The global car rental market is expected to
witness a substantial growth over the forecast period, reaching USD 119.56
billion by 2024, according to a new report by Grand View Research, Inc. The
industry is primarily driven by the growth as well as expansion of the global
travel and tourism industry. There has been a significant increase in the
number of business and leisure trips worldwide over the past few years.
The advent of online rental
portals has helped shape the dynamics of the car rental industry. Growing usage
of smartphones and tablets has helped customers to book and reserve cars from
anywhere at any point of time. Major players, such as Enterprise Rent-A-Car and
Avis Budget Group, are now focusing on developing smartphone applications and
optimizing their customer-friendly websites to facilitate quick and convenient
bookings.
However, compliance with
stringent vehicle emission regulations is expected to challenge the demand for
these services across the world. In addition to this, the instability in crude oil
prices and growing demand for public transportation are presumed to challenge
the growth to some degree over the forecast period.
Browse full research report on Car Rental Market: http://www.grandviewresearch.com/industry-analysis/car-rental-market
Further key findings from
the report suggest:
- An emerging trend in the travel and tourism industry
which is gaining immense popularity is the evolution of “Bleisure”, which
refers to a combination of leisure travel with business trips. The growth
in this trend is presumed to propel the demand for car rentals among
businesses as well as leisure travelers.
- Executive cars are expected to witness a considerable
growth with an estimated CAGR of close to 7% from 2016 to 2024. Swift
globalization culminating into increased business trips across the globe
is the primary factor propelling the growth of these cars in the near
future.
- In terms of application, airport transport dominated
the overall industry share in 2015 and is presumed to retain its dominance
over the next eight years. Rapid globalization has resulted in a
significant increase in the number of air travelers across the globe,
which, in turn, has bolstered the growth prospects of the industry.
- The Asia Pacific market was valued at over USD 12
billion in 2015 and is presumed to witness a substantial growth over the
forecast period. The significant regional growth prospects can be
attributed to the rising economic development, enhanced road and
infrastructure facilities, and growth in tourism over the forecast period.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the car rental market on
the basis of vehicle type, application, and region.
Car Rental Vehicle Type Outlook (USD Billion) 2013
- 2024
- Luxury
Cars
- Executive
Cars
- Economy
Cars
- SUVs
- MUVs
Car Rental Application Outlook (USD Billion) 2013
- 2024
- Local
Usage
- Airport
Transport
- Outstation
- Others
Car Rental Regional Outlook (USD Billion) 2013
- 2024
- North
America
- U.S.
- Europe
- France
- Germany
- UK
- Asia
Pacific
- Japan
- Korea
- China
- India
- South
America
- MEA
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-car-rental-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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