Deerfield Beach, Fla., March 17, 2016 (GLOBE NEWSWIRE) —
Zion Research released a new report titled “Car Rental Market (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Use, Airport Transportation, Outstation and Other Users Endgames: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014-2020. According to the report, the global car rental market was valued at approximately USD 41.50 billion in 2014 and is expected to reach approximately USD 90.0 billion in 2020, growing at a CAGR of approximately 13.5% between 2015 and 2020.
The global car rental industry is undergoing a major transformation. Car rental is a service that offers automobiles at a predefined rent for a short period of time. The rental period varies from a few hours to several weeks. Car rental offers better mobility without having to pay various costs associated with owning a car. It offers the possibility to prefer the vehicle according to the needs and the budget. Car rental companies also offer different value-added services such as entertainment systems, insurance and GPS navigation systems. Car rental service providers are widely present near the bustling city center and airports.
Browse full »Car Rental Market (Luxury Cars, Executive Cars, Economy Cars, SUV Cars, and MUV Cars) for Local Use, Airport Transportation, Outstation, and Other End-Users: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecasts, 2014 – 2020http://www.marketresearchstore.com/report/car-rental-market-z39067 report
More sophisticated business information and customer management help car rental players provide top-notch service to their customers. The growth of tourism around the world is one of the main drivers of the car rental market. The car rental service provider offers different contracted cars for individual, business, commercial or recreational purposes. Facilities like easy-to-use web-based car booking apps and vehicle return to convenient location are the main attraction of this industry.
Rapidly growing industrialization has led to an increase in leisure and business travel, which is a significant growth factor for this market. Travelers are increasingly looking for reliable, familiar and high-quality travel services. Most of the major car rental players are trying to take advantage of this trend by stepping up their brands worldwide. However, stringent emission standards and volatility in crude oil prices are expected to affect the market growth over the estimated time frame. Different types of cars are used in rental services: executive cars, SUV cars, economy cars, MUV cars and luxury cars. In 2014, economy cars were the dominant segment and accounted for more than 30% of the overall market. The executive and luxury car segment is also expected to grow tremendously in the coming years.
Browse 29 market charts and 30 figures spread over 70 pages and detailed TOC on “Car Rental Market – Global Size, Shares, Trends, Segment and Forecast to 2020”
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Major end-use sectors for car rental services include airport transportation, remote stations and including self-driving, local use, event transportation, employee transportation solutions and others. In 2014, airport transportation was the largest segment and accounted for more than 30% of the total revenue generated by the car rental market. The dynamic growth of air travelers mainly supports the demand for car rental services.
North America was the leading region of the car rental market, with a share of approximately more than 35% of total revenue in 2014. This growth is supported by strong growth in business and leisure travel in this region. The vehicle rental industry is inextricably linked to the tourism industry. Tourism influences the vehicle rental industry in major tourist destinations and at the airport. Rental cars at major airports account for a considerable share of the overall turnover of this industry. Substantial economic growth, improved roads and infrastructure, strong increase in tourism are the main reasons for the strong growth of the car rental market in the Asia-Pacific region. It is also estimated that the regions of Europe and the Middle East will experience significant growth in the car rental market in the near future.
Some of the major service providers in this market include Enterprise Rent-A-Car, Sixt Rent-A-Car, The Hertz Corporation, EuropCar, Avis Budget Group, Inc., 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, employee transportation solutions, etc.)
Car rental Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Browse the press release: http://www.marketresearchstore.com/news/global-car-rental-market-set-for-rapid-growth-127
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