Press release
Worldwide Car Rental Market rise at a CAGR of 13.60%, GPS Services & Entertainment Systems
The rising trend of international travel for business as well as leisure has driven the global and the U.S. car rental market significantly in the recent times. With augmented international travel volume, the global car rental market, which held an opportunity of US$36.9 bn in 2013, is likely to rise at a CAGR of 13.60% during the period from 2014 to 2019 and reach a value of US$79.4 bn by the end of the forecast period.
This research report has been specially prepared with an objective to present a better understanding of the current as well as the future status of the global and the U.S. car rental market to participants in a bid to assist them in making crucial strategies for the expansion of their businesses.
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Global and U.S. Car Rental Market: Trends and Opportunities
The global market for car rental services is highly influenced by the escalating penetration of Internet across the world, thanks to the convenience provided by Internet in availing car rental services. Besides, the growing trend of medical tourism is expected to fuel the demand for rental cars in the coming years, propelling the market substantially. In addition to this, the technological advancements, such as integration of GPS services and entertainment systems is also projected to boost the uptake of car rental services, globally.
On the flip side, the global car rental market is projected to experience severe hindrances in its growth trajectory due stringent regulations regarding the harmful emission by cars. However, the emergence of environment-friendly electric cars is likely to open up lucrative opportunities for players in this market.
The soaring demand for executive cars and MUVs will emerge as the key trend in the global and the U.S. car rental market in the coming years. Airports will surface as the prime application areas for car rental market.
Global and U.S. Car Rental Market: Geographical Analysis
On the geographical basis, North America dominated the global car rental market in 2013 and is expected to maintain its leadership throughout the forecast period. The presence of the leading participants, such as Hertz and Avis Budget Group as well as various other local companies with substantial presence at various airports across Canada and the U.S. is the prime factor behind the dominance of North America in the global car rental market.
Europe and Asia Pacific are also projected to witness a remarkable rise in the demand for car rental services over the next few years. The increasing number of tourists traveling to the U.K. and other European countries for leisure or various other purposes is likely to drive the Europe market for car rentals significantly in the coming years.
The rise in the disposable income of consumers in emerging economies in Asia Pacific is resulting in a considerable increase in international travel for leisure purposes, thereby favoring the growth of the car rental market in this region.
Companies mentioned in the research report
Avis Budget Group, Six Rent A Car, Carzonrent, Enterprise Rent-A-Car, Hertz Corp., and Eco Rent A Car are some of the leading providers of car rental services across the world.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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