Car Rental Services Market Likely to Rise to a Value of US $ 120,430.33 million by 2027

An insightful study, titled “Car Rental Services Market: Intermediate Cars Projected to be the Most Attractive Car Type During the Forecast Period: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027) ” has been freshly broadcasted to the vast research repository of Market Research Reports Search Engine (MRRSE). This 288 page research study provides detailed comprehensions and forecasts future growth of the global market with an in-depth study of the factors impacting revenue growth throughout the mentioned forecast period. Further, a deep analysis on the major players from diverse regions is also present in the report.

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Car rental services refer to giving a car on rent for a particular period of time depending upon the customer requirement. The car rental services market includes the service provider (who gives car on rents) and the consumer (who takes car on rent). Both these entities connect through either online or offline platform. The target market of care rental service providers comprise business travellers, tourist and other travellers. Car pooling and car sharing has led to explosive growth of the car rental industry.  In terms of revenue, global car rental market was valued at US$ 98,100.00 million in 2016 and is estimated to be worth US $197,020.00 million by 2027 with a CAGR of 6.6% over the forecast period.

With massive funds committed to the development of mobile applications and advancements in IT infrastructure, online bookings for car rentals have increased worldwide. New business models in the recent era have made it very easy for companies to speed into the car rentals market. Increased income levels across the world has resulted in a thriving tourism industry and better road infrastructure. Strong GDP growth of countries has also propelled the growth of car rental market.

Economy cars contributed a significant share of revenue in 2016, and this trend is anticipated to continue for some time. Economy cars are typically used by car poolers and intercity travellers. However, service providers offer a variety of cars for hire to consumers. The car selection entirely depends on customer requirement and budget. Economy cars accounted for 35.78% of the total revenue generated in 2016, i.e. a value of US$ 35,100.71 million. This is attributed to increased economic activities and requirement of business travel around the world.

Even with the proliferation of smartphones and the increased acceptance of online channels, offline booking emerged to be the higher revenue generator. Offline booking segments is estimated to account for approximately 45.74% market valued at US $ 44,871.63 million in 2016. Nonetheless, it is only a question of when and not if online channels will outpace their offline counterparts in the car rental market.

By sector type, the market for Car Rental Services is segmented into Organized and Unorganized sectors. Organized sector segments is estimated to account for approximately 57.69% market valued at US $ 56,590.18 million in 2016 and should rise to a value of US $ 120,430.33 million by 2027.

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On the basis of booking type, global car rental services is segmented into intercity, intracity, on-airport, and others. With air travel showing no signs of slowing down, airport transportation segment accounted for 36.03% of the total market in 2016. Increasing air trips for both business and leisure purpose is fuelling the growth of car rentals to airports. Geographically, Asia pacific is predicted to be the car rental service market to look out for, flying high on the robust economies of India and China.

On the basis of customer type, global Car Rental Services is segmented into business class and leisure class customers. The green revolution and emerging business channels should play a major role in the car rental services market. Business class customer type segment is assessed to account for a market value of US$ 49,955.84 million in 2016.

The North America market has been estimated to outpace all other regions in the Car Rental Services market, accounting for maximum revenue share of the market by 2017 end. Collectively, North America and Western Europe markets are on track to account for 57.16% revenue share of the global Car Rental Services market by 2027 end. APEJ is estimated to exhibit a significant CAGR of 9.1% over the forecast period.

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