Car Rental Market is Projected to Record CAGR of 6.6% by 2027
Increased Global Affluence to Make Leisure Travellers Demand Car Rental Services
By customer type, the global car rental market is segmented into business and leisure customers. The leisure segment is expected to dominate over the forecast period due to expansion of global tourism market, increasing disposable income, and improved infrastructure for rental service. The leisure segment is anticipated to record a high CAGR growth rate of 7.8% over the forecast period with the total market valued at US$ 51,734.7 in 2017. On the other hand, the business segment has low growth rate of 4.3% CAGR with market valued at US$ 52,365.3 in 2017.
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Online Booking Unlikely to Outpace Offline Booking in the Car Rental Market
By booking type, the market is segmented into offline access, mobile application, and other internet access. Offline booking is projected to be the higher revenue generator compared to online bookings and mobile apps. The offline booking segments is estimated to account for approximately 68% of the car rental market i.e. a value of US $ 44,871.6 Mn in 2016. Online bookings for car rentals have increased globally with the development of mobile applications and IT infrastructure advancements making it easy to book car rental services online or via mobile apps. Therefore, the car rental market is thriving. An updated report of the International Telecommunication Union, 2015 WSIS Forum states that Internet users have increased rapidly worldwide on account of continuous developments in Information & Communication Technologies. This is estimated to further increase the demand for car rental services. The proportion of households with the internet access at home increased from 18% in 2005 to 46% in 2015; whereas in 2000 the penetration rate was 6.3%.
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On-Airport End Use has Maximum Potential in the Car Rental Market
On the basis of end use, global Car Rental Services is segmented into Intercity, Intracity, On-Airport, and others. On Airport segment has highest growth rate of 7.3% CAGR followed by intercity with a CAGR of 5.3% in the forecast period. Air travel has skyrocketed mainly because of the plummeting prices of airline tickets, leading to a substantial increase in air travelers across the globe. The increasing air trips for business and leisure purpose is fuelling the growth of car rentals to airports.
Booming Economic Growth makes APEJ Car Rental Market Critical in the Long Term
The North America market has been estimated to dominate the Global car rental market, accounting for maximum revenue share of 45.9% by 2027 end. In terms of value, North America and Western Europe collectively accounted for more than 57% share in the global market in 2027. Although APEJ has a relatively lower market share of 17.5%, all the stars are in its favor making it likely to witness high growth rate in the medium term. Latin America, Japan and Middle East are also anticipated to show substantial amount of growth over the forecast period.
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Competition Dashboard in the Global Car Rental Market
Some of the key players in the global car rental market include Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group Inc., Europcar S.A., Carzonrent India Pvt Ltd., Sixt Rent a Car, Al-Futtaim, Localiza Rent a Car S / A, Eco Rent a Car, and GlobalCARS.
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