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.
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.
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.
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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%.
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.
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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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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