Rise in Global Travel Drives Opportunities in the Car Rental Business, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) April 23, 2014 -- Follow us on LinkedIn - Car rental, an integral part of the global travel and transportation industry, represents a major market worldwide. Globalization and the ensuing rise in global travel over the decades have supported the growth and development of the car rental industry worldwide. The market largely depends on air travel since it provides the connecting land transportation for air travelers. Industrial development and geographic expansion in commercial operations of business organizations across the globe have translated into increased business trips, and subsequently more number of air flights in operation, thereby benefiting demand for car rental services. Growth in the number of travelers on pleasure trips has also added substantial percentage of inbound traffic to tourist destinations. The gradual economic improvement in the United States and Europe is expected to benefit the market in the coming years.
With the total cost of ownership (TCO) of a car increasing against the backdrop of rising fuel prices, consumers are increasingly looking to rent cars for short period of time, on hourly basis, thereby reducing the rental charges. Though in a nascent stage, the luxury car rental market is gathering momentum, particularly in Europe and North America. Growing competition in the market is necessitating car rental service providers to offer value added services such as online booking, and easily downloadable mobile apps, which enables customers to instantaneously book cars from their mobile device while on-the-go. In addition to providing basic transportation, rental companies are also focusing on making rented cars safer, comfortable, more user-friendly and reliable. Given the growing base of price-sensitive leisure travelers, Car-Sharing is emerging into a key trend in the market due to its significant cost benefits. Several major traditional car rental companies such as Hertz and Enterprise Rent-A-Car among others have introduced car-sharing services such as Hertz on Demand and Enterprise Car-Share.
The market is also witnessing a shift towards greener, more environmentally cars like electric, natural-gas, and hybrid cars. In the coming years, information technology will continue to encourage the evolution of a new breed of car rental companies capable of leveraging technologies such as GPS/satellite navigation/telematics, and Internet to optimize the efficiency of fleet management, reduce fleet costs, increase revenue-per-rental, enhance booking/reservation efficiencies and offer value to customers.
As stated by the new market research report on Car Rental Business, the United States represents the largest market worldwide. Asia-Pacific is projected to register the fastest growth at a CAGR of 8.7% over the analysis period. Growth in the region will be supported by factors, such as, strong GDP gains, increase in the level of economic activity, continuous inflow of foreign direct investments, development of tourism and the ensuing increase in domestic and inbound tourists, among others.
Major players covered in the report include Avis Budget Group Inc., Avis Rent-A-Car System LLC, Budget Rent-A-Car System Inc., Payless Car Rental, Enterprise Holdings, Enterprise Rent-A-Car, Alamo Rent-A-Car, National Car Rental, Europcar, Sixt AG, and The Hertz Corporation, among others.
The research report titled “Car Rental Business: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, issues, and recent industry activity of major companies worldwide. The report provides market estimates and projections for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia Pacific), and Middle East/Africa and Latin America (Brazil and Rest of Latin America). The report analyzes the Car Rental Business market by location types Airport and Non Airport. The report also analyzes the Car Rental Business market by sector Leisure, Business and Insurance Replacement.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Car_Rental_Business_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1500 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/
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Raghu Gopal, Global Industry Analysts Inc, +1 408-528-9966, [email protected]
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