Convenient booking through online services, surge in number of internet users, introduction of new business concepts, growing public awareness regarding car services and increase in arrival of international tourists have significantly contributed to the car rental market. The global car rental market is expected to expand at a CAGR of 6.6% over the forecast period, 2025.
Surge in income levels in parallel to rising GDP rates in various emerging regions are positively impact growth of the global car rental market. In addition, surge in demand for creative activities, enhanced infrastructural development, increasing air travel and growing urban population has broadened the scope for providers of car rental services.
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In addition, strict emission standards, volatility in prices of crude oil, low public transportation cost are factors that could inhibit growth of the market in the span of next ten years. Moreover, surge in presence of car rental service providers online and increasing investment by various industry players further contribute towards growth of the car rental market globally.
Additionally, growing urbanisation has led to rise in on-demand mobility services such as renting cars on short-term basis, car sharing and others. Furthermore, increasing technological advancement is likely to offer favourable opportunities for growth. Such factors collectively will fuel growth of the car rental market globally.
Car Rental Market: North America to Retain Dominance throughout 2025
In 2014, on-airport segment among various types of end uses will dominate global car rental market in terms of revenue. Moreover, on-airport segment is expected to grow at a CAGR of 8.2% over the following decade. Whereas, the on-airport car rental services will retain dominance in the global car rental market in the span of next ten years.
Among various types of customers, the leisure services will grow at an impressive 8.6% CAGR over the following decade.
In 2014, offline access among various types of booking retained dominance in the global car rental market in terms of revenue and accounted for 48.4% of the market share globally. However, the market will lose it shares to mobile application sector, which will grow at a healthy CAGR of 9.9% in the span of next ten years.
In 2014, the unorganised sector among various other sectors retained dominance the global car rental market in terms of revenue and accounted for 56.9% market share. In addition, the unorganised sector will grow at a healthy 7.3% CAGR over the following decade.
In 2014, North America dominated the car rental market in terms of revenue among various other regions. Furthermore, North America will retain dominance in the global car rental market over the following decade. Whereas, APEJ will grow at a CAGR of 10.2% in the span of next ten years.
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The car rental market is concentrated in some regions such as Europe and U.S. with top two players accounting for over 50% of the overall market share. Leading marker players operating in the global car rental market include The Hertz Corporation, Enterprise Holdings Inc., Europcar Group S.A., Avis Budget Group, Inc., Sixt SE, Carzonrent India Pvt Ltd., Localiza- Rent a Car SA, AI Futtaim Group, GlobalCARS and Eco Rent a Car.