LONDON, Feb. 29, 2016 /PRNewswire/ -- According to a new market report published by Lucintel, the future of the global car rental industry looks good with opportunities in the on-airport and off-airport market segment. The global car rental industry is forecast to grow at a CAGR of 5.6% from 2016 to 2021. The major drivers of growth for this market are rising global tourism industry, increasing globalization of corporate operations, and increasing income levels across the globe.
In this industry, car rental location (On-Airport and Off Airport), customer type, vehicle type, and mode of booking (Online and offline) are some of the major segments of car rental market. On the basis of its comprehensive research, Lucintel forecasts that the location and mode of booking segments are expected to show above average growth during the forecast period.
Within the global car rental industry, On-Airport and Off-Airport segment is expected to remain as the largest segment. Increase in air travel and domestic tourism is expected to increase the customers in airport locations, which would spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest market due to rapid urbanization and increased expenditure on traveling by domestic tourists. North America and Rest of the World are expected to witness significant growth over the forecast period because of improving economy, increasing domestic as well international tourists, and high quality road infrastructure.
For market expansion, the report suggests development of new and value added service to enhance the performance of car rental services. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers.
Emerging trends, which have a direct impact on the dynamics of the industry, include enhanced user experience through digitization, introduction of green vehicles in car fleet, enhanced technologies in car rental service, and concept of self-drive instead of hiring driver. Enterprise Rent-A-Car, Hertz Global Holdings, Inc., Avis Budget Group Inc., Europcar Groupe S.A., and Sixt AG are the major car rental service providers in the global car rental industry. Some companies are opting for merger & acquisition as strategic initiatives for driving growth.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global car rental industry by location, customer, vehicle type, mode of booking, and region and has come up with a comprehensive research report, "The Global Car Rental Industry 2016-2021: Trends, Forecast, and Opportunity Analysis." The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions.
The study includes the forecast for the global car rental industry through 2021, segmented by location, customer, vehicle type, mode of booking, and region as follows:
By location ($ billion from 2010 to 2021):
On-Airport Off Airport
By customer ($ billion from 2010 to 2021):
Business Leisure Others
By vehicle type ($ billion from 2010 to 2021):
Luxury cars Executive cars Economy cars SUV's MUV's
By mode of booking ($ billion from 2010 to 2021):
By region ($ billion from 2010 to 2021)
North America Europe Asia Pacific Rest of the World
This unique report from Lucintel will provide you with valuable information, insights, and tools needed to identify new growth opportunities and operate your business successfully in this market. This report will save hundreds of hours of your own personal research time and will significantly benefit you in expanding your business in this market. In today's stringent economy, you need every advantage that you can find.
To make business, investment, and strategic decisions, you need timely, useful information. This market report fulfills this core need and is an indispensable reference guide for multinational materials suppliers, product manufacturers, investors, executives, distributors, and many more that operate in this market.
Some of the features of "The Global Car Rental Industry 2016-2021: Trends, Forecast, and Opportunity Analysis" include:
Market size estimates: Global car rental industry size estimation in terms of value ($ Billion).
Trend and forecast analysis: Global car rental industry size trend (2010-2015) and forecast (2016-2021) by region and segments.
Segmentation analysis: Global car rental industry size by various vehicle types such as executive cars, luxury cars, economy cars, SUVs and MUVs in terms of value.
Regional analysis: Global car rental industry size breakdown by key regions such as North America, Europe, Asia Pacific, and Rest of World.
Growth opportunities: Analysis on growth opportunities in different segments and regions.
Strategic analysis: This includes M&A, new service development, competitive landscape, and expansion strategies of global car rental industry players.
Emerging Trends: Emerging applications of global car rental industry in various markets.
Analysis of competitive intensity of the industry based on Porter's Five Forces model.
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