NEW YORK, April 25, 2017 /PRNewswire/ -- Trends, opportunities and forecast in this market to 2022 by location (On-Airport and Off-Airport), type of customer (Business, Leisure, and Others), vehicle (Luxury Cars, Executive Cars, Economy Cars, Sports Utility Vehicles, and Multi Utility Vehicles), mode of booking (On-Line and Off-Line), and region (North America, Europe, Asia Pacific, and the Rest of the World)
The global car rental industry looks good with opportunities in the off- airport and on-airport market segment. The global car rental industry is expected to reach an estimated $99.6 billion by 2022 and it is forecast to grow at a CAGR of 5.5% from 2017 to 2022. The major drivers of growth for this market are increase in international air travelers and increase in the volume of domestic tourists.
Emerging trends, which have a direct impact on the dynamics of the car rental industry, include enhanced user experience through digitization, additional green vehicles in the fleets of rental car companies, introduction of autonomous vehicles, enhanced technologies in car rental services, and the concept of self-driving instead of hiring a driver.
The study includes car rental industry size and forecast for the global car rental industry through 2022 by location, customer, vehicle, mode of booking, and region as follows:
Global Car Rental Industry by Location ($ Billion from 2011 to 2022)
Global Car Rental Industry by Customer ($ Billion from 2011 to 2022)
Global Car Rental Industry by Vehicle ($ Billion from 2011 to 2022)
- Luxury Cars
- Executive Cars
- Economy Cars
- Sports Utility Vehicles
- Multi Utility Vehicles
Global Car Rental Industry by Mode of Booking ($ Billion from 2011 to 2022)
Global Car Rental Industry by Region ($ Billion from 2011 to 2022)
- North America
- United Kingdom
- Asia Pacific
- Hong Kong
- South Korea
- The Rest of the World
Car rental companies profiled in this market include Enterprise Rent-A-Car, Hertz Global Holdings, Inc., Avis Budget Group Inc., Europcar Groupe S.A., and Sixt AG are the major car rental service providers in the global car rental industry.
On the basis of our comprehensive research, Lucintel forecasts that on-airport segment expected to show above average growth during the forecast period.
Within the global car rental industry, the leisure customer segment is expected to remain the largest market. With a rise in air travel and domestic tourism, and recovery in the GDP level, the number of the leisure customers in is expected to increase, which will spur growth for this segment over the forecast period.
North America is expected to remain the largest region due to high quality road infrastructure and limited railways. Increasing investment opportunities in different industries, gains in per capita disposable income, and increasing corporate travel will drive car rental demand in North America.
Some of the features of "Growth Opportunities in the Global Car Rental Industry 2017-2022: Trends, Forecast, and Opportunity Analysis" include:
- Market size estimates: Global car rental industry size estimation in terms of value ($B) shipment. - Trend and forecast analysis: Market trend (2011-2016) and forecast (2017-2022) by segments and region.
- Segmentation analysis: Global car rental industry size by various applications such as location, customer, vehicle, and mode of booking in terms of value and volume shipment.
- Regional analysis: Global car rental industry breakdown by key regions such as North America, Europe, and Asia & Rest of World.
- Growth opportunities: Analysis on growth opportunities in different applications and regions of global car rental industry.
- Strategic analysis: This includes M&A, new product development, and competitive landscape of car rental in the global car rental suppliers.
- Analysis of competitive intensity of the industry based on Porter's Five Forces model.
This report answers the following 11 key questions:
Q.1 What are some of the most promising, high-growth opportunities for the global car rental industry by location (On-Airport and Off-Airport), type of customer (Business, Leisure, and Others), vehicle (Luxury Cars, Executive Cars, Economy Cars, Sports Utility Vehicles, and Multi Utility Vehicles), mode of booking (On-Line and Off-Line), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which region will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in car rental market?
Q.5 What are the business risks and competitive threats in car rental market?
Q.6 What are the emerging trends in car rental market and the reasons behind them?
Q.7 What are some of the changing demands of customers in the car rental market?
Q.8 What are the new developments in the car rental market? Which companies are leading these developments?
Q.9 Who are the major players in car rental market? What strategic initiatives are key players pursuing for business growth?
Q.10 What are some of the competing service and processes of car rental companies and how big of a threat do they pose for loss of market share by service substitution?
Q.11 What M&A activity by the major car rental suppliers has occurred in the last 5 years and what has its impact been on the industry?
Lucintel has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team.
The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in this market
- Detailed secondary research from competitors' financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of Lucintel's professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted in the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts in the market. Some of the suppliers in car rental industry are Ford Motor Company, General Motors Corporation, Volkswagen AG, Tata Motors Ltd. and others.
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