LONDON--(BUSINESS WIRE)--Future Market Insights (FMI) released its latest report titled, “Global Car Rental: Market Analysis and Opportunity Assessment, 2014 - 2020”. According to the report, the global car rental market was valued at US$ 51.2 Mn in 2014 and is expected to reach US$ 106 Mn by 2020, registering a CAGR of 12.8% during the forecast period.
Market Segments
By car type, the economy car segment dominated the global car rental market and held 31.5% of revenue share in 2014 and is anticipated to reach US$ 33.8 Mn by 2020, displaying a healthy CAGR of 13.1% during the forecast period.
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By end use type, the airport transport is estimated to account for approximately 42% of the total market revenue by 2020. However, intracity transport is foreseen to witness a significant CAGR of 13.4% over 2020.
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Region-wise, The North America dominated the global car rental market in 2014, accounting for US$ 19.4 Mn. However, North America is expected to continue its dominance during the forecast period, followed by Europe and Asia Pacific.
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Drivers and Restraints
Car rental market is mainly driven by tourism industry due to increasing demand for rental cars by tourists, increased number of business travelers in upcoming economies of Asia, increasing booking options by suppliers, and improved presence of rental cars on airport. However, the downturn in used car market and fluctuating fuel prices poses a challenge for the global car rental market.
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Competitive Landscape
Currently key focus of the major players in the global car rental market is on mergers and acquisitions to expand their geographical presence. Key players in the global car rental market include The Hertz Corporation, Enterprise Rent a Car, Avis Budget Group, Europcar, Carzonrent, Localiza Rent a Car, Eco- Rent a Car and GlobaCars.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm delivering syndicated research reports, custom research reports and consulting services. Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS.
