Burgeoning Tourism Industry and Other Factors Fuel Global Car Rental Market

Published Date : May 14, 2018

Albany, New York, May 14, 2018: A recent report, titled, “Car Rental Market - Global Industry Analysis, Trend, Size, Share and Forecast 2016 – 2024,” added by MarketResearchReports.biz to their vast repository, extensively covers this market by outlining key factors in great depth. The report acts as a valuable insight to parties interested in this field, especially owing to a significant boom occurring in car rental services.

The global car rental market is depicting soaring growth especially due to a rising demand for quality and reliable transportation services in the tourism industry. Users highly prefer the concept of car rentals owing to its convenience as compared to driving their respective cars. Such an extensive preference has mainly been contributing towards the high demand for quality and reliable transportation services experienced by the tourism industry.

Widespread promotional activities handled by rental car service providers at key places such as airports, bus stands, commercial centers, and other areas has also been highly responsible for the global car rental market to witness notable growth. Incorporation of innovative technologies in rental cars has also contributed towards maintaining transport efficiency, user-friendliness, and an overall high preference for using the services, from the customers’ perspective. Evolving trends such as carpooling, specific period car rentals, and fast cab services have also managed to immeasurably boost growth in the global car rental market.

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However, stringent emission norms imposed by governmental bodies across the globe are expected to restrain the global car rental market during the forthcoming years. As such norms keep getting tougher, new entrants may find it difficult to compete with seasoned players, consequently hindering the market’s growth. Lack of quality rental services in remote and underdeveloped regions also is highly restraining the global car rental market. Nonetheless, many service providers are embracing green car rental services, which are expected to offset the restraints up to a certain extent, as well as promote non-conventional fuel usage.

The global car rental market showcases the presence of a highly consolidated competitive scenario, in spite of numerous players working in this field. Most service providers are focusing on expanding their car fleet varieties, coupled with providing technologically advanced offers. Achieving cost regulation, improving geographical reach, and introducing innovative concepts are few other sectors where companies are attempting to gain a competitive edge over their rivals. Avis Budget Group, Inc., The Hertz Corporation, Enterprise Rent-A-Car, EuropCar, and Sixt, are five key players operating in the global car rental market, among many others.

Geography-wise, the market is spread across North America, the Middle East and Africa, Asia Pacific, Latin America, and Europe. Among these, North America held a dominant share in recent times owing to the presence of leading players in the region, as well a burgeoning tourism industry. Apart from this region, the global car rental market depicts a mushrooming growth in Europe as well Asia Pacific too, owing to a well-established tourism industry in these geographical extents.

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