Global Car Rental Market is Expected to Reach USD 79.46 billion in 2019: Transparency Market Research
Albany, New York (PRWEB) July 09, 2014
Increasing GDP levels, increasing volumes of both inbound and domestic tourists coupled with rise in disposable incomes and improving road infrastructure are factors driving the car rental industry. The emerging business class in India and China along with the green revolution in the automobile industry is further driving the car rental market. However, the volatility in petroleum product prices, along with high gasoline price, is expected to affect both consumers spending levels and economic conditions across the globe, thereby leaving a moderate impact on the global car rental industry.
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Economy cars led the global car rental market by accounting for USD 11.56 billion in the year 2013. The executive cars and multi-utility vehicles (MUV's) segments are expected to grow at a faster rate than the other segments, owing to rapid globalization leading to high level of economic activities and increase in business travelers across the globe. Growing business and rapid industrialization in the emerging economies of Asia-Pacific and the Rest of the World region are further expected to drive growth in the car rental market over the forecast period from 2014 to 2019.
The airport transport segment led the car rental market in 2013, by accounting for USD 15.99 billion. The dominance of this segment is due to the rise in the number of air travelers for the purpose of tourism and leisure, coupled with rapid globalization and industrialization leading to high level of economic activities across the globe. Both the local usage segment and others segment which includes self-drive, event transportation and employee transportation solutions are expected to grow at a CAGR of 13.7% each, over the forecast period from 2014 to 2019.
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Geographically, North America led the global car rental market by accounting for USD 14.66 billion in 2013. Although the market is expected to witness least growth rate as compared to other regions, the region is expected to continue its dominance in 2019. The car rental market in North America is highly concentrated by players, such as Enterprise, Hertz, Avis Budget Group and other regional and local companies, which have substantial presence at various airports across the U.S. and Canada. Europe and Asia-Pacific followed North America by accounting for almost half of the global market revenue share.
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The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of Car Rental. Major market participants profiled in this report include Enterprise Rent-A-Car, The Hertz Corporation, Avis Budget Group, Inc., EuropCar and Sixt among others.
Car Rental Market: By geography
- North America
- Asia Pacific
- Rest of the World
Car Rental Market: By type of car
- Luxury Cars
- Executive Cars
- Economy Cars
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Car Rental Market: By category
- Local Usage
- Airport Transport
- Others (self drive, event transportation, employee transportation solutions)
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific
- Rest of the World (RoW)
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