According to TMR, the global car rental market is projected to witness an astonishing double digit CAGR of 14.40% during the forecast period that between 2014 and 2024. The opportunities in the market is projected to touch a valuation of US$290.07 bn by 2024.
Car Rental Market Thriving Due to Increased Travelling
The global car rental market is driven by the growing number
of inbound and domestic travelers. The increasing number of air travelers is
also positively impacting the growth of this market. Travelers across the globe
are demanding high quality and reliable travel services for their tours.
Leading car rental service providers are offering quality services and
promoting their brands at airports and this is helping customers to adopt their
services. Players in the market are concentrating on broadening their fleet
size by including technical gadgets. Gadgets such as GPS and music systems are
being used increasingly for profitability. This is expected to intensify the
competition among players in the years to come.
Covid-19 Has Considerably Impacted Global Market
However, the fluctuation of oil price will restrict the
growth of this market. The growing price of petrol and gasoline will affect the
consumer spending level and this expected to act as a challenge. On a positive
note however, the rise in GDP levels and increasing disposable income of
consumers will have a positive influence on the market.
Over the last few months, Covid-19 pandemic posed several
challenges for transportation and tourism due to stringent stay-at-home norms
that were imposed by governments in several economies. The repercussions were
felt in the high market volatility, which severely disrupted the tourism
ecosystem—the backbone of car rental services the car rental market was
affected by the pandemic on numerous counts, most notably loss of market share
of top stakeholders. Notable companies who suffered are Hertz, Europcar, Uber,
Lyft, and Avis. Nonetheless, as tourism is quick to respond to pandemic with
health and safety protocols. Such initiatives by car rental rentals services
are likely to inspire consumer confidence. Evidently, they are keen on making
passengers safe against the novel Coronavirus virus. This will spur the growth
of the car rental market.
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On the basis of category, the global car rental market is
segmented into local usage, airport transport, and outstation. Of these, the
airport transport segment is anticipated to contribute the most to the growth
of the car rental market. The increase in the number of air travelers and
increasing industrialization will push the growth of this segment in the years
to come. The local usage segment will trail the airport transport segment. The
high increase in the demand and adoption of cab sharing and car pool services
will drive the car rental services for local usage.
Increasing Onus on Using Cutting Edge Technology
The penetration of information technology in the car rental
industry has made car bookings and car reservations much simpler, reliable,
easier, and safer and thus, customers are increasingly adopting these services.
Stringent emissions standards by governments across countries will hamper the
growth of this market. The increasing number of warnings by The International
Energy Agency regarding the rising emissions of carbon dioxide will restrict
the growth of this market in the years to come. International meetings and
agreements are demanding mature economies and emerging nations to reduce carbon
emissions. Thus, green movement has become a trend that is becoming popular.
Leading companies are thus, adopting green car rentals.
The car rental market is also expected to see new horizon as
tourism industry players gear toward adopting frameworks that will enable them
manage disaster-related market shocks in a better way. Two factors will impede
the pace at which this will be done undoubtedly. The cost-containment measures
being adopted by worldwide tourism sector and still-lacking consumer confidence
in some of the major economies. However, the car rental industry will emerge
faster on the back of governments’ norms favoring tourism.
The competitive landscape of the car rental market is
moderately fragmented in nature. This is mainly due to the presence of several
international and domestic players in the market. The increasing dominance of
giant players in the market is dragging the market towards consolidation, says
Transparency Market Research (TMR).
The players in the market are primarily focusing towards
enhancing their services so as to improve their customer base and gain
profitability in the market. Along with this, players are focusing towards
acquisitions and mergers, business expansion and innovation to strengthen their
market share. Players are highly focused on improving the size of their fleet
to cater to growing demand. The demand-supply gap is therefore providing good
opportunities for players. Technology is also being used to improve consumer
experience. These include use of GPS, advanced music systems, connecting
devices, and so on. This is paving way for notable growth in the global car
rental market over the forecast period. Some of the prominent players operating
in the car rental market are Enterprise Rent-A-Car, Sixt SE, Europcar, The
Hertz Corporation and Avis Budget Group.
The global car rental market is segmented based on:
Car Type
- Luxury
Cars
- Executive
Cars
- Economy
Cars
- SUVs
- MUVS
Category
- Local
Usage
- Airport
Transport
- Outstation
- Others
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