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Car Rental Market by Type of Car (Luxury Car, Executive Car, Economical Car, Sports Utility Vehicle (SUV), and Multi Utility Vehicle (MUV)) and Rental Category (On Airport and Off Airport (Local Usage, Outstation)) - Global Opportunity Analysis and Industry Forecast, 2014 - 2022

AU_172073
Pages: 150
Mar 2017 | 5484 Views
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Author's : Ankit Singh Pundir
Tables: 45
Charts: 38
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The global car rental market was valued at $79,648 million in 2015, and is expected to reach $164,335 million by 2022, growing at a CAGR of 11.6% from 2016 to 2022. With growth in pollution level and population, car rental industry has experienced a drastic transformation over the past few years, becoming one of the most prominent industries in fleet transportation. Manufacturers and consumers rely on various car rental schemes, which are cost-effective, such as leasing cars from their owners for a period of three years and then putting these cars on rental through app-based bookings. In addition, car rentals majorly contribute to curb the pollution level by reducing the volumetric sales of owned vehicles. Moreover, with increase in air traffic and growth in trend of online car booking, car rentals are the preferred options to travel, as cars are the most economical and faster mode of transportation. These advantages promote the growth of the car rental industry at an exponential rate.

The growth of the global car rental market is majorly driven by development of the travel & tourism industry. Furthermore, rise in disposable income of people in countries such as the U.S., Germany, and Italy and enhanced road infrastructure is promoting the growth of the market. Increase in investment by global funds and players opting for aggregator-based business model further fueling the market growth. Automobile companies have developed green vehicles to control the rise in pollution level. Car rental industry contributes significantly in the reduction of the air pollution level. However, negative impact of volatile prices of gasoline and petroleum products on economic conditions restraining the market growth. The growth in trend of internet usage to customize travel trips, reservations, and bookings is expected to unfold various growth opportunities for the market.

The market segmentation is based on type of car, rental category, and geography. On the basis of type of car, the market is classified into luxury car, executive car, economical car, sports utility vehicle, and multi utility vehicle. By rental category, it is bifurcated into on airport and off airport rental. The off airport rental segment is further divided into local usage, outstation, and others. Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, South Korea, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Car Rental Market Segmentation

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The Eurozone crisis had a negative impact on the travel & tourism sector in the European countries. Challenging economic conditions and increased competition in the market have stimulated the operators to improve profitability and remain competitive. Some of the biggest deals in the car rental market were recorded in the U.S. such as the acquisition of Dollar Thrifty Automotive Group by Hertz. Several leading car rental operators from North American and Europeans market are trying to expand their business in AsiaPacific, Africa, and South & Central America by entering into joint ventures and partnerships to develop new hotels and benefit from the growing demand for car rentals.

Market Dynamics

Car rental market dynamics

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Asia-Pacific shows the highest growth rate for car rental market

North America accounted for the largest market share in 2015 in the car rental market. Asia-Pacific is projected to exhibit the fastest growth in years to come. The emerging countries such as India and China are witnessing significant growth due to increase in the per-capita income, change in lifestyle of people, rise in middle-class population, and high standard of living.

The leading players are introducing innovative solutions to cater to customers demands and to expand their business in emerging countries. These players include Avis Budget Group, Inc., Carzonrent India Pvt Ltd., Enterprise Holdings Inc., Europcar, The Hertz Corporation, Sixt Rent a Car, Uber Technologies Inc., Localiza, Eco Rent a Car, and Budget Rent a Car System, Inc.
Other players in value chain include German Rent a Car, Tempest Car Hire, DTG Operations, Inc., and Alamo.

Key Benefits

  • The study provides an in-depth analysis of the global car rental market with current trends and future estimations to elucidate the imminent investment pockets.
  • It offers a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
  • It also provides market estimation for 2014 and 2015 and Y-o-Y forecasts from 2016 to 2022, considering 2015 as base.

Car Rental Market Key Segments

By Type Of Car

  • Luxury Car
  • Executive Car
  • Economical Car
  • Sports Utility Vehicle (SUV)
  • Multi Utility Vehicle (MUV)

By Rental Category

  • On Airport
  • Off Airport
  • Local Usage
  • Outstation
  • Others

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • UK
    • Rest of Europe
  • Asia-Pacific
    • China
    • South Korea
    • Japan
    • India
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Market Players In Value Chain

  • Avis Budget Group, Inc.
  • Carzonrent India Pvt Ltd.
  • Enterprise Holdings Inc.
  • Europcar
  • The Hertz Corporation
  • Sixt Rent a Car
  • Uber Technologies Inc.
  • Localiza
  • Eco Rent a Car
  • Budget Rent a Car System, Inc.
  • German Rent a Car
  • Tempest Car Hire
  • DTG Operations, Inc.
  • Alamo
 

