According to a new market report published by Transparency Market Research “Car Rental Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” global car rental market was valued at USD 36.89 billion in 2013, growing at a CAGR of 13.6% from 2014 to 2019 to account for USD 79.46 billion in 2019.
Increasing GDP levels, increasing volumes of both inbound and domestic tourists coupled with rise in disposable incomes and improving road infrastructure are factors driving the car rental industry. The emerging business class in India and China along with the green revolution in the automobile industry is further driving the car rental market. However, the volatility in petroleum product prices, along with high gasoline price, is expected to affect both consumers spending levels and economic conditions across the globe, thereby leaving a moderate impact on the global car rental industry.
Browse the full Car Rental Market report at http://www.transparencymarketresearch.com/car-rental-market.html
Economy cars led the global car rental market by accounting for USD 11.56 billion in the year 2013. The executive cars and multi-utility vehicles (MUV’s) segments are expected to grow at a faster rate than the other segments, owing to rapid globalization leading to high level of economic activities and increase in business travelers across the globe. Growing business and rapid industrialization in the emerging economies of Asia-Pacific and the Rest of the World region are further expected to drive growth in the car rental market over the forecast period from 2014 to 2019.
The airport transport segment led the car rental market in 2013, by accounting for USD 15.99 billion. The dominance of this segment is due to the rise in the number of air travelers for the purpose of tourism and leisure, coupled with rapid globalization and industrialization leading to high level of economic activities across the globe. Both the local usage segment and others segment which includes self-drive, event transportation and employee transportation solutions are expected to grow at a CAGR of 13.7% each, over the forecast period from 2014 to 2019.
Geographically, North America led the global car rental market by accounting for USD 14.66 billion in 2013. Although the market is expected to witness least growth rate as compared to other regions, the region is expected to continue its dominance in 2019. The car rental market in North America is highly concentrated by players, such as Enterprise, Hertz, Avis Budget Group and other regional and local companies, which have substantial presence at various airports across the U.S. and Canada. Europe and Asia-Pacific followed North America by accounting for almost half of the global market revenue share.