Car Rental Market Growing at 15% CAGR to 2019

Jun 26, 2015, 14:20 ET from ReportsnReports

DALLAS, June 26, 2015 /PRNewswire/ --

On the car rental market that is growing with an increasing growth in tourism industry, offers 2 global and 1 China focused car rental market research reports in the travel and hospitality segment of its research library.

Complete report on global car rental market for 2015-2019 spread across 77 pages, covering information on 5 companies and supported with 39 exhibits is now available at .

According to this 2015 car rental market report, APAC has become the largest market for car rental companies. The demand for car rental services is primarily driven by countries such as China and Japan. The research draws attention towards the tourism industry, which has been growing over the past few decades. Modern tourism is closely related to market growth, and more new destinations are being developed and promoted in many countries. The global reach of the tourism industry across nations has led to economic benefits for car rental companies. The rise in fuel costs and increase in environmental pollution and traffic congestion are leading to the use of rental cars as an alternate means of transportation.

The car rental option has benefits for the environment because it helps reduce the number of cars on the road, which results in lower emissions of environment-polluting gases and a reduced carbon footprint. The inclusion of electric vehicles in some car rental fleets also gives users the option of being more environment-friendly in their driving habits. Also, car rental gives people greater mobility without the need to pay the various costs associated with car ownership. It also gives them the freedom to choose cars based on their requirements and budget, which may change over time. Further, the report states that increased fuel prices have forced car rental companies to raise their charges, which deter some consumers from using car rental services. The higher charges deter some consumers from opting for car rental services instead of public transport.

Major companies discussed in this car rental market 2015 report include Alamo Rent-A-Car, Avis Rent A Car, Enterprise Rent-A-Car, Hertz and Thrifty Car Rental. Other players of the industry mentioned in this research include Advantage Rent A Car, Budget, Carzonrent, Dalaman Hermes Rent a Car, Dollar Rent-A-Car, Eco Rent-A-Car, Europcar, E-Z Rent-A-Car, Fox Rent-A-Car, Irish Car Rental, Island Car Rental, Midway Car Rental, Movida Rent A Car, National Car Rental, Payless Car Rental, Sixt, Trust Car Rental, Trust Middle East Car Rental and Value Car Rental. Order a copy of global car rental market 2015-2019 research report at .

The global car rental market can be segmented into three based on the types of cars, categories, and modes of booking. The report, Global Car Rental Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers North America, Europe, APAC, and ROW; it also covers the global car rental market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

Another research report titled The Global Car Rental Market to 2018 says the industry performed well during the historic period, recovering from the slowdown recorded at the beginning of 2009 due to the financial crisis and recession. Overall, growth was recorded in the four regions - Americas, Asia-Pacific, Europe, Middle East and Africa - across all key performance indicators (KPIs) during the historic period. This is expected to continue over the forecast period, supported by the rise in tourism flows and expenditure.

This research provides detailed analysis, region-wise (Americas, Asia-Pacific, Europe, Middle East & Africa), of car rental companies' key performance indicators such as market value by business travelers, market value by leisure travelers, market value at airports, market value at non-airports, fleet size, number of rental occasions, number of rental days, average rental length, utilization rate, and average revenue per day for the historic and forecast period. Challenging economic conditions and fierce competition have resulted in a large number of deals recorded in the global car rental market during the historic period as a means for operators to improve profitability and remain competitive. Some of the biggest deals in the car rental market were recorded in the US such as the acquisition of Dollar Thrifty Automotive Group by Hertz. Several leading car rental operators from North American and Europeans market are trying to expand their business in Asia-Pacific, Africa, and South and Central America by entering into joint ventures and partnerships to develop new hotels and benefit from the growing demand for car rental in these emerging markets. Japan was the largest car rental market in the Asia-Pacific region with a total market value of US$4.2 billion in 2013. South Korea followed closely with a market value of US$4.1 billion in 2013; however, it is expected to surpass Japan's car rental market value in 2014 to become the largest market with US$4.4 billion in revenue. Hong Kong was the smallest market with total market value of US$14.8 million. China is a rapidly developing rental market, which recorded the highest growth in total car rental market value in the region at a CAGR of 26.05% during the historic period. South Africa was the largest car rental market in the Middle East and Africa with a total market value of US$492.3 million in 2013, closely followed by Saudi Arabia with a market value of US$490.2 million. However, the Saudi Arabian car rental market is expected to surpass South Africa's car rental market value in 2014 to become the largest market with US$513.1 million in revenue. Order  a copy of The Global Car Rental Market to 2018 research report at .

Regionally, over more than a decade of development, China had more than 400,000 vehicles for lease by 2014 with the market size of nearly RMB40 billion, and the figures are expected to be 750,000 and over RMB60 billion by 2018. Compared with foreign mature markets, the fast-growing car rental industry of China is featured with lower access threshold, more small-sized enterprises and lower industry concentration, meaning China's car rental industry is still in its infancy. In 2014, the penetration rate of China car rental industry was 0.5%, lower than 1.7% in the United States, 2.6% in Japan, 2.1% in South Korea and 1.5% in Brazil. At the same time, the top three car rental companies accounted for 12.6% of Chinese car rental market together, wherein CAR Inc., eHi and Avis occupied 8.1%, 2.9% and 1.6% respectively. The complete research titled China Car Rental Industry Report, 2014-2018 spread across 68 pages, talking about 16 Chinese car rental market companies and supported with 50 charts is available at .

Explore more reports related to the travel, tourism and hospitality market at .

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