low profits; car rental companies enhance their competitiveness by expanding fleet size, improving services and operational efficiency. However, emerging platform-based Internet car rental models have exerted certain effect on the traditional business model. Relaxed policies as well as the Internet car rental and limousine services which are defined as innovative services have forced veterans such as CAR Inc. to launch their own limousine services and P2P services. Meanwhile, Didi Car, PP Car Rental and other new entrants continue to challenge the existing market competition pattern. It is foreseeable that market players will compete with each other intensely for the Internet users while consolidating their own services.
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