Car Rental Market: Snapshot
The global car rental market is driven by the growing number of inbound and domestic travelers. The increasing number of air travelers is also positively impacting the growth of this market. Travelers across the globe are demanding high quality and reliable travel services for their tours.
Leading car rental service providers are offering quality services and promoting their brands at airports and this is helping customers to adopt their services. Players in the market are concentrating on broadening their fleet size by including technical gadgets. Gadgets such as GPS and music systems are being used increasingly for profitability. This is expected to intensify the competition among players in the years to come.
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However, the fluctuation of oil price will restrict the growth of this market. The growing price of petrol and gasoline will affect the consumer spending level and this expected to act as a challenge. On a positive note however, the rise in GDP levels and increasing disposable income of consumers will have a positive influence on the market.
North America to Lead in Car Rental Market
North America accounted for 30% of the market in 2015. In 2015, the North American market was worth US$26.40 bn. The Hertz Corp., Avis Budget Group Inc., and Enterprise Rent A Car are key companies from the U.S. and Canada. The European market for car rentals will also witness high growth during the coming years. France is expected to be a leading contributor to the European car rental market. Europe is expected to be the second lucrative regional market in the car rental market. The strengthening position of the medical tourism industry will drive the Asia Pacific market for car rentals during the period from 2016 to 2024.
Airport Transport Segment to Lead in Car Rental Market
On the basis of category, the global car rental market is segmented into local usage, airport transport, and outstation. Of these, the airport transport segment is anticipated to contribute the most to the growth of the car rental market. The increase in the number of air travelers and increasing industrialization will push the growth of this segment in the years to come. The local usage segment will trail the airport transport segment. The high increase in the demand and adoption of cab sharing and car pool services will drive the car rental services for local usage.
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Information Technology to Make Car Bookings Easier
The penetration of information technology in the car rental industry has made car bookings and car reservations much simpler, reliable, easier, and safer and thus, customers are increasingly adopting these services. Stringent emissions standards by governments across countries will hamper the growth of this market. The increasing number of warnings by The International Energy Agency regarding the rising emissions of carbon dioxide will restrict the growth of this market in the years to come. International meetings and agreements are demanding mature economies and emerging nations to reduce carbon emissions. Thus, green movement has become a trend that is becoming popular. Leading companies are thus, adopting green car rentals.