“Technological innovations and growing number of foreign and domestic travellers across the globe are the major factors driving the growth of global car rental industry.” Technological advancement has significantly provided the car rental operators According to Goldstein Research, ability to provide a theuser friendly and simple booking experience, which is playing an important role in the growth of car rental industry. Rising number of smartphones and growing internet penetration in developing countries have provided the boost to car rental industry.
Car Rental Industry Analysis
The global 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 and offline bookings. In recent years, online bookings have acquired the most of the market revenue share with more than 75% revenue generated through the online bookings.
The global car rental industry valued USD 55.2 billion in 2016 owing to growing number of consumers in developing countries such as Brazil, India and China. Further, the market is anticipated to expand at a CAGR of 5.7% to reach USD 85.1 billion over the forecast period i.e. 2016-2024.
Geographically, Europe car rental industry accounted for the USD 14.1 billion in 2016, which is approximately half the size of US market. More than 68% of European car rental industry is acquired by the top 5 countries (France, Germany, U.K, Spain and Italy). The car rental industry in Europe is anticipated to grow modestly at a CAGR of 2.3 % over the forecast period.
Digitization and Technological Advancements: Major Breakthrough
The improvements to the internet infrastructure and growing number of smartphones made it considerably easier for the car rental companies to showcase their products and service through websites, mobile applications and social media pages to attract customers. Smartphones have further improved the reach of the internet, enabling access from anywhere to make reservations easily and instantly. Big Market players are exploring new market opportunities with the emergence of autonomous cars. For instance, Uber is making huge investments to introduce the autonomous vehicles for car rental industry. In September 2016, Uber rolled out its first autonomous vehicle for testing purpose in Pennsylvania, USA. This innovative concept was subsequently rolled out to Arizona and California as well.
Global Car Rental Market report contains a detailed overview of the global car rental industry in terms of market segmentation by rental type, by service type, by vehicle and by mode of bookings.
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.
Global Car rental Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Rent-A-Car, Hertz Global Holdings, Inc., Avis Budget Group Inc., Europcar Groupe S.A., and Sixt AG., Carzonrent, Enterprise Holding, Uber 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 of the global car rental industry that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their car rental Overall, the report represents comprehensive synopsis of the global market centric strategies according to the ongoing and expected trends in the future.
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