Future Market Insights (FMI) presents a revised forecast of the
global car rental market for the period 2017-2027 in its published
report titled “Car Rental Services Market: Global Industry Analysis
(2012 – 2016) and Opportunity Assessment (2017–2027).” In terms
of revenue, the global car rental market is estimated to expand at a
CAGR of 6.6% over the forecast period, owing to numerous factors,
about which FMI offers thorough insights and forecasts in this
informative report. The market is segmented on the basis of end use,
customer type, sector, booking type and car type.
Increased Global Affluence to Make Leisure Travellers Demand Car
Rental Services
By customer type, the global car
rental market is segmented into business and leisure customers.
The leisure segment is expected to dominate over the forecast period
due to expansion of global tourism market, increasing disposable
income, and improved infrastructure for rental service. The leisure
segment is anticipated to record a high CAGR growth rate of 7.8% over
the forecast period with the total market valued at US$ 51,734.7 in
2017. On the other hand, the business segment has low growth rate of
4.3% CAGR with market valued at US$ 52,365.3 in 2017.
Online Booking Unlikely to Outpace Offline Booking in the Car Rental
Market
By booking type, the market is segmented into offline access, mobile
application, and other internet access. Offline booking is projected
to be the higher revenue generator compared to online bookings and
mobile apps. The offline booking segments is estimated to account for
approximately 68% of the car rental market i.e. a value of US $
44,871.6 Mn in 2016. Online bookings for car rentals have increased
globally with the development of mobile applications and IT
infrastructure advancements making it easy to book car rental
services online or via mobile apps.
Therefore, the car rental market is thriving. An updated report of
the International Telecommunication Union, 2015 WSIS Forum states
that Internet users have increased rapidly worldwide on account of
continuous developments in Information & Communication
Technologies. This is estimated to further increase the demand for
car rental services. The proportion of households with the internet
access at home increased from 18% in 2005 to 46% in 2015; whereas in
2000 the penetration rate was 6.3%.
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On-Airport End Use has Maximum Potential in the Car Rental Market
On the basis of end use, global Car Rental Services is segmented into
Intercity, Intracity, On-Airport, and others. On Airport segment has
highest growth rate of 7.3% CAGR followed by intercity with a CAGR of
5.3% in the forecast period. Air travel has skyrocketed mainly
because of the plummeting prices of airline tickets, leading to a
substantial increase in air travelers across the globe. The
increasing air trips for business and leisure purpose is fuelling the
growth of car rentals to airports.
Booming Economic Growth makes APEJ Car Rental Market Critical in the
Long Term
The North America market has been estimated to dominate the Global
car rental market, accounting for maximum revenue share of 45.9% by
2027 end. In terms of value, North America and Western Europe
collectively accounted for more than 57% share in the global market
in 2027. Although APEJ has a relatively lower market share of 17.5%,
all the stars are in its favor making it likely to witness high
growth rate in the medium term. Latin America, Japan and Middle East
are also anticipated to show substantial amount of growth over the
forecast period.
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Competition Dashboard in the Global Car Rental Market
Some of the key players in the global car rental market include
Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group
Inc., Europcar S.A., Carzonrent India Pvt Ltd., Sixt Rent a Car,
Al-Futtaim, Localiza Rent a Car S / A, Eco Rent a Car, and
GlobalCARS.
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