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Global Car Rental Market: Opportunities and Challenges
Koncept Analytics, Nov 2008, Pages: 30
Despite the present global economic slowdown and a recession in major economies and weaker growth forecasts, the worldwide car rental market is anticipated to grow at a CAGR of 3.5% in the period 2007-2010. Growth is more likely to come from the developing markets of China and India and also from Australia and the Middle East.
The car rental industry of the US, Europe and Asia Pacific countries such as Japan and Singapore, are more organized in comparison to emerging economies around the world. The recent slowdown experienced in the US, Europe and other developed Asian countries has led the car rental companies to explore other developing markets such as China, India, Australia and the Middle East.
With technological advancements, the car rental industry has also undergone dramatic changes. The increasing trend of using the internet for online bookings, check-ins, etc. has changed the way of conducting business, making it convenient both for the consumer as well as the supplier. In addition, the ‘Green Evolution’ of the automobile industry, is also helping to re-invent the image of the industry.
The changing demographics of the developed countries have opened new avenues for car rental companies across Europe. The emergence of the young driver segment with limited purchasing power is proving to be a new source of revenue generation for car rental companies in the region. In a similar fashion, the emerging business class in India and China are driving the rental business growth in the Asia Pacific region.
Hertz continues to dominate the car rental market across the world with its operations in 145 countries. Nonetheless, recent years have seen other companies such as Avis and Europcar also enhance their market position globally.
This report analyzes the individual business and consumer segments of the car rental industry and assesses the market opportunities available for the growth of the sector. It focuses on the different geographic regions and the current and future growth of the car rental industry in developed and emerging economies. The market drivers, trends and challenges for the car rental industry have also been analyzed for all regions. Finally, all the car rental markets have been explored in the context of the future economic environment.
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