The global car rental market was pegged at $85.14 billion in 2016 and is expected to reach $164.33 billion by 2022, registering a CAGR of 11.6% from 2016 to 2022.
With the growth in pollution level and population, the car rental industry has experienced a drastic transformation over the past few years and is one of the most prominent industries in fleet transportation. Manufacturers and consumers rely on different car rental schemes, which are cost-effective. In addition, car rentals are majorly contributing to curb the pollution level of the atmosphere by reducing the volumetric sales of owned vehicles. Moreover, with an increase in air traffic and growth in a rise in the trend of online booking in the travel industry, car rentals are the preferred option to travel, as cars are the most economical and faster mode of transportation. These advantages are promoting the growth of the car rental industry at an exponential rate.
Expansion & progression of global travel and tourism industry increase in disposable income of people in North America, enhanced road infrastructure, and rise in investment by global funds and players opting for aggregator-based business models are the major factors that drive the growth of the global car rental market. However, volatile prices of gasoline and petroleum products hamper the car rental market growth. On the contrary, the rise in trend of using the internet to customize travel trips and for reservations and bookings is expected to create lucrative opportunities in the near future.
The market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the North America region held the lion’s share in 2017, accounting for nearly two-fifths of the market. However, the market across the Asia-Pacific region is estimated to register the fastest CAGR of 16.5% from 2016 to 2022
On the basis of the rental category, the market is bifurcated into an airport, off-airport, local usage, outstation, and others. The off-airport segment dominated the market in 2017, contributing around three-fifths of the market. However, the outstation segment is estimated to register the fastest CAGR of 12.8% during the study period.
The global car rental market is categorized on the basis of the type of car, rental category, and region. Based on the type of car, the market is segmented into a luxury car, executive car, economical car, sports utility vehicle (SUV), and multi-utility vehicle (MUV). The economical car segment held the largest share in 2016, accounting for more than one-fourth of the market. Moreover, the segment is projected to manifest the fastest CAGR of 12.5% during the forecast period.
The market report analyzes the major market players such as Carzonrent India Pvt Ltd., Avis Budget Group, Inc., Europcar, Enterprise Holdings Inc., Sixt Rent a Car, The Hertz Corporation, Localiza, Uber Technologies Inc., Budget Rent a Car System, Inc., and Eco Rent a Car.
Inquire more about this report @ https://www.alliedmarketresearch.com/purchase-enquiry/2073
Top Impacting Factors Such as -
- Expansion and progression of worldwide travel and tourism industry
- The rise in the disposable income of people in North America and Europe
- Enhanced road infrastructure around the globe
- Investment by global funds and players opting for aggregator based business model
Key Findings of the Car Rental Market
- In 2015, the economical car segment led the overall car rental market, generating revenue of $22,802 million in 2015, and is estimated to grow at a CAGR of 12.5%.
- The off-airport rental category is anticipated to grow at the highest CAGR of 12.0% during the forecast period.
- In 2015, the local usage segment led the off-airport market, accounting for $19,073 million, and is expected to lose the highest market share to the outstation off-airport rental category in 2019.
- North America led the market, generating revenue of $32,248 million in 2015, and is projected to grow at a CAGR of 8.8%.
- Asia-Pacific is anticipated to take over the major market share post-2017, owing to the rise in sales of vehicles.
Get Up to 30% Discount on All Published Reports:
No comments:
Post a Comment