The Global Market for Car Rental Business is Projected to Surpass US$130 Billion by 2024
Economic
Stability and Increase in Travel Drive the Global Car Rental Business,
According to a New Report by Global
Industry Analysts, Inc.
GIA launches
comprehensive analysis of industry segments, trends, growth drivers, market
share, size and demand forecasts on the global Car Rental Business market. The global market for Car Rental
Business is projected to surpass US$130 billion by 2024, driven by economic stability
leading to growth in travel and tourism, as well as transport companies’ efforts
to improve customer experience through innovations such as app based booking,
online booking, and car sharing.
Car rental, an
integral part of the global travel and transportation industry, represents a
major market worldwide. Globalization and the ensuing rise in global travel
over the decades have supported the growth and development of the car rental
industry worldwide. Economic stability and increased incomes have resulted in
people taking more leisure trips. Business trips, which form a huge base for
car rental businesses have also been aiding growth as companies are encouraging
employees to travel by car for shorter trips. Primarily concentrated in the U.S.
and Europe, car rental is gaining in developing markets, as both leisure and
business travel increase. With the U.S. and European markets witnessing
sustained growth, car rental business is witnessing healthy growth. Growth in
the market can also be measured by the number of acquisitions of licensees by
major car rental companies.
Car rental business
is commoditized in several developed markets. Companies have been using
technology and innovative solutions to lure customers, as well as to increase
rental value. Companies are also using technology to bypass the queue and the
rental desk. Travelers booking a rental car on their mobiles can now checkout
the available cars, and book them through their mobile, after which they can
directly proceed to the selected car, and open the car door using their mobile
phone and collect the key in the car, thus bypassing the queue at the company’s
desk. Alternatively, a customer can book a desired car online, make an online
payment, and produce the same to collect the keys and drive away. With the
airport business becoming a commodity, companies are also expanding their
presence in the off-airport market by establishing new locations away from the
airports.
Car-Sharing is emerging into a key trend in
the market due to its significant cost benefits. Several major traditional car
rental companies such as Hertz and Enterprise Rent-A-Car among others have
introduced car-sharing services such as Hertz on Demand and Enterprise
Car-Share. Avis Budget owns zipcar, one of the largest car-sharing communities
in the world with over a million members. European car rental major owns
Ubeeqo, another car-sharing service.
As stated by the
new market research report on Car Rental Business, the United States
represents the largest market worldwide. Asia-Pacific is projected to register
the fastest growth at a CAGR of 9.5% over the analysis period, led by factors
such as, strong GDP gains, increase in the level of economic activity,
continuous inflow of foreign direct investments, rise of on-demand urban mobility
services; implementation of smart mobility projects by governments which
encourage coordinated efforts from the private and public sectors; and development
of tourism and the ensuing increase in domestic and inbound tourists and
establishment of tourist transport operating agencies.
Major players in
the market include Avis Budget Group Inc., Avis Rent-A-Car System LLC, Budget
Rent-A-Car System Inc., Payless Car Rental, Enterprise Holdings, Enterprise
Rent-A-Car, Alamo Rent-A-Car, National Car Rental, Europcar, Sixt AG, and The
Hertz Corporation among others.
The research report
titled "Car Rental Business: A Global
Strategic Business Report”
announced by Global Industry Analysts Inc., provides a comprehensive review of
market trends, growth drivers, issues, and recent industry activity of major
companies worldwide. The report provides market estimates and projections for
major geographic markets including the United States, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific
(China, India, and Rest of Asia Pacific), and Middle East & Africa and
Latin America (Brazil, and Rest of Latin America). The report analyzes the Car
Rental Business market by location types Airport and Non-Airport. The report
also analyzes the Car Rental Business market by sector Leisure, Business, and Others.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
Every driver, regardless of age, driving skills and country of residence must have a set of documents to get a rental car. Read this information carefully so that you do not have any problems during the car rental procedure. In order for you to use a car hire service, you first need to have a passport or one of the other documents that certify your identity. This is necessary to draw up a lease agreement and insurance for the driver and passengers in USA. Note:
ReplyDeleteunder 21 Car rental
Your document may be an international passport or travel document. To rent a car abroad, your document should not be expired and damaged. In the passport you must have your photo;
If you are less than 21 years old, you must have a driving experience of at least 1 year. Please note that there should be no car accidents and other incidents in your driving skill history. You must have a driver's license of international format (this is a plastic card);
Drivers under the age of 21 have a limited number of USA car rental categories: CCAR, CFAR, ECAR, FCAR, ICAR, IFAR, ILAE, ISAR, MBAR, MVAR, SCAR, SSAR.