Global Car Rental Market to Reach US$79.4 bn by 2019, Increasing Global Travel Propels Market

2024-11-07 04:20:22 News & Society

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Transparency Market Research announces the release of a new market study on the global car rental market with a special focus on the U.S. car rental market for the 2013-2019 period. Based on historical growth statistics and current market trends, the report predicts the growth trajectory of the market in the next few years. The report is titled ?Car Rental Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019? and it is available for sale on the company?s website.The global car rental market stood at a valuation of US$36.9 bn in 2013 and is expected to be worth US$79.4 bn by 2019, registering an impressive 13.6% CAGR from 2014 to 2019.

Car rental services provide rented vehicles to customers for a specified time, ranging from a few hours to a few months, for a stipulated fee. Car rental services usually work as a network having branches across a city or sometimes across larger areas so that customers can rent vehicles from their nearest locations. Usually, car rental service offices are located near airports and busy city areas for customers coming in from outside the city or to serve customers that do not have access to their vehicles. Apart from basic rental services, car rental companies usually offer extra services, such as insurance, GPS navigation systems, and entertainment systems.

The rising international travel for both business and leisure reasons has been the reason for the steadfast growth of the car rental market. International travelers often opt for rental cars that serve as a faster and convenient transportation mode for intercity travel or travel between two or more cities. Large corporations that have global presence often require associates to travel for business purposes, for which car rental is essential. Rising disposable incomes in emerging economies in Asia Pacific are resulting in increased international travel for leisure reasons, thereby favoring growth of the global car rental market. Presently, most car rental services have a presence on the Internet; the expeditious Internet penetration among consumers even in remote parts of the world is augmenting growth of the car rental market.

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However, the growth of this market is restricted due to environmental regulations. Vehicular emissions are associated with considerable environmental pollution, which is causing a negative impact on the growth of the global car rental market. Nevertheless, the development of electric cars, which are relatively less damaging to the environment, will open up immense opportunities for players in the car rental market.

On the basis of car type, executive cars and MUVs dominate the global market for car rental. This is followed by the segments of economy cars, SUVs, and luxury cars. By application, airport transport dominates the global car rental market; the segment held a value of US$16 bn in 2013.

Top companies that operate in the global car rental market are Avis Budget Group, Six Rent A Car, Carzonerent, Enterprise Rent-A-Car, Eco Rent A Car, and Hertz Corporation.

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