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Car Rental Market By Vehicle Type (Economic Vehicle, Executive Vehicle, Small Utility Vehicle, Medium Utility Vehicle, and Luxury Cars), By Rental Category (Airport Transport, Local Transport, Outstation Transport) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023

Report Scope

This report analyses the global car rental market in terms of vehicle type, rental category, and geography. On the basis of vehicle type, the global car rental market is segmented into economic vehicles, executive vehicles, SUVs, MUVs, and luxury cars. Similarly, on the basis of the rental category, global car rental is further classified into airport transport, local transport, and outstation transport. The geographical distribution of the global car rental market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

Overview:

The perpetual rise in the number of air travelers for leisure as well as business trips is driving the car rental market worldwide. The advancements in technologies leading to the integration of telematics and navigation solutions in cars have been instrumental in ensuring transparency and winning the confidence of people in car rental services. The introduction of car rental apps has further augmented the reach of car rental services. The availability of a wide range of vehicles with different cost plans has allowed consumers the flexibility of choosing vehicles as per their needs, thereby supporting market growth. These factors are expected to contribute to a double-digit compounded annual growth rate (CAGR) during the forecast period of 2016–2023.

1.1 Report Description

Purpose of the Report

The purpose of this strategic research study titled "Car Rental Market: Growth, Share, Opportunities, and Competitive Analysis, 2016–2023" is to offer industry investors, company executives, and industry participants in-depth insights to enable them to make informed strategic decisions related to the opportunities in the global car rental industry.

1.1.1 Target Audience

  • Industry Investors
  • Car Rental Service Providers
  • App Developers
  • End-users

Overall, the research study provides a holistic view of the global car rental market, offering market size and estimates for the period from 2014 to 2023, keeping in mind the above-mentioned factors.

On the basis of rental category, the car rental market is categorized into the following segments:

  • Airport Transport
  • Local Transport
  • Outstation Transport 

 As of 2015, the airport transport category led the overall car rental market. The category accounted for over 40% of the global car rental service revenues in the same year. The perpetual rise in the number of air travelers globally is expected to have a positive impact on the overall demand for car rentals in the air transport segment. Thus, the air transport category is expected to witness healthy growth during the forecast period of 2016–2023. On the other hand, both outstation and local travel categories are expected to register strong gains in the coming years. With the lack of proper public transport infrastructure, especially in emerging economies, people are turning towards rental car services for their day-to-day intra-city navigation. The car rental companies offer variable rates as per the distance covered, making long trips (outstation trips) cost-effective for their customers.

On the basis of vehicle type, the car rental market is categorized into the following segments:

  • Economy Vehicle
  • SUV
  • MUV
  • Executive Vehicle
  • Luxury Vehicle 

As of 2015, economy vehicles dominated the overall car rental market worldwide and are expected to witness robust growth, especially in Asia Pacific and the Rest of the World. This is largely on account of the benefits offered by these cars in terms of cost and mileage. Commuters generally prefer economy rental cars for their day-to-day intra-city navigation. The trend shall prolong, and the segment is expected to register robust growth during the forecast period. Executive cars are witnessing strong growth owing to the rising demand from corporate delegates. There has been a significant rise in the number of business travelers who generally opt for the higher quality service offered by executive cars. MUVs are also expected to register stronger gains during the forecast period on account of their ability to accommodate a large number of people and offer high-speed and power capabilities.

On the basis of geography, the global car rental market is segmented into the following regions and countries:

  • North America
  • U.S.
  • Canada
  • Europe
  • U.K.
  • France
  • Germany
  • Rest of Europe
  • Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
  • Rest of the World
  • Latin America
  • Middle East and Africa

North America, comprising Canada and the United States, is currently the largest regional car rental market, followed by Europe and Asia Pacific. As of 2015, the region accounted for over 38 percent of the global market revenue. The trend shall prolong, and the region is presumed to remain the largest car rental market throughout the forecast period of 2016–2023. The growth in the region is driven by the easy availability of insurance and the rise in the number of air travelers for leisure as well as corporate trips. On the other hand, Asia-Pacific is expected to witness maximum growth, outpacing North America and Europe during the same period. Japan remains one of the most prominent car rental markets in the region. A surge in inbound arrivals has supported the car rental market in the country. The leading car rental companies in the country, like Toyota, are focusing on tapping foreign travelers by offering features like WiFi, multi-language booking platforms, and in-car navigation, among others.

Frequently Asked Questions:

The market for Car Rental Market is expected to reach XX Mn in 2023.

The Car Rental Market is expected to see significant CAGR growth over the coming years,at 11.5%

The report is forecasted from 2016-2023.

The base year of this report is 2015.

Avis Budget Group, Inc.,Enterprise Rent-A-Car,Sixt Rent A Car,EuropCar,The Hertz Corporation are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Oct 2016
Category:  Automotive & Transportation
Report ID:   58141
Report Format:   PDF
Pages:   120
Rating:    4.3 (65)
Delivery Time: 24 Hours to 48 Hours   
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