LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global car rental market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global car rental market will grow at a CAGR of close to 18% during the forecast period. The use of rental car for the travel and tourism industry is a major factor driving the market’s growth.
The offline booking is one of the major modes of booking for car rentals. Even though the offline mode dominates the market, the online mode is expected to surpass the offline mode by 2022. Growing internet penetration, rise in disposable income, and the advent of smartphones, websites, and apps are driving the market.
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The three emerging market trends driving the global car rental market according to Technavio research analysts are:
- Advent of intermediaries
- Value-for-money car rental services
- Advances in rental process
Advent of intermediaries
Renting a car was a simple task before the advent of the Internet. Booking was done through the telephone, where the customer would call the service provider to book cars and accept the proposed prices. Advantages of many online websites, which are also known as car rental brokers, have established themselves as intermediaries and demand aggregators between the customer and operator. Expedia.com, cartrawler.com, and priceline.com are some of the examples. Customers have the advantage of choosing from the lowest price while renting cars due to the advent of such intermediaries.
“As the segment is highly competitive with prices being the main decision factor, pricing is a major drawback. Brokers are paid through commission, which, from the point of view of the operator, sales through intermediaries and brokers is unfavorable. As the client's point of interaction while deciding to rent is an intermediary, brand differentiation becomes difficult,” says a senior analyst at Technavio for research on transportation and distribution.
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Global car rental market segmentation
This market research report segments the global car rental market into the following three major regions, including the Americas, APAC, and EMEA.
The Americas was the leading region for the global car rental market in 2017, accounting for a market share of 43%. However, by 2022, APAC is expected to surpass the Americas to become the leading region, accounting for a market share of around 36%.
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