Chapter: 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY

1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

Chapter: 2 EXECUTIVE SUMMARY

2.1. KEY FINDINGS
2.2. CXO PERSPECTIVE

Chapter: 3 MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. Top winning strategies
3.2.2. Top investment pockets

3.3. PORTERS FIVE FORCES ANALYSIS
3.4. MARKET SHARE ANALYSIS, 2015
3.5. MARKET DYNAMICS

3.5.1. Drivers

3.5.1.1. Expansion and progression of worldwide travel and tourism industry
3.5.1.2. Rise in the disposable income of people in North America and Europe
3.5.1.3. Enhanced road infrastructure around the globe
3.5.1.4. Investment by global funds and players opting for aggregator based business model

3.5.2. Restraints

3.5.2.1. Negative impact of volatile prices of gasoline and petroleum products on expenditure in car rental industry

3.5.3. Opportunities

3.5.3.1. Growth in trend of using the internet to customize travel trips and for reservations and bookings

Chapter: 4 CAR RENTAL MARKET, BY TYPE OF CAR

4.1. OVERVIEW

4.1.1. Market size and forecast

4.2. LUXURY CAR

4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast

4.3. EXECUTIVE CAR

4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast

4.4. ECONOMICAL CAR

4.4.1. Key market trends, growth factors and opportunities
4.4.2. Market size and forecast

4.5. SPORTS UTILITY VEHICLE (SUV)

4.5.1. Key market trends, growth factors, and opportunities
4.5.2. Market size and forecast

4.6. MULTI UTILITY VEHICLE (MUV)

4.6.1. Key market trends, growth factors and opportunities
4.6.2. Market size and forecast

Chapter: 5 CAR RENTAL MARKET, BY RENTAL CATEGORY

5.1. OVERVIEW

5.1.1. Market size and forecast

5.2. ON AIRPORT

5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast

5.3. OFF AIRPORT

5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast
5.3.3. Local usage Off Airport Car Rental

5.3.3.1. Key market trends, growth factors, and opportunities
5.3.3.2. Market size and forecast

5.3.4. Outstation Off Airport Car Rental

5.3.4.1. Key market trends, growth factors, and opportunities
5.3.4.2. Market size and forecast

5.3.5. Others Off Airport Car Rental

5.3.5.1. Key market trends, growth factors, and opportunities
5.3.5.2. Market size and forecast

Chapter: 6 CAR RENTAL MARKET, BY GEOGRAPHY

6.1. OVERVIEW

6.1.1. Market size and forecast

6.2. NORTH AMERICA

6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast
6.2.3. U.S.

6.2.3.1. Market size and forecast

6.2.4. Canada

6.2.4.1. Market size and forecast

6.2.5. Mexico

6.2.5.1. Market size and forecast

6.3. EUROPE

6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast
6.3.3. GERMANY

6.3.3.1. Market size and forecast

6.3.4. FRANCE

6.3.4.1. Market size and forecast

6.3.5. ITALY

6.3.5.1. Market size and forecast

6.3.6. UK

6.3.6.1. Market size and forecast

6.3.7. REST OF EUROPE

6.3.7.1. Market size and forecast

6.4. ASIA-PACIFIC

6.4.1. Key market trends, growth factors, and opportunities
6.4.2. Market size and forecast
6.4.3. CHINA

6.4.3.1. Market size and forecast

6.4.4. JAPAN

6.4.4.1. Market size and forecast

6.4.5. INDIA

6.4.5.1. Market size and forecast

6.4.6. South Korea

6.4.6.1. Market size and forecast

6.4.7. REST OF ASIA-PACIFIC

6.4.7.1. Market size and forecast

6.5. LAMEA (LATIN AMERICA MIDDLE-EAST AND AFRICA)

6.5.1. Key market trends, growth factors, and opportunities
6.5.2. Market size and forecast
6.5.3. LATIN AMERICA

6.5.3.1. Market size and forecast

6.5.4. THE MIDDLE EAST

6.5.4.1. Market size and forecast

6.5.5. AFRICA

6.5.5.1. Market size and forecast

Chapter: 7 RELATED INDUSTRY INSIGHTS

7.1. Global Online Travel Market
7.2. Global Travel Insurance Market
7.3. Global Luxury Travel Market
7.4. Global Smart Transportation Market

Chapter: 8 COMPANY PROFILES

8.1. AVIS BUDGET GROUP

8.1.1. Company overview
8.1.2. Operating business segments
8.1.3. Business performance
8.1.4. Key strategic moves and developments

