Car Rental Market Demand From North America to Push the Market Growth at 13.6% CAGR During 2014 - 2019: Transparency Market Research

Jul 24, 2015, 07:30 ET from Transparency Market Research

ALBANY, New York, July 24, 2015 /PRNewswire/ --

Transparency Market Research has released a recent report on the global car rental market. The report, titled "Car Rental Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" forecasts the market to grow positively at a CAGR of 13.6% during the period between 2014 and 2019. The market was valued at US$36.89 billion in 2013 and is expected to reach a valuation of US$79.46 billion by the end of 2019.

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The report points out that the rise in number of tourists, both in overseas and domestic travel categories, has boosted the global car rental market. Better roads and infrastructure, increasing GDP levels, and growing disposable incomes have led to the growth in leisure and business trips across the globe, which in turn has fuelled the car rental market. Increasing number of internet users and the online presence of car rental companies have also helped the market to grow. However, volatility in crude oil prices will be one of the major challenges faced by the car rental market during the forecast period. Stringent emission standards along with cheaper substitutes of public transport are also going to negatively affect the global car rental market. The report cites that the introduction of electric/hybrid vehicles will create new opportunities for the overall market in the coming years owing to the low emissions and lesser or no dependency on fuel. Depending upon the type of car, the global car rental market has been segmented into economy cars, executive cars, luxury cars, SUVs, and MUVs. During the forecast horizon, the report expects the executive cars and MUVs segments to witness fastest growth due to the rising demand from emerging economies such as India and China.

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In terms of category, the global car rental market has been divided into airport transport, outstation, local usage, and others including event transportation, self drive, and employee transportation solutions. In 2013, the airport transport segment was worth US$15.99 billion and is expected to grow at a CAGR of 13.7% during the forecast period. Rising air traffic will contribute to the growth of this segment in the coming years. The report studies the global car rental market in four key regions: Europe, Asia Pacific, North America, and Rest of the World. North America led the overall market in 2013, with a valuation of US$14.66 billion. In the same year, Europe was the second largest market, followed by Asia Pacific. In spite of the moderate growth in this region, North America will continue to dominate the global car rental market during the forecast horizon due to the increasing demand from the U.S., Canada, and Mexico.

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The report profiles the key players in the global car rental market. Enterprise Rent-A-Car, Hertz Corporation, and Avis Budget Group, are the leading players in the car rental market in North America. Other car rental companies across the globe are Al-Futtaim Group, Six Rent A Car, Localiza Rent A Car, Carzonrent, The EuropCar, and Eco Rent A Car.

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The report segments the global car rental market as:

Car Rental Market: By geography 

  • North America
    • U.S.
    • Others (Canada and Mexico)
  • Europe
  • Asia Pacific
  • Rest of the World

Car Rental Market: By type of car 

  • Luxury Cars
  • Executive Cars
  • Economy Cars
  • SUV's
  • MUV's

Car Rental Market: By category 

  • Local Usage
  • Airport Transport
  • Outstation
  • Others (self drive, event transportation, employee transportation solutions)

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research