Car Rental Business Market Scope
Car rental market players are adopting some of the cost-effective schemes, such as leasing cars from their owners for a period of three years and then putting these cars on rental through app-based bookings. Additionally, car rentals also contributes to control the pollution level by reducing the volumetric sales of owned vehicles. Online rental car booking are recently trending in the market. Rising disposable income ultimately increases tourism industry that will have positive impact on the car rental market. Increase in investment by global funds & players opting for aggregator-based business model further fueling the market growth. Automobile companies are moving towards development of green vehicles to control the rise in pollution level. Car rental industry also contributes significantly in the reduction of the air pollution level.
According to AMA, the Global Car Rental Business market is expected to see growth rate of 11.32%Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnership to adopt certain technologies and acquiring small players to finish competition in the future. As well as investing money in R&D sector to make technical up-gradations in the manufacturing process of the product. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Car Rental Business market throughout the predicted period.
Avis Budget Group, Inc. (United States), Carzonrent India Pvt Ltd. (India), Enterprise Holdings Inc. (United States), Europcar (France), The Hertz Corporation (United States), Sixt Rent a Car (Germany), Uber Technologies Inc. (United States), Localiza (Brazil), Eco Rent a Car (India), Budget Rent a Car System, Inc. (United States) and German Rent a Car (Dubai) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Tempest Car Hire (South Africa), DTG Operations, Inc. (United States) and Alamo (United States).
Segmentation Overview
The study have segmented the market of Global Car Rental Business market by Type (Multi Utility Vehicles (MUVs), Sports Utility Vehicles (SUVs), Economy Cars, Executive Cars and Luxury Cars), by Application (On-airport Rentals and Off-airport Rentals) and Region with country level break-up.
On the basis of geography, the market of Car Rental Business has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Customization of travel trips through internet and Offering discounts on online booking
Market Growth Drivers:
Enriched road infrastructure around the globe and Continuously Growing travel and tourism industry
Restraints:
Unstable prices of gasoline and petroleum products and Large number of alternatives
Opportunities:
Increasing standard of living due to rising disposable income and Adaptability of Online reservations and bookings
Key Target Audience
Products manufacturers, Raw material suppliers, Technology, equipment, and solution providers, Private utility players, Government and research organizations and End users (automotive industry)
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.