According to Goldstein Research, “Strong economic growth and increased business activities across Asia Pacific region are the major factors accelerating the growth of car rental market in the region.” Rapid urbanization and economic growth led the international corporation and local businesses to open new offices which result in the augmented car rental demand by the enterprises.
Asia Pacific Car Rental Market Analysis
The Asia Pacific car rental market is segmented based on rental type, by service type, by vehicle type and by mode of booking. Mode of booking is further bifurcated into online booking and offline bookings. Online bookings in the region accounted for the highest revenue generating segment with more than 65% market share. Rising number of app based services are likely to impel the growth of online booking segment and expected to acquire 80% market share by the end of forecast period.
The Asia Pacific car rental industry is expected to reach an estimated USD 21.4 billion by 2024 and it is forecast to grow at a CAGR of 6.2% from 2016 to 2024. The major drivers of growth for this market are increase in international air travelers and rapid urbanization in developing countries.
Regionally, China is the dominating country in Asia Pacific car rental market with more than 27% of total market share. Moreover, car rental market in China is continued to grow with strong demand from consumers, growing at CAGR of 6.3% at constant 2017 prices over the forecast period. One of the major factor that driving the growth of China car rental market is the increased reach of car rental operators in more than 400 cities across the country. DiDi Chuxing is predicted to reinforce its leading positions during the forecast period and partnering with traditional car rental players to further expand its network and to fully integrate its online and offline business across China
Government Regulations Considerably Favouring Car Rental Market Growth
Government regulations such as vehicular emission regulations are playing an important role in the growth of car rental market. For instance, Chinese government’s regulation on limiting the number of vehicles on the road majorly in Tier-I cities of China has significantly accelerated the number of car rental bookings per day. Moreover, various governments in the region are providing driving privileges to the foreign travellers in their country allowing them to rent and drive cars across the country with valid driving license and passport.
“Asia Pacific Car Rental Market Analysis” report contains detailed overview of the Asia Pacific Car Rental Market in terms of market segmentation by rental type, by service type, by vehicle type and by mode of booking.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Asia Pacific Car Rental Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Uber, Avis, Ola, Hertz, Didi Chuxing, Sixt, Zoomcar, Europcar, GrabTaxi, Hailo, Line Taxi, Blue Bird etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the Asia Pacific car rental market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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