The players in the market are primarily focusing towards enhancing their services so as to improve their customer base and gain profitability in the market. Along with this, players are focusing towards acquisitions and mergers, business expansion and innovation to strengthen their market share.
For instance, in March 2019, Sixt SE, a prominent player in the car rental market launched a mobility app in order to facilitates customers with several other services and boost personalisation. In the same way, in December 2018, The Hertz Corporation, incopated the use of a online platform called the Hertz Fast Lane in their servies. This platform helps in carry out and speed up the entire vehicle rental process with the help of a biometric.
According to TMR, the global car rental market is projected to witness a astonishing double digit CAGR of 14.40% during the forecast period that between 2014–2024. The opportunities in the market is projected to touch a valuation of US$290.07 bn by 2024.
On the basis of geography, North America is expected to dominate the global car rental market during the forecast period. This is mainly due to the presence of several veteran players in the region. Based on transportation mode, the airport transport segment is expected to hold sway in the overall market, thanks to the significant rise to the air traffic and rapid strides taken by industrialization in several parts of the world.
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Integration of Advanced Technologies in Mobile Application to Drive Market Growth
The global car rental market is projected to garner a remarkable growth rate in the coming few years. This is mainly due to the factors such as global upsurge in travel and tourism activities coupled with improving road infrastructure. Along with this, rise in disposable incomes, surge in leisure and business trips and increasing investments by the global players are some other factors expected to fuel the car rental market in the coming few years.
Car rentals are the car services offered by players to the common people for a particular time duration at an agreed amount. Integration of advanced technologies such as real time monitoring, GPS and digital transaction are some other factors that played a crucial role in the growth of the car rental market.
Advent of Ride Sharing Application to Hamper Market Prospects
The growth in the car rental market is hampered due to the advent of ride sharing application which help professions offer rise to other profession is expected to impede market growth. Along with this, stringent governmental regulation towards the vehicle emission is projected to curb market growth in the car rental market in various developing and developed nations.
Nonetheless, increasing focus to incorporate eco-friendly, green car rental services is anticipated to fuel the car rental market in the coming few years.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Car Rental Market (Car Type – Luxury Cars, Executive Cars, Economy Cars, SUVs, and MUVS; Category – Local Usage, Airport Transport, and Outstation) – Global Industry Analysis, Trend, Size, Share and Forecast 2014–2024”.
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The global car rental market is segmented based on:
- Luxury Cars
- Executive Cars
- Economy Cars
- Local Usage
- Airport Transport
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of Middle-East and Africa
- Latin America
- Rest of Latin America
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