Dublin, June 20, 2019 (GLOBE NEWSWIRE) – The “Car Rental Market – Growth, Trends and Forecast (2019 – 2024)” the report was added to ResearchAndMarkets.com offer.
The global car rental market is expected to register a CAGR of around 7.5% during the forecast period 2019-2024.
- Growing concern and awareness of emission reductions has primarily led to an increase in car rental options, where car rental and carpooling significantly reduce the number of cars on the road. In 2014, the global average car rental rate increased by 2.2%. In 2018, global car rental prices are expected to increase 0.6% from the previous year.
- What’s more, car rental also offers the option of increased mobility, without worrying about paying the costs associated with owning a car. These services are offered through websites and other online platforms, which has contributed to the growth of the car rental market.
- However, rising operating costs have hampered market growth as consumers shy away from the option of choosing luxury cars and find themselves looking for more economical and profitable car options.
- The evolution of the price of a car rented in the cities, remains stable, fluctuating around 41 USD per day on average, in the world. Regarding prices at airports, there were no significant changes between 2012 and 2016 (respectively 46.9 and 45.6 USD).
Main market trends
Rising tourism sector
The global travel and tourism sector grew 3.9% to bring a record $ 8.8 trillion to the global economy in 2018. The global tourism industry has grown faster than the global economy for the year. eighth consecutive year (3.9% for travel and tourism against 3.2% for world GDP).
In 2018, travel and tourism increased their share of leisure spending to 78.5%, from 77.5% in 2017. In addition, international tourist spending increased to 28.8% in 2018. L He Europe and the Asia-Pacific are the main tourist destinations for both domestic tourists and tourists. international travel. The two regions dominated international tourist arrivals, with Europe reaching 713 million and Asia-Pacific reaching 343 million in 2018. In Europe, France experienced the highest number of international tourist arrivals, followed by Spain and from Italy. France is famous for its museums, its gastronomy, its Eiffel Tower, its palaces, its castles and its cathedrals throughout the country; Italy aside from the Colosseum and the Leaning Tower of Pisa, the country is also famous for its castles, museums, palaces, cathedrals, vineyards and beaches.
In Europe, car rental companies offer services to tourists who want to explore the region on their own and at their own pace. In addition, the easing of visa issuance to tourists from important source markets, such as the United States, Canada, Japan and Australia, has also propelled tourism to the country, in turn dragging the market vehicle rental.
Tourists mainly prefer the online method of booking a rental car. Nowadays, online booking is also used for various purposes, such as checking renter’s documents, renting information to renter about the car, being able to drop off and pick up the rental car at a certain location, signed contracts electronically, cashless transactions, and much more. In addition, online reservation makes it possible to reserve a car even from remote locations, without the need to be physically present on site.
North America – Major player in the global market
North America has dominated the global car rental market. In North America, the United States dominated the regional market.
Some of the major factors driving the growth of the market are the growth of the tourism industry and the increase in business opportunities in the country (as many employees are locally dispatched to the United States).
In addition, car rental companies to maintain their competitive position in the market are expanding their services. For example, Enterprise started a CarShare program with Princeton University to encourage faculty and staff to leave their cars at home; and graduate students and undergraduates are also eligible for the program.
Car rental services in the United States are present nationwide. The major car rental companies have their fleets in almost every major city. The size of the fleet depends on the number of domestic travelers preferring to hire a car and the volume of foreign passengers coming to this city.
The state of New York is located in the northeastern part of the United States and is one of the major tourist attractions. New York is the most competitive market for car rental due to the presence of many car rental companies. Spanning over 140,000 kmÂ², the state offers its travelers many historic and scenic tourist destinations, in turn increasing the demand for rental services.
Additionally, New York City has over 25 notable airports, with total passenger traffic of over 50 million annually. Airports also offer a wide selection of car rental service providers to their commuters. The state is one of the most expensive places to rent a car, averaging around $ 76 per day. This can increase with increasing rents for luxury cars or rental cars for intercity or interstate travel. Along with offices at major airports, car rental companies are also present throughout the state, which cater to local and foreign travelers.
After North America, Europe and Asia-Pacific are expected to dominate the car rental market.
Some of the major companies dominating the car rental market are Avis Budget Group, Sixt, Hertz, Enterprise Holdings and Europcar Group. The market is moderately fragmented with the presence of global and regional players in the market.
Key topics covered
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market overview
4.2 Introduction to Market Drivers and Constraints
4.3 Market drivers
4.4 Market restrictions
4.5 Industry Attractiveness – Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By type of reservation
5.1.1 Offline access
5.1.2 Online access
5.2 By type of request
5.2.1 Leisure / Tourism
5.3 By vehicle type
5.3.1 Luxury / premium cars
5.3.2 Economy / economy cars
5.4.1 North America
5.4.4 South America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Supplier market share
6.2 Company profiles
6.2.1 Ace Rent-a-car
6.2.2 Rent-a-car advantage
6.2.3 National car rental
6.2.4 Groupe Avis Budget Inc.
6.2.5 Eco Rent a Car
6.2.6 Enterprise Holdings Inc.
6.2.7 Hertz Corp.
6.2.8 World cars
6.2.9 Localiza-Rent-a-car SA
6.2.10 Europcar Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/d4f7cz
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