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Car Rental Market Trends, Size, Analysis and Overview

According to the report, one of the key drivers for market growth will be increase in business travelers. With safety and security being a major concern, companies send employees to other cities or countries for business purposes
Car Rental Market Analysis, Share and Size, Emerging Trends,
Overview and Outlook, Growth And Segment Forecasts To 2020
Technavio Announces the Publication of its Research Report Global Car Rental Market 2016-2020
Technavio recognizes the following companies as the key players in the global car rental market: Avis
Budget, Carzonrent, Enterprise Holding, Europcar, Hertz, and Sixt.
Other Prominent Vendors in the market are: Advantage Rent a Car, Hermes Rent a Car, Dollar Thrifty
Automotive, Eco Rent-A-Car, E-Z Rent-A-Car, Fox Rent-A-Car, Irish Car Rental, Island Car Rental¸ Midway
Car Rental, Movida Rent A Car, National Car Rental, Payless Car Rental, Trust Middle East Car Rental, and
Value Car Rental.
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Commenting on the report, an analyst from Technavio’ s team said: “Rise in tourism will be a key trend
for market growth. The tourism industry has been growing over the past few decades. International
tourist arrivals increased by around 4.5% and reached a total of 1.2 billion in 2015. Modern tourism is
related to growth and more new destinations are being developed and promoted in many countries.
This has made tourism a major driver of socio-?economic progress globally. ?Travel and tourism
contributed around $8 trillion to the global economy in 2014. Major contributors to the business travel
market are the US and China. Chinese business travel increased by around 14% in 2015. Moreover, the
revenue generated by business tourism has almost surpassed that generated by the automobile sector.
The global reach of the tourism industry across nations has led to ?economic benefits for car rental
According to the report, one of the key drivers for market growth will be increase in business travelers.
With safety and security being a major concern, companies send employees to other cities or countries
for business purposes. This has led to growth opportunities for many interrelated businesses like
restaurants, airports, hotels, and car rental agencies. Business travel spending in the US increased by 5%
in 2015 to $310 billion and it is anticipated to increase by 5.6% to $318.9 billion in 2016. The US travel
volume increased by 1.2% to around 490 million person-trips in 2015, while the 2016 business travel
volume is expected to increase by 3.2% to 506 million person-trips. The Global Business Travel
Association reported in 2014 that spending on business travel in the US increased by 7.6% over the past
year and reached a value of $71.2 billion. People traveling for business often prefer executive or luxury
cars to create a positive impression. This has increased the market for luxury and executive car rentals.
Further, the report states that fluctuation in oil prices will be a challenge for the market. Fluctuation in
the price of oil adversely affects the public transportation industry as it has to cover the cost of higher
fuel prices. Car rental companies are also facing the problem of increasing fuel prices and it is forcing
them to increase their charges. The higher charges deter some consumers from opting for car rental
services instead of public transport. The latter mode of transport still costs less than the former even
after an increase in fuel prices. The rise in oil prices could increase the threat to the growth of the
market. Hence, operators in the car rental industry are opting for alternative fuels such as CNG, LPG,
biofuels, and propane to reduce fuel costs.
The study was conducted using an objective combination of primary and secondary information
including inputs from key participants in the industry. The report contains a comprehensive market and
vendor landscape in addition to a SWOT analysis of the key vendors.
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About Car Rental Services
Car rental services operate through a network of pickup or drop-off points and offer a range of vehicles
that customers can pay to drive when required. Car rentals are a substitute to car ownership. In this
system, vehicles are owned by a firm or organization that rents them to users for short periods by the
day or through monthly or annual plans. Over the past three decades, car rentals have grown from a
basic service provided by popular organizations to a widely recognized component of the urban
transport industry. They are also quickly developing into a globalized industry that can provide many
transportation, land use, environmental, and social benefits.
Technavio’ s analysts forecast the global car rental market to grow at a CAGR of 16.07% during the
period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global car rental market for
2016-2020. To calculate the market size, the report considers the revenue generated from the different
geographical regions.
The market is divided into the following segments based on geography:
North America
Technavio's report, Global Car Rental Market 2016-2020, has been prepared based on an in-depth
market analysis with inputs from industry experts. The report covers the market landscape and its
growth prospects over the coming years. The report also includes a discussion of the key vendors
operating in this market.
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Connect for more details:
Sam Collins
Market Reports Center
1-646-883-3044 (US)
[email protected]
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