8.2. CARZONRENT INDIA PVT LTD.

8.2.1. Company overview
8.2.2. Operating business segments
8.2.3. Business performance
8.2.4. Key strategic moves and developments

8.3. ENTERPISE HOLDING INC.

8.3.1. Company overview
8.3.2. Operating business segments
8.3.3. Business performance
8.3.4. Key strategic moves and developments

8.4. EUROPCAR

8.4.1. Company overview
8.4.2. Operating business segments
8.4.3. Business performance
8.4.4. Key strategic moves and developments

8.5. THE HERTZ CORPORATION

8.5.1. Company overview
8.5.2. Operating business segments
8.5.3. Business performance
8.5.4. Key strategic moves and developments

8.6. SIXT

8.6.1. Company overview
8.6.2. Operating business segments
8.6.3. Business performance
8.6.4. Key strategic moves and developments

8.7. UBER TECHNOLOGIES INC.

8.7.1. Company overview
8.7.2. Operating business segments
8.7.3. Business performance
8.7.3. Key strategic moves and developments

8.8. LOCALIZA

8.8.1. Company overview
8.8.2. Operating business segments
8.8.3. Business performance
8.8.4. Key strategic moves and developments

8.9. ECO RENT A CAR

8.9.1. Company overview
8.9.2. Operating business segments
8.9.3. Business performance
8.9.4. Key strategic moves and developments

8.10. BUDGET RENT A CAR SYSTEM, INC.

8.10.1. Company overview
8.10.2. Operating business segments
8.10.3. Business performance
8.10.3. Key strategic moves and developments

*Other players in the value chain include.

  • German Rent A Car
  • Tempest Car Hire
  • DTG Operations, Inc.
  • Alamo

*Profiles of these players are not included. The same will be included on request

LIST OF TABLES

TABLE 1. CAR RENTAL MARKET, BY TYPE OF CAR, 2014-2022 ($MILLION)
TABLE 2. LUXURY CAR MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 3. EXECUTIVE CAR MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 4. ECONOMICAL CAR MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 5. SPORTS UTILITY VEHICLE (SUV) MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 6. MULTI UTILITY VEHICLE (MUV) MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 7. CAR RENTAL MARKET, BY RENTAL CATEGORY, 2014-2022 ($MILLION)
TABLE 8. ON AIR PORT CAR RENTAL MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 9. OFF AIRPORT CAR RENTAL MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 10. LOCAL USAGE OFF AIRPORT CAR RENTAL MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 11. OUTSTATION OFF AIRPORT CAR RENTAL MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 12. OTHERS OFF AIRPORT CAR RENTAL MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 13. CAR RENTAL MARKET, BY GEOGRAPHY, 2014-2022 ($MILLION)
TABLE 14. NORTH AMERICA: CAR RENTAL MARKET, BY TYPE OF CAR, 2014-2022 ($MILLION)
TABLE 15. NORTH AMERICA: CAR RENTAL MARKET, BY RENTAL CATEGORY, 2014-2022 ($MILLION)
TABLE 16. NORTH AMERICA: CAR RENTAL MARKET, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 17. EUROPE: CAR RENTAL MARKET, BY TYPE OF CAR, 2014-2022 ($MILLION)
TABLE 18. EUROPE: CAR RENTAL MARKET, BY RENTAL CATEGORY, 2014-2022 ($MILLION)
TABLE 19. EUROPE: CAR RENTAL MARKET, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 20. ASIA-PACIFIC: CAR RENTAL MARKET, BY TYPE OF CAR, 2014-2022 ($MILLION)
TABLE 21. ASIA-PACIFIC: CAR RENTAL MARKET, BY RENTAL CATEGORY, 2014-2022 ($MILLION)
TABLE 22. ASIA-PACIFIC: CAR RENTAL MARKET, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 23. LAMEA: CAR RENTAL MARKET, BY TYPE OF CAR, 2014-2022 ($MILLION)
TABLE 24. LAMEA: CAR RENTAL MARKET, BY RENTAL CATEGORY, 2014-2022 ($MILLION)
TABLE 25. LAMEA: CAR RENTAL MARKET, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 26. AVIS BUDGET GROUP: COMPANY SNAPSHOT
TABLE 27. AVIS BUDGET GROUP: OPERATING SEGMENTS
TABLE 28. CARZONRENT: COMPANY SNAPSHOT
TABLE 29. CARZONRENT: OPERATING SEGMENTS
TABLE 30. ENTERPRISE: COMPANY SNAPSHOT
TABLE 31. ENTERPRISE: OPERATING SEGMENTS
TABLE 32. EUROPCAR: COMPANY SNAPSHOT
TABLE 33. EUROPCAR: OPERATING SEGMENTS
TABLE 34. HERTZ: COMPANY SNAPSHOT
TABLE 35. HERTZ: OPERATING SEGMENTS
TABLE 36. SIXT: COMPANY SNAPSHOT
TABLE 37. SIXT: OPERATING SEGMENTS
TABLE 38. UBER: COMPANY SNAPSHOT
TABLE 39. UBER: OPERATING SEGMENTS
TABLE 40. LOCALIZA: COMPANY SNAPSHOT
TABLE 41. LOCALIZA: OPERATING SEGMENTS
TABLE 42. ECO: COMPANY SNAPSHOT
TABLE 43. ECO: OPERATING SEGMENTS
TABLE 44. BUDGET: COMPANY SNAPSHOT
TABLE 45. BUDGET: OPERATING SEGMENTS

