Home >> News >> Business >> Car Rental Market to Grow at a CAGR of 11.5% between 2016 and 2023 – Credence Research

Car Rental Market to Grow at a CAGR of 11.5% between 2016 and 2023 – Credence Research

According to a new market report published by Credence Research Inc., “Global Car Rental Market (By Vehicle Type (Economic Vehicle, Executive Vehicle, Small Utility Vehicle, Medium Utility Vehicle, and Luxury Cars), By Rental Category (Airport Transport, Local Transport, Outstation Transport)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global car rental market is expected to grow at a CAGR of 11.5% during the forecast period 2016 to 2023.

Browse the full Global Car Rental (By Vehicle Type (Economic Vehicle, Executive Vehicle, Small Utility Vehicle, Medium Utility Vehicle, and Luxury Cars), By Rental Category (Airport Transport, Local Transport, Outstation Transport)) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/car-rental-market

Market Insights

Car rental services have gained considerable foothold in recent years, becoming one of the key services in the transport industry, especially in urban cities. Rise in the number of tourists and business travelers coupled with growing preference for car-sharing is identified as the primary factor driving car rental revenues across the globe. In addition, integration of advanced technologies like telematics and navigation in cars coupled with the availability of online booking agencies and payment platforms has not only maintained transparency among consumers, but also allowed for unperturbed booking and car hiring. The leading car rental companies are focusing on tapping foreign travelers by offering features like WiFi, multi-language booking platforms and in-car navigation among others. All these factors are collectively driving demand for car rental services. Comparatively low fares of public transportation may pose challenge to the market growth, especially in price sensitive economies during the forecast period.

Car Rental Market

Competitive Insights:

Some of the leading players identified in the global car rental market include Avis Budget Group, Inc., Enterprise Rent-A-Car, Sixt Rent A Car, EuropCar, The Hertz Corporation, Carzonrent,  Al-Futtaim Group, Localiza Rent A Car, Eco Rent A Car, Fox Rent-A-Car, Payless Car Rental, Midway Car Rental, Trust Middle East Car Rental, and Advantage Rent a Car among others. The global car rental market also includes large number of niche players accounting for trivial market share individually. Automobile manufacturers have begun offering advanced web-based solutions to allow the integration of mobile devices such as smartphones with vehicles. On the other hand, car rental companies are developing fleet of vehicles that are equipped with advanced technologies such as navigation, positioning, and telematics. To better penetrate semi-urban and rural areas, these companies are striving to introduce several cost-effective and innovative services. In order to remain ahead of the competition and ensure customer base, the established players like Avis Budget Group, Inc. and Enterprise Rent-A-Car are focusing on forming strategic alliances with hotels and airlines.

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