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
crudeoil prices and growing demand for publictransportation are presumed to challenge
the growth to some degree over the forecast period.
North America Car Rental Market By Application, 2013 -
2024 (USD Million)
Browse full research report on Car
Rental Market Analysis:
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.
For more information: http://www.grandviewresearch.com
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