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Car Rental Market : Global Forecast over 2024
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Several car rental service providers are actively offering quality services specially tailored to suit a wide range of needs of inbound and domestic travelers, in a move to gain a competitive edge over others. The global car rental market is projected to rise at a CAGR of 14.40% from 2014 to 2024. Growing at this pace, the valuation of the market is anticipated to reach US$290.07 bn by the end of 2024.
Regionally, the global car rental market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Of these, the North America market held the dominant share of over 30% in 2015 and is projected to lead throughout the forecast period. The presence of prominent car rental service providers in countries such as the U.S. and Canada is boosting the regional market.
Based on category, the car rental market is segmented into local usage, airport transport, and outstation. Of these, the major demand for car rental services is expected to come from airport transport. The dominance of the segment throughout the forecast period is mainly attributed to the constant rise in global passenger traffic and the rising per capita incomes of citizens in various industrialized nations.
The soaring demand for quality and reliable travel services among inbound and domestic travelers in facilitating their tours is a key factor driving the market. The rise in global air passenger traffic and an accelerated demand for convenient outstation tours has boosted the market. The intensive promotional activities by leading car rental service providers at airports at developing and developed nations is expected to bolster the uptake. The incorporation of innovative technology in car rental services has led to a surge in their popularity among corporate travelers.
Evolving consumer preferences have stepped up opportunities for a number of players, which has stimulated them to adopt industry’s best practices to boost their profitability. The adoption of disruptive digital technologies such as advanced telematics by car rental companies has upped the ante in the delivery of exceptional consumer services. The advent of online rental system has progressively increased the ease with which the booking is done. This is a seminal factor catalyzing the market growth. Furthermore, the availability of a variety of vehicles types by prominent car rental providers is expected to bolster the uptake. The availability of customer services regarding carpool is anticipated to further accentuate the market.
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However, the presence of stringent emissions norms by governments in several developed and developing countries is likely to impede the market to some extent. Nevertheless, the growing concern of agencies such as the International Energy Agency to contain the rapidly rising emission of carbon dioxide has persuaded many prominent companies to offer greener car rental options. For instance, they are increasingly offering hybrid luxury vehicles that seek to reduce emissions and are environmental friendly. This is expected to unlock abundant exciting opportunities for market players to capitalize on in the coming years.
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TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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