The global car rental market size is expected to reach USD 103.09 billion by 2022, according to a new report by Grand View Research, Inc. Increasing number of air travelers across the globe is expected to drive the car rental market growth over the forecast period. Service companies rent out vehicles to customers for a specific chargeable period. These companies are often organized across a range of local branches primarily near airports or busy city areas in order to facilitate customers to return the vehicle at a location of their convenience.
Contemporary car rental services are largely complemented by websites and smartphone applications, which make provision for online reservations. Changes in customer preferences due to fast penetration of smartphones coupled with fast internet access through affordable 3G and 4G LTE services are one of the key factors responsible for industry growth.
The booming international tourism industry has significantly driven industry growth. Car rental service providers offer a plethora of vehicle options which include luxury, executive, and economy vehicles, as well as SUVs and MUVs. The vehicles serve several segments of customer interests, such as leisure travel, business travel, airport transport, employee transport and all other types of local usage. However, stringent emission standards and volatility in crude oil prices are expected to hinder industry growth globally.
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Further key findings from the report suggest:
- The airport transport application segment accounted for over 43% of the revenue share in 2014 and is expected to maintain steady growth on account of the increase in the number of air travelers. Service providers are attempting to leverage this trend by promoting and expanding their brands across all major airports, globally. An integrated, global service would enable these companies to manage their geographically-dispersed operations efficiently, thereby gaining a competitive advantage over other service providers.
- Rapid globalization resulting in increased business trips across the globe is a major factor, propelling the demand for renting executive and luxury vehicles, which together contributed to over 40% of the revenue in 2014. Economy cars offer high fuel efficiency and can be rented at a cheaper cost as compared to their luxury counterparts, as a result of which they accounted for highest substantial share in the overall industry in 2014.
- Asia Pacific car rental market is expected to grow at a CAGR of over 12.5% over the forecast period on account of high growth prospects of the tourism industry, especially in China, India, and South-East Asian countries. The Chinese government has banned car purchases in certain parts of the country to address increasing traffic and pollution which is expected to encourage people towards renting or sharing cars. North American and the European rental services are expected to witness substantial growth in business and leisure travelers. The growth can be attributed to multiple factors, such as increasing urban population, rise in the number of high-net worth individuals, escalating demand for recreational and leisure activities, and the flourishing economic scenario leading to an increase in consumer spending power.
- Key companies in the car rental industry include Avis Budget Group, Carzonrent, Enterprise Rent-A-Car, EuropCar, The Hertz Corporation Inc, and Sixt. Companies are increasingly focusing on providing mobile applications and improving and making their websites customer-friendly to facilitate quick and easy bookings of such rental services.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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