The global market for car rentals derives much of its growth from the tremendous rise in the number of inbound, as well as domestic travelers across the world. The augmenting number of air travelers is also influencing the growth of this market positively and the trend will continue in the near future. According to Transparency Market Research (TMR), the worldwide market for car rental is estimated to expand at a CAGR of 14.40% over the period from 2014 to 2024. Rising at this pace, the overall opportunity the market is anticipated to touch US$290.07 bn by the end of 2024.
In this blog post, analysts at TMR are answering some of the significant queries about the global market for car rentals:
For what purpose a rented car is more utilized?
Rented car is most prominently utilized for airport transport, outstation transport, and local usage. Of these, the demand for car rentals is higher in the airport transport segment and this scenario is anticipated to continue to contribute the most to the growth of the global car rental market in the years to come. The significant increase in the number of air travelers and escalating industrialization are anticipated to push the growth of this segment over the next few years. The demand for car rental is also projected to increase in the local usage segment and will closely follow the airport transport segment over the next few years. The high surge in the demand for cab sharing and car pool services is also anticipated to drive the car rental services for local usage in the years to come.
Which of the regional markets will lead the global car rental market in the near future?
The prominent regional markets for car rental are Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. Among these, North America led the global market in 2015 with a share of 30% in the overall market. The presence of a number of established players, such as Avis Budget Group Inc., The Hertz Corp., and Rent A Car, in the U.S. and Canada is projected to support the North America market for car rental over the next few years, ensuring its dominance.
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The market for car rentals in Europe will also observe a high rise over the coming years. France is projected to surface as the leading contributor to the Europe market for car rental in the years to come. Asia Pacific is anticipated to gain from the continual expansion of the medical tourism industry in the near future.
Which is the main strategy taken up by leading players to sustain in this market?
The global market for car rental is highly consolidated with only five players, namely, Avis Budget Group Inc., Sixt SE, The Hertz Corp., Europcar, and Enterprise Rent-A-Car, accounting for majority of the overall share. These players are aggressively involving into mergers, acquisitions, and strategic collaborations in a bid to sustain in the global market.