LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global car rental services market and the market is poised to experience spend growth of more than USD 40 billion between 2018-2023 at a CAGR of over 9% during the forecast period. Request Free Sample Pages.
Read the 132-page research report with TOC and LOE on "The Global Car Rental Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The geographical expansion of MNCs is triggering the frequency of business travels across countries. This is creating the requirement of cost-effective and quality travel services to enhance mobility during traveling which is driving the demand in the car rental services market. As a part of their cost-saving initiatives, a majority of enterprises in the hospitality sector are outsourcing services such as car rental services to specialized service providers to reduce their OPEX while boosting their profitability. This is propelling the spend momentum in the car rental services market to a significant extent.
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The Top Car Rental Service Providers Enlisted in this Report:
Volatilities in the prices of crude oil and gasoline are increasing the vehicle operating expenditure of car rental service providers. A significant portion of their OPEX will be passed on to buyers in the form of excess procurement spend in the car rental services market. Considering this possibility, this report has listed the top car rental service providers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal and cost-effective procurement in this market.
Europcar- Buyers are advised to engage with service providers who use supply fuel-efficient vehicles as this will help them save costs and ensure environment-friendliness. Europcar is known to acquire hybrid cars and green vehicles in its fleet to reduce its emission levels. This car rental service provider is also known to incorporate alternative fuel vehicles, such as vehicles that run on biofuels.
Avis Budget Group- Engagement with service providers who are known to collaborate with their counterparts to gain access to the latest technologies and increase their fleet size, will facilitate buyers with enhanced service quality across regions. Avis acquired Turiscar Group, a well-reputed car rental service provider in Portugal in 2018. The acquisition added approximately over 3,000 vehicles to Avis's fleet size in Portugal and increased its penetration in the local market. In addition, in 2018, Avis acquired Olympic Commercial & Tourist Enterprises in Greece, which added approximately 34,000 vehicles to its fleet size in the Greek market.
The Hertz Corp- Buyers are advised to evaluate the ability of this service provider to innovate and reduce carbon emissions from traditional fuel-based vehicles while offering effective fleet management services. The adoption of advanced technologies such as telematics and IVMS enables buyers to track vehicles, increase fuel efficiency and cost savings, as well as reduce carbon emissions. These technologies ensure buyers’ safety and increase their mobility efficiency.
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Some of the key topics covered in this report are:
- Car rental services market spend segmentation by region
- Car rental services supply market analysis
- Regional spend opportunity for car rental service providers
- Car rental service providers cost structure
- Total cost of ownership analysis in the car rental services market
- Car rental services pricing models analysis
- Category management objectives
- Cost saving opportunities in the car rental services market
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