LONDON—According to the latest market study released by Technavio, the global car rental market is expected to grow at a CAGR of more than 16% during the forecast period.
This research report titled ‘Global Car Rental Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
One of the major car rental market trend is the rising demand for car sharing. Car sharing has become one of the important segments for revenue generation in the market. It is booming in most regions and is becoming a means of revenue generation for companies as well as individuals. The global car sharing market was valued at around USD 1.2 billion in 2015 and is likely to reach around USD 5 billion by 2020.
Car sharing enables owners to rent out their vehicles, usually through a carsharing operator (CSO), with each party receiving a proportion of the rental fee. Insurance, technology and billing are taken care of by the CSO. “Through this method, the CSO can offer vehicles at low cost and with low overheads. Hence, car sharing can minimize cost while maximizing revenue for the members of the CSO,” says Sharan Raj, a lead analyst at Technavio for research on transportation and distribution.
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The report categorizes the global car rental market into the following segments based on rental category:
- Airport transport
- Local transport
- Outstation transport
- Other transport
Global airport transport car rental market
The global airport transport car rental segment is the largest segment in the global car rental market, accounting for a share of 42.13% in 2015. Companies such as Enterprise Rent-A-Car, Getaround, and RelayRide provide airport car rental services. Small companies are entering this market, so competition is intensifying. The vendors compete based on innovation, processes, and technologies. They provide many services to car rental customers, including complimentary vehicle insurance.
Global local transport car rental market
The revenue generated by local transport car rentals used to account for a fraction of the total revenue generated in the global car rental market. However, since 2013, the market has been gaining popularity in most countries. Some of the drivers contributing to the growth of the market are increased number of working women and rise in the number of single-person households. In the US, the number of single-person households went up to around 35 million in 2014 from 28 million in 2000.
Global outstation transport car rental market
The outstation transport car rental market was valued at USD 8.63 billion in 2015 and is likely to reach USD 16.97 billion by 2020, growing at a CAGR of 14.48%.
The growing number of outstation trips has raised the market for global outstation car rental services. People who do not own vehicles consider renting a car for a longer distance trip is better than using other modes of transport such as trains, buses, or airplanes. Increased disposable income is a major driver of this market. However, lack of consumer awareness in rural areas and lack of government support hinder the market growth.
Global other transport cars rental market
The other transport cars rental market was valued at USD 5.83 billion in 2015 and is expected to reach USD 13.30 billion by 2020, growing at a CAGR of 17.93%.
The other transport cars rental market is growing at the fastest rate among all the other segment in the global car rental market. The others segment includes self-drive services, event transportation, and employee transportation solutions. The major factors contributing to the growth of the market is the increased urbanization, increased number of business trips, and increased demand for car-sharing services.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Avis Budget Group
- Carzonrent
- Enterprise Holding
- Europcar
- Hertz
- Sixt
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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