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. Browse full report with TOC@ https://marketreportscenter.com/reports/368507/global-car-rentalmarket-2016-2020 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 companies.” 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. Request A Sample copy of This Report @ https://marketreportscenter.com/request-sample/368507 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: APAC Europe North America ROW 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. To Get Discount On The Report @ https://marketreportscenter.com/request-discount/368507 Connect for more details: Sam Collins Market Reports Center 1-646-883-3044 (US) [email protected]
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
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