Global Car Rental Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
A car rental company gives automobiles on hire for a particular period of time for a fee. A car may be rented for a few hours or even for few months at a stretch. The global car rental market primarily serves people who temporarily need a vehicle.
Car rentals garner a lot of interest from customers going on vacation. It also serves as a good option when people need an extra vehicle just for a couple of days or when a customer’s own car is unavailable. From economy cars to luxury cars and SUVs – a variety of cars are available for rent and customers can pick an option that suits their requirement and budget. While some rental companies provide a driver, others have a self-drive option. Rates of hiring a car vary depending on a host of factors such as type of car, duration, day of the week, and location of the rental office. Similar to new cars, some rental firms too offer car insurance that covers features such as personal liability coverage, loss and collision damage waiver, and personal accident insurance.
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Scope of the global car rental market
There are three broad sections of the global car rental business. They are further broken down into sub-segments.
Category: Outstation, local usage, airport transport and others (event transportation, self drive, and employee transportation solutions)
Type of car: Executive cars, luxury cars, MUVs, SUVs, and economy cars
Geography: Asia-Pacific, Europe, North America and Rest of the World
Green revolution and emerging business class driving the market
As car users and owners gained awareness about the environment and green revolution hit the automobile industry, car sharing and carpooling became a popular preference which has led to the growth of the car rental industry. This, coupled with factors such as the emerging business class in countries such as China and India, increasing number of tourists, rise in disposable incomes, better road infrastructure and higher GDP levels, has propelled the market. But the persistent fluctuation in fuel prices such as those of petroleum and gasoline, and strict emission regulations have affected consumer spending patterns and the overall car rental market. Companies looking to expand or further their growth can invest in the development of electric and hybrid vehicles which, analysts predict, is the future of the car rental business.
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Economic analysis of the global car rental market
In the year 2013, the global car rental industry was estimated to be worth USD 36.89 billion and based on market forecasts the industry will be valued at USD 79.46 billion in 2019, registering a compound annual growth rate of 13.6% between 2014 and 2019. The overall rental car industry was dominated by economy cars, generating USD 11.56 billion in 2013. However, executive cars and utility vehicles will become the fastest growing segments compared to the rest due to the surge in business travelers. With the number of air travelers on the rise, the airport transport segment in 2013 dominated the car rental market, accounting for USD 15.99 billion of the total revenue. Increasing air trips for business and pleasure have been supported by high levels of economic activities across the world as well as rising incomes. It is due to these reasons that markets in Asia-Pacific and Rest of the World region are expected to grow at a faster rate from 2014 to 2019. The local usage section as well as other segments including self-driven cars, employee and event transport will both grow at a CAGR of 13.7% each during the forecast period. Region-wise, the global market for car rental was led by North America in 2013, accounting for USD 14.66 billion of the total industry value.
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Competitive scenario
With North America dominating the market, some of the major car rentals in the region are Hertz, Enterprise, and Avis Budget Group, which have made their presence felt at airports in the U.S. and Canada. Europe and Asia-Pacific are the next big markets and account for nearly half the total revenue share. Some of the car rental companies of those regions include Sixt Rent A Car (Germany), EuropCar (France), Al-Futtaim Group (Dubai), Carzonrent (India), Localiza (Brazil), and Eco Rent A Car (India).
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