ALBANY, New York, June 28, 2019 /PRNewswire/ -- The global car rental market is highly consolidated and features an increasingly competitive dynamic. The leading five players held a sizable combined share of more than 75.0% in 2015. Transparency Market Research (TMR) notes that these companies are Sixt SE, The Hertz Corporation, Europcar, Enterprise Rent-A-Car, and Avis Budget Group, Inc. Car rental companies are increasingly focused on expanding their fleet sizes to meet a wide diversity of customer needs.
Over the years, several players in the global car rental market have made a wide range of models available to customers depending their changing needs. Moreover, TMR notes that in recent years several players are adopting strategies to consolidate their geographic presence by focusing on emerging markets such as in Asia Pacific. Furthermore, key players have laid emphasis on customization for inbound and domestic travelers, with the aim to garner competitive gains in the car rental market.
The global car rental market is anticipated to clock a robust CAGR of 14.40% during 2014 - 2024. The revenues are expected to climb to US$290.07 Bn by 2024-end.
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- Top Car Rental Showing Marked Presence in Developed Regions
Among the various regional markets, North America held the sway in 2015, vis-à-vis its global share, and is likely to maintain its status quo in the coming years as well. Presence of top car rental service providers in the region, notably in the U.S. and Canada, makes the region increasingly lucrative. These vehicle rental service providers are always in pursuit of new revenue streams.
- Rising Air Passenger Traffic Spurs Demand for Car Rental for Airport Transport
Of the various categories, airport transport serves the leading demand in the global car rental market. The growth is fueled by burgeoning air passenger traffic, especially in various developing nations. Further, constant pursuit of players to consolidate their fleet sizes and offer new vehicle technologies, increasingly to business and luxury travelers, in industrialized nations is likely to bolster prospects in the segment.
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Car Rental Companies aimed at boosting Leasing Penetration in Emerging Markets
One of the key trends driving the rapid evolution of the car rental market is efforts by car companies to increase the leasing penetration in developing economies across the world. Demands for convenient as well as affordable car rental services is one of the factors propelling growth in the global car rental market. A part of the impetus for car manufacturers is to bolster car sales and capitalize on their inventory in showrooms.
Changing mobility needs of inbound and domestic travelers is helping expand the scope of the car rental market. In developing countries, car rental service providers have garnered sizable revenue gains from meeting needs of convenient outstation tours. Most of them are undertaking intense promotional activities to attract new customers, thereby bolstering the prospects in the car rental market. A case in point is heavy discounts offered by car rental companies.
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Launch of New Subscription Services adopting Transportation Options for Consumers
- Industrialized Nations Offer New Revenue Streams
Over the past few years, the car rental market has witnessed new revenue streams in emerging economies. Car rental service providers are focused on expanding their offering across various cities in industrialized nations such as India and China.
Emerging car manufacturers as well as startups looking for stronghold developed markets for car rental are pinning their hopes on turnkey solutions, such as encompassing tiered membership and innovative subscription services. This has considerably expanded the options for young consumers especially millennials in the global car rental market. Availability of new transportation options is expected to create new demand potential for players in the car rental market.
- Launch of Electric Vehicles Boost Prospects
The advent of new technologies such as incorporation of advanced gadgets by car rental providers has catalyzed recent growth. Moreover, the foray of car rental API providers has opened new doors to new opportunities to the car rental market. Inclusion of all-electric vehicles by some for consumers in developed markets has started a wave of disruption. Plants to launch of all-electric care sharing in the coming years have raised the ante for new entrants in the car rental market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Car Rental Market (Car Type - Luxury Cars, Executive Cars, Economy Cars, SUVs, and MUVS; Category - Local Usage, Airport Transport, and Outstation) - Global Industry Analysis, Trend, Size, Share and Forecast, 2016–2024."
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Car Rental Market is segmented based on:
- Luxury Cars
- Executive Cars
- Economy Cars
- Local Usage
- Airport Transport
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of Middle-East and Africa
- Latin America
- Rest of Latin America
- Rest of Latin America
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