U.S. Car Rental Market Premium Analysis with Future Industry Size by 2019
Global car rental market was valued at USD 36.89 billion in 2013, growing at a CAGR of 13.6% from 2014 to 2019. A car rental company rents out vehicles/automobiles for a specific period of time ranging from a few hours to a few months for an appropriate fee. The service is often organized across various local branches, facilitating customers to return the vehicle in a location of their convenience. In addition, car rental services are often complemented by websites, allowing online reservations and car rental offices are primarily located near airports or busy city areas. Car rental agencies serve people whose cars are temporarily out of service or the ones who do not have access to their vehicles, for example owners of damaged vehicles who are awaiting insurance or repair compensation, or travelers from outside the town. Alongside the basic rental of a vehicle, car rental agencies typically offer extra services, such as GPS navigation systems, insurance and entertainment systems.
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The global car rental market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). Increasing GDP levels, increasing volumes of both inbound and domestic tourists coupled with rise in disposable incomes and improving road infrastructure are factors driving the car rental industry. The emerging business class in India and China along with the green revolution in the automobile industry is further driving the car rental market. However, the volatility in petroleum product prices, along with high gasoline price, is expected to affect both consumers spending levels and economic conditions across the globe, thereby leaving a moderate impact on the global car rental industry.
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Geographically, North America led the global car rental market in 2013 and the region is expected to continue its dominance in 2019. The car rental market in North America is highly concentrated by players, such as Enterprise, Hertz, Avis Budget Group and other regional and local companies, which have substantial presence at various airports across the U.S. and Canada. Europe and Asia-Pacific followed North America in the global car rental market to collectively account for almost half of the global market revenue share.
The car rental industry is segmented on the basis of types of cars into luxury cars, executive cars, economy cars, SUV’s and MUV’s. Among all, economy cars is the most popular and widely-used segment and most companies prefer the usage of economy cars, owing to their cost effectiveness. However, executive cars and luxury cars are widely used for corporate and leisure purposes. MUV’s are expected to grow at the highest growth rate in comparison to other types of cars, owing to the rising popularity of car pooling and car sharing services.
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The car rental market is further segmented by categories into local usage, airport transport, outstation and others. The global car rental market is majorly dominated by airport transport, as it provides flexibility, fast service and comfort to the customers. Almost all the major companies have their offices at airports along with designated parking places. Airport transport segment dominated the global car rental market in 2013 accounting for almost half of the global market revenue share. Outstation and others segments accounted for over one-third of the global car rental market revenue share in 2013.
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