From more than a decade, there has been a significant increase in the global travel. Travelers across the globe are demanding safe, reliable, high quality travel services. This is benefitting the car rental industry worldwide. Players across the global car rental market are expanding their reach to include major airports. Key players operating in the global car rental market are resorting to aggressive marketing strategies to ensure growth and competitive edge. Players are making use of integrated global car rental systems to enable efficient management of their geographically-dispersed operations.
Growth in Business Trips and Leisure Trips to Fuel Car Rental Market
The car rental market is driven by the growth in the tourism industry. The globally rising disposable income of people and improved roads and highways are inspiring travelers across the world to make leisure trips. Business trips are also increasing and propelling the global car rental market. The increasing population is another factor aiding the market towards growth. Technological advancements such as the use of internet for online bookings and reservations are helping the market towards significant growth. The internet has increased the convenience for reservation and bookings for both the car rental providers and the consumers. The penetration of smartphones and tablets have enabled fast booking through internet and as such is responsible for the growth of the market.
Asia Pacific to Experience High Growth in Car Rental Market
The Asia Pacific region, led by China and India are driving the car rental market. Major car rental companies in China are spreading their outlets and branches across the major cities and airports, driving the market in the region. In addition to this, the Chinese government has banned car purchases in three of its major cities, Beijing, Guangzhou and Guiyang. This factor is expected to push people towards renting or sharing cars, thus, driving the car rental market.