Global Car Rental Market: Economy Cars Segment to Witness Significant Growth
Car rental services refers to giving a car on rent for a particular period of time depending upon the customer requirement. Market include the service provider (who gives car on rents) and a consumer (who takes car on rent). Both these entities connect through either online or offline platform. Target market of care rental service providers include business travellers, tourist and other travellers. Car pooling and car sharing has led to growth of car rental industry. In terms of revenue, global car rental market was valued at US$ 51.2 billion in 2014 and is estimated to be worth US$ 106 billion by 2020.
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Economy cars contributed a significant share of revenue in 2014, and is anticipated to continue the trend. Economy cars are normally used by car poolers and intercity travellers. However service providers offer a variety of cars for hire to consumers. Selection of car depends on customer requirement and budget. In terms purpose business travellers accounted for 55% of the total revenue generated in 2014, valued at US$ 28.2 billion. This is attributed to increased economic activities and requirement of business travel around the world.
On the basis of booking type, offline booking emerged to be the higher revenue generator compared to online bookings and mobile apps. Offline booking segments is estimated to account for approximately 68% market valued at US$ 34.8 Bn in 2014. Owing to the increasing number of smartphone and internet users contribution from online bookings and mobile apps is estimated to increase during the upcoming years.
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With the number of air travellers on rise, airport transportation segment accounted for 41.5% of the total market in 2014. Increasing air trips for business and leisure purpose is fuelling the growth of car rentals to airports. Geographically, Asia pacific is estimated to be an upcoming market for car rental services. This is supported by factors like emerging business class in developing economies of India and china.
Global car rental market green revolution and emerging business class is driving the car rental market. Increased income levels across the world has resulted in growing tourism industry, better road infrastructure, and gross domestic products of countries have also propelled the growth of car rental market.
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Future of car rental is said to be in electric and hybrid vehicles. Growing concept of green revolution in automobile industry will further drive the market. But consistent price fluctuations in fuel prices, and strict government regulations about fuel emissions will pose the challenge against car rental market.
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