LIST OF FIGURES

FIGURE 1. TOP WINNING STRATEGIES: PERCENTAGE DISTRIBUTION (2013 - 2016)
FIGURE 2. TOP WINNING STRATEGIES: NATURE AND TYPE
FIGURE 3. TOP INVESTMENT POCKETS IN GLOBAL CAR RENTAL MARKET, BY RENTAL CATEGORY
FIGURE 4. PORTERS FIVE FORCES ANALYSIS
FIGURE 5. BARGAINING POWER OF SUPPLIERS
FIGURE 6. BARGAINING POWER OF BUYERS
FIGURE 7. THREAT OF SUBSTITUTES
FIGURE 8. THREAT OF NEW ENTRANTS
FIGURE 9. INTENSITY OF COMPETITIVE RIVALRY
FIGURE 10. MARKET SHARE ANALYSIS, 2015
FIGURE 11. CAR RENTAL MARKET REVENUE 2015 % SHARE, BY RENTAL CATEGORY
FIGURE 12. CAR RENTAL MARKET REVENUE 2015 % SHARE, BY GEOGRAPHY
FIGURE 13. U.S.: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 14. CANADA: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 15. MEXICO: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 16. GERMANY: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 17. FRANCE: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 18. ITALY: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 19. UK: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 20. REST OF EUROPE: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 21. CHINA: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 22. JAPAN: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 23. INDIA: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 24. AUSTRALIA: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 25. REST OF ASIA-PACIFIC: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 26. LATIN AMERICA: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 27. MIDDLE EAST: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 28. AFRICA: CAR RENTAL MARKET SIZE, 2014-2022 ($MILLION)
FIGURE 29. AVIS BUDGET GROUP SNAPSHOT
FIGURE 30. CARZONRENT SNAPSHOT
FIGURE 31. ENTERPRISE SNAPSHOT
FIGURE 32. EUROPCAR SNAPSHOT
FIGURE 33. HERTZ SNAPSHOT
FIGURE 34. SIXT SNAPSHOT
FIGURE 35. UBER SNAPSHOT
FIGURE 36. LOCALIZA SNAPSHOT
FIGURE 37. ECO SNAPSHOT
FIGURE 38. BUDGET SNAPSHOT

 

Development of the travel & tourism industry, rise in disposable income of people in North America & Europe, enhanced road infrastructure, and increase in investment by global funds & players opting for aggregator-based business model are the key drivers of the market. However, negative impact of volatile prices of gasoline & petroleum products on expenditure of the car rental industry hampers the market growth. Growth in trend of Internet usage to customize travel trips and for reservations and bookings is expected to unfold various opportunities for the growth of the market.

Rise in popularity of cab aggregators such as Uber and Lyft are shifting the attention of taxi sharing manufacturers to car rental companies such as Hertz Global Holdings (Hertz) and the Avis Budget Group (Avis). According to Certify, the second largest provider of travel and expense management software in North America, Uber accounted for 43% of the U.S. road transportation transactions, dominating car rental companies for the first time in Q4 2015.

The European car rental sector has a small number of major international companies, few national companies, and smaller companies operating on a local scale. The main players in the market, taking into account franchises and fully owned outlets, are Europcar , Avis Europe, Hertz, and Sixt. These four businesses acquired two-thirds of the European market.

Aggregator based business models is on an upsurge in travel and tourism industry. Companies such as Uber, Avis Budget, and Hertz Corporation are implementing profitable car rental schemes to improve their market share globally. Also, due to hike in sales of vehicles in Asia-Pacific and rising standards of living the car rental market is expected to grow exponentially in these areas.

 

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