New York, NY, Jan. 22, 2019 (GLOBE NEWSWIRE) — Zion Market Research has released a new report titled “Car Rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Use, Airport Transportation, Outstation and Others: Global Industry Perspective, Analysis complete and forecast, 2016-2022″. According to analysts at Zion Market Research, the global market car rental market was capitalized at nearly $58.26 billion in 2016 and is expected to cross nearly $124.56 billion by the end of 2022, growing at a CAGR of just over 13.55% from 2017 to 2022.
Car rental is a service that provides rental cars and automobiles for short periods of time. This period of time generally varies from a few hours to a few weeks. The car rental service is mainly located near airports, tourist places or the city, etc. There are many conditions on the car rental service which may vary by country. The majority of car rental companies use a credit card to collect additional charges or a deposit amount before renting the car. Some companies ask to carry identity documents when renting a rental car.
Browse 30 tables and 20 figures spread over 110 pages and in-depth TOC on “Car Rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for usage Local, Airport Transportation, Outstation and Others: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022”.
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The car rental market is expected to witness significant growth owing to the growth in the tourism industry. The main driver of the car rental market is the growth of international tourism which, in turn, supports the demand for car rental services. Additionally, healthy economic growth and increasing disposable income in developing countries are expected to have a positive impact on the car rental market. The high demand of internet and smartphones which increases the convenience of car rental service is expected to develop astonishing growth of key players in this market. Affordable prices for car rental services and growing demand for daily car rental are emerging trends that are likely to open up new market avenues in the near future. However, some restraints like a rise in crude oil prices may hamper the growth of this market.
On the basis of car type, the car rental market is divided into MUV cars, SUV cars, economy cars, executive cars, luxury cars. Economy cars accounted for about 33.10% of the global market in terms of revenue in 2016 due to rising fuel prices. It is the fastest growing car type over the forecast period with a CAGR of around 13.73%.
Local use, airport transportation, outdoor station and others are the different end users of the car rental service. Car rental for airport transportation dominated the global market and accounted for 41% of the overall market share in 2016. This is mainly due to the increase in international business activities.
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North America was followed by Europe and Asia-Pacific in 2016. North America and Europe together recognized more than 47.80% market share in 2016. The affordability of car rental or car rental and its user awareness is expected to boost this regional car rental industry in 2016. the coming years. The car rental market in Europe is expected to witness significant growth over the coming years owing to the presence of well-known car service providers such as Sixt Rent-A-Car, Europcar in the region.
Asia-Pacific is one of the fastest growing regional car rental markets over the forecast period due to rising population coupled with transportation issues in the region. The car rental service is very useful in Asian countries like India, Australia, Cambodia, Japan, China, etc. There are many islands in the region of Indonesia which are the most attractive tourist destination. This helps to develop the car rental market in Asia-Pacific. Eco Rent A Car, Carzonrent, Al-Futtaim Group are some of the leading car rental service providers in Asia Pacific.
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Latin America, Middle East and Africa is expected to witness moderate car rental market growth over the estimated five years. Rising disposable income coupled with growing demand for transportation is expected to fuel the car rental market over the forecast period.
Browse full »Car Rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Use, Airport Transportation, Outstation and Others: Global Industry Perspective, Comprehensive Analysis , Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022” report to https://www.zionmarketresearch.com/report/car-rental-market
Major industry participants include Avis Budget Group, Inc, Sixt Rent-A-Car, Enterprise Rent-A-Car, The Hertz Corporation, Europcar, Al-Futtaim Group, Carzonrent, Localiza Rent A Car and Eco Rent A Car.
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The report segments the global car rental market as follows:
Car Rental Market: Car Type Segment Analysis
- luxury cars
- Executive cars
- Economy cars
- SUV cars
- CUV cars
Car Rental Market: End User Segment Analysis
- Local use
- Airport transportation
- External post
- Others (including self-driving, event transportation, employee transportation solutions)
Car Rental Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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