The
global car rental market is expected to witness a substantial growth over the
forecast period, reaching USD 119.56 billion by 2024, according to a new report
by Grand View Research, Inc. The industry is primarily driven by the growth as
well as expansion of the global travel and tourism industry. There has been a
significant increase in the number of business and leisure trips worldwide over
the past few years.
The
advent of online rental portals has helped shape the dynamics of the car rental
industry. Growing usage of smartphones and tablets has helped customers to book
and reserve cars from anywhere at any point of time. Major players, such as
Enterprise Rent-A-Car and Avis Budget Group, are now focusing on developing
smartphone applications and optimizing their customer-friendly websites to
facilitate quick and convenient bookings.
However,
compliance with stringent vehicle emission regulations is expected to challenge
the demand for these services across the world. In addition to this, the
instability in crudeoil prices and growing demand for publictransportation are
presumed to challenge the growth to some degree over the forecast period.
In depth research report on Car Rental Market
Further key findings from the report suggest:
·
An emerging trend in the travel
and tourism industry which is gaining immense popularity is the evolution of
“Bleisure”, which refers to a combination of leisure travel with business
trips. The growth in this trend is presumed to propel the demand for car
rentals among businesses as well as leisure travelers.
·
Executive cars are expected to
witness a considerable growth with an estimated CAGR of close to 7% from 2016
to 2024. Swift globalization culminating into increased business trips across
the globe is the primary factor propelling the growth of these cars in the near
future.
·
In terms of application,
airport transport dominated the overall industry share in 2015 and is presumed
to retain its dominance over the next eight years. Rapid globalization has
resulted in a significant increase in the number of air travelers across the
globe, which, in turn, has bolstered the growth prospects of the industry.
·
The Asia Pacific market was
valued at over USD 12 billion in 2015 and is presumed to witness a substantial
growth over the forecast period. The significant regional growth prospects can
be attributed to the rising economic development, enhanced road and
infrastructure facilities, and growth in tourism over the forecast period.
Grand
View Research has segmented the car rental market on the basis of vehicle type,
application, and region.
Car Rental Vehicle Type Outlook (USD Billion) 2013 -
2024
·
Luxury Cars
·
Executive Cars
·
Economy Cars
·
SUVs
·
MUVs
Car Rental Application Outlook (USD Billion) 2013 -
2024
·
Local Usage
·
Airport Transport
·
Outstation
·
Others
Car Rental Regional Outlook (USD Billion) 2013 -
2024
·
North America
o
U.S.
·
Europe
o
France
o
Germany
o
UK
·
Asia Pacific
o
Japan
o
Korea
o
China
o
India
·
South America
·
MEA
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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.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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