Car rental services include wide-ranging services related to renting vehicles/automobiles for specific time periods, ranging from a few hours to a few months, for an appropriate fee. These services are often offered via websites and through online reservations. Car rental services are generally required by people who need a vehicle temporarily; usually, they are either travellers or car owners who need to briefly relinquish their own cars for service, repair or insurance compensation requests.
Drivers & Trends
Increasing demand from emerging economies, surge in public awareness about car rental services, rising global tourism industry, introduction of new business concepts, increasing number of Internet users and increasing international tourist arrivals are some of the major factors driving growth of the global car rental market currently. Increasing GDP rates and increasing income levels across the globe are also expected to drive the car rental market, significantly, in the near future.
Conversely, stringent emission standards, low cost public transportation, and volatility in crude oil prices are some of the minor restraints in the global car rental market.
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Analysis, by Geography
Geographically, the global car rental market is segmented into seven regions: North America, Western Europe, Asia Pacific Excluding Japan, Latin America, the Middle East and Africa and Latin America; of these, the most prominent regional markets are North America and Europe, which together constituted around 62.4% share of the overall market in 2014.
North America is expected to remain the most dominant car rental market globally, throughout the forecast period.Ongoing technological developments, increasing online presence of car rental companies,high adoption rates for car sharing services, high consumer spending and growth in tourism are among the major factors responsible for the increasing demand for car rental services in the region.
Despite huge investments by key players and new entrants in North America, the market in the region is expected to grow at a moderate rate owing to saturation of the traditional market and also as it is the oldest car rental market globally.
Technological advancements coupled with expansion of leading car rental companies in developing regions, such as Asia Pacific and Latin America, are factors that are projected to boost demand for car rental services globally in the coming years. This is further expected to create new opportunities for the global and regional niche players to enter the market in these regions, with cost-effective offerings, in order to gain majority of market share.
The Middle East and Africa and APEJ markets are expected to expand at a comparatively higher CAGR than the other segments.
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Analysis, by Segment:
By end use, the global car rental market is segmented into four segments: intercity, intracity, on-airport, and others; of these, on-airport was the most prominent segment, accounting for 49.5% share of the overall market, in 2014.
The on-airport segment is expected to remain the most dominant segment in the global car rental market throughout the forecast period. Rise in operation of various car rental companies at airports,high adoption rates for car sharing services, high consumer spending and rise in air travel are factors responsible for the growth of the on-airport segment globally.
By booking type, the global car rental market is segmented into offline access, mobile application and other Internet access. In terms of revenue, the mobile application segment is anticipated to create the highest incremental $ opportunity between 2014 and 2025
By sector, the global car rental market is segmented into organised and unorganised sector. Organised segment is anticipated to create the highest incremental $ opportunity between 2014 and 2025. Factors such as increasing number of car rental companies and rising consolidation are driving the growth of the organised segment in the market.
By customer type, the global car rental market is segmented into business and leisure. The business segment accounted for 53.8% shareof the overall market in 2014. Owing to the increasing leisure and domestic travel, the leisure segment is expected to expand at a high CAGR during the forecast period
By car type, the global car rental market is segmented into economy cars, compact cars, intermediate cars, premium cars, luxury cars and others. The intermediate cars segment is expected to expand at a comparatively high CAGR of 9.8% as compared to the other segments, during the forecast period
Key players considered in the global car rental market include Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group, Inc., Europcar Group S.A., Carzonrent India Pvt Ltd., Sixt SE, Al Futtaim Group, Localiza- Rent a Car SA, Eco Rent a Car and GlobalCARS.