Car rental is a service which allows consumers to hire automobiles on rent via online and offline platforms. Market Research Future (MRFR) has published a research report about the global car rental market that foresees massive hike for this market with 14% CAGR (Compound Annual Growth Rate) between 2018 and 2023.
The factors that are enhancing the growth of the global car rental market include economic growth, entry of new market players, and favorable government norms. In some countries where eco-friendly cars are compulsory, people not owning such cars have no choice but to hire eco-friendly cars on rent. The other factors aiding the market growth include the rise in purchasing power of the consumers, increase in awareness regarding environmental protection through vehicles, increase in per capita disposable income of the consumers, and rapidly growing urbanization. However, some factors that can create problems for new market players include the high competition in the market, the presence of a high number of players, and constantly changing crude oil prices.
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The global car rental market has been segmented on the basis of application, type, mode of booking, vehicle type, and the region. Application-based segmentation segments this market into business and non-business. Non-business trips are usually vacation trips. By type, the market has been segmented into local, outstation, airport, and others. With regards to the mode of booking, the market has been segmented into online and offline. Based on vehicle type, the market has been segmented into MUV, sedan, SUV, luxuries, and others.
The regional segmentation of the global car rental market segments the market into continent-based regional markets include North America, Europe, Asia-Pacific, and the rest of the world (RoW). According to the report, North America is expected to dominate the global market in terms of value as well as volume during the forecast period, followed by Europe. In North America, the market is expected to rise due to an increase in the number for business and non-business trip. The region has country-specific markets known as the United States of America (USA), Canada, and Mexico.
In Europe, the market is growing due to the growth of tourism and stringent government policies. In this region, the major country-specific markets are France, Germany, Italy, and the United Kingdom (UK), followed by the remaining countries of Europe. In Asia Pacific region, the important country-specific markets are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
The RoW segment covers the vital market in the Middle East & Africa (MEA) and South America due to the presence of the major car rental companies in these regions. In South America, the strong economies that can be ideal markets are Argentina and Brazil as these are the strongest economies in this region. In the Middle East, countries like Qatar have a chance to emerge as significant markets.
MRFR Profiled Key Global Car Rental Market Players:
The key players in the global car rental market include Al-Futtaim Vehicle Rentals Company LLC (Qatar), Avis Budget Group (USA), Bandago Van Rental (USA), Capps Truck & Van Rental (USA), Eco Rent a Car (India), Enterprise Holdings Inc. (USA), Europcar (France), Localiza (Brazil), Sixt SE (Germany), and The Hertz Corporation (USA).
Latest Industry News
- India’s Drivezy has raised the US $ 20 mn for its on-demand vehicle rental service. 28 NOV 2018
- Uber has shut down its car rental program called Uber Rent. 27 NOV 2018
- Car rental start-up Revv has launched OPEN, a new car rental service. 29 NOV 2018
- Montreal-based Valsoft Corporation Inc. has acquired Thermeon Worldwide Ltd, a global provider of car rental software headquartered in the UK. 21 NOV 2018
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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