Car Rental Market Estimated to Rise Profitably with CAGR 17.52% during 2018 – 2023 | Global Key Players (Avis, Hertz, Sixt, Globalcars)

The global car rental market is expected to register a CAGR of 17.52% during the period 2018-2023. USA is the largest market for car rental in 2017 with China and India catching up. Avis and Hertz have been estimated to remain the market leaders for the car rental market over the forecast period. The rise in international tourism, coupled with awareness about car rental services are the major factors driving growth of the car rental market currently. The market growth is prominently supported by the growth of both international and domestic tourism flows.

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In the US, more than 2.10 million vehicles are engaged in the car rental market, which generates revenue worth of USD 1050/vehicle monthly in the country and is one of the primary markets to witness growth in the car rental services. The market is anticipated to continue growing through the forecast period, driven by an increase in the number of air travelers, and steady growth in the disposable income. North America and Europe constitute the bulk of the market with more than 65% of the market share in the global market.

The leaders in the car rental services are expected to retain their competitive advantage over the regional players, by getting involved in the strategic alliances with airlines and hotels. There is an observed high per capita spending on car rental in the developing markets of Brazil, Australia, and India which is mainly due to the lack of availability of an organized public transport network, lower disposable income, and high tourist destinations which ensures that the holiday maker arriving at their destination, requires a rental vehicle. However, domestic tourism need not necessarily lend itself to the demand for car rental. Technological advancements along with the expansion of leading car rental companies in developing regions, such as Asia Pacific and Latin America, would foster demand for car rental services in the coming years. However, low cost public transportation, and volatility in crude oil prices along with increased operational cost are some of the restraints in the global car rental market.

Key Development

The latest trend gaining momentum in the market is introduction of value-for-money car rental services. Players in the car rental industry are focusing on providing low-cost car services, especially for leisure markets. The small players are preferring online car rental platforms to expand their geographical presence and reach a wide customer base. Several popular car rental services have launched their own value brands with moderate and affordable pricing. Such strategies will help players in the car hire market expand their customer base.

Major Players: AVIS, HERTZ, SIXT, GLOBALCARS, amongst others

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The Present Scenario

The benefit of changing the vehicle according to one’s convenience is a factor influencing the market. In addition to the customized range of vehicles, the rental services also remove the burden of bearing with ownership cost of the vehicles like the insurance, repair and maintenance etc. With all these advantages, the vehicle rental market has penetrated in countries like US and is finding popularity in other countries like China, Indonesia etc.

Many people benefit by using car rental services because of the reduced total cost of mobility. An essential reason contributing to the development of the market is to offer their own the vehicles and users are free from a load of ownership costs. Consumers also have the flexibility of selecting cars which can meet their daily needs.

Furthermore, insurance costs incurred while renting vehicles are also taken care of users by the rental organizations. Corporate members also have access to a fleet of cars along with hassle-free maintenance and management systems. Moreover, service agreements with car rental providers help companies decrease their fleet costs and deliver their employees with easy access to a range of vehicles.

With the consumers increasingly preferring the availability of cars in minimal time, operators are focusing on streamlining their membership procedures and on enhance service convenience by adopting smart technology. Moreover, car rental operators are also focusing on introducing enhanced features in their mobile applications to cater efficient customer convenience.

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