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Global Car Rental Market Report: 2010 Edition
Koncept Analytics, Sep 2010, Pages: 30
The global economic downturn has severely affected the car rental market in 2009. The global car rental volume and demand experienced a steep decline as the leisure and business spending remained weak and prices for gasoline faced significant volatility which adversely affected the automotive travel patterns in material ways. Almost all the major industry players reported negative results for 2009.
The car rental market is generally categorized either by the location of rental, that is airport or non-airport; or by the type of customer, that is, Leisure, Corporate, or Replacement. In the global car rental market, the United States is the largest market accounting for almost sixty percent of the global sales, followed by Europe and other nations. The demand for car rentals is mainly driven by increase in air travel, increase in hotel occupancy rates and implementation of appropriate distribution and logistics strategy by the companies operating in the car rental market. The most important long term trends in the car rental industry today are technological innovation through the adoption of green cars, navigation systems and other technological features; increase in vehicle acquisition cost; and introduction of car sharing programs, among others.
The companies in the car rental market responded to these challenging times mainly through price discipline and active fleet management as well as through increased marketing efforts. The car rental industry experienced significant consolidation in the past few years and is expected to consolidate even further in the next few years due to an increasing competitive environment. The future of the car rental industry looks generally positive as business and leisure car rental is expected to grow mainly due to rise in travelers around the world, among other factors. Growth is also expected to be significant for both the business and leisure segments in fast developing car rental markets of China and Japan.
The report provides an analysis of the global car rental industry, with focus on various geographic regions. The market drivers, trends and challenges for the car rental industry have also been analyzed. The report also presents the competitive structure of the industry and profiles major players with a discussion of their key business strategies.
Also available
Global Car Rental Market Report: 2011 Edition
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