The global car rental market is expected to grow by 11.5 per cent in the CAGR during the 2016-2023 forecast period. Car rental services have gained considerable foothold in recent years and have become one of the key services in the transport sector, particularly in urban cities. The increase in the number of tourists and business travelers, coupled with a growing preference for car-sharing, is identified as the primary driver of car rental revenues worldwide. In addition, the integration of advanced technologies such as telematics and navigation in cars, coupled with the availability of online booking agencies and payment platforms, has not only maintained transparency among consumers, but has also allowed undisturbed booking and car hire.
The leading car rental companies are focusing on tapping foreign travelers by offering features such as WiFi, multi-language booking platforms and in-car navigation, among others. All of these factors are collectively driving demand for car rental services. Comparatively low public transport fares may pose a challenge to market growth, especially in price-sensitive economies over the forecast period.
Some of the leading players identified on the global car rental market include Avis Budget Group, Inc., Enterprise Rent-A-Car, Sixt Rent A Car, EuropCar, Hertz Corporation, Carzonrent, Al-Futtaim Group, Localiza Rent A Car, Eco Rent A Car, Fox Rent-A-Car, Payless Car Rental, Midway Car Rental, Trust Middle East Car Rental and Advantage Rent a Car, among others. The global car rental market also includes a large number of niche players that individually account for trivial market share. Automobile manufacturers have begun offering advanced web-based solutions to enable the integration of mobile devices such as smartphones with vehicles.
On the other hand, car rental companies are developing fleets of vehicles equipped with advanced technology such as navigation, positioning and telematics. In order to better penetrate semi-urban and rural areas, these companies are endeavoring to introduce a number of cost-effective and innovative services. In order to stay ahead of competition and ensure customer base, established players such as Avis Budget Group, Inc. and Enterprise Rent-A-Car are focusing on building strategic alliances with hotels and airlines.
[Browse full report: “Car Rental Market Size”]
Research methodology applied for this study:
Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global CAR RENTAL market specific to key segments, and regional segmentation.
- Secondary Research
Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global CAR RENTAL market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in CAR RENTAL market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of CAR RENTAL market study.
- Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.
Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.
Credence Research Inc.
105 N 1st ST #429
Toll Free (US/CANADA): +1-800-361-8290