Lucintel suggests industry demand for safety and security of passengers will drive innovation and new services, which could contribute to market expansion

According to a new market report published by Lucintel, the future of the global car rental industry looks good with opportunities in the on-airport and off-airport market segment. The global car rental industry is forecast to grow at a CAGR of 5.6% from 2016 to 2021. The major drivers of growth for this market are rising global tourism industry, increasing globalization of corporate operations, and increasing income levels across the globe. 

In this industry, car rental location (On-Airport and Off Airport), customer type, vehicle type, and mode of booking (Online and offline) are some of the major segments of car rental market. On the basis of its comprehensive research, Lucintel forecasts that the location and mode of booking segments are expected to show above average growth during the forecast period. 

Within the global car rental industry, On-Airport and Off-Airport segment is expected to remain as the largest segment. Increase in air travel and domestic tourism is expected to increase the customers in airport locations, which would spur growth for this segment over the forecast period.

Asia Pacific is expected to remain the largest market due to rapid urbanization and increased expenditure on traveling by domestic tourists.

North America and Rest of the World are expected to witness significant growth over the forecast period because of improving economy, increasing domestic as well international tourists, and high quality road infrastructure.

For market expansion, the report suggests development of new and value added service to enhance the performance of car rental services. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers.

Emerging trends, which have a direct impact on the dynamics of the industry, include enhanced user experience through digitization, introduction of green vehicles in car fleet, enhanced technologies in car rental service, and concept of self-drive instead of hiring driver. Enterprise Rent-A-Car, Hertz Global Holdings, Inc., Avis Budget Group Inc., Europcar Groupe S.A., and Sixt AG are the major car rental service providers in the global car rental industry. Some companies are opting for merger & acquisition as strategic initiatives for driving growth.

Lucintel, a leading global strategic consulting and market research firm, has analyzed the global car rental industry by   location, customer, vehicle type, mode of booking, and region and has come up with a comprehensive research report, “The Global Car Rental Industry 2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes the forecast for the global car rental industry through 2021, segmented by location, customer, vehicle type, mode of booking, and region as follows:

By location ($ billion from 2010 to 2021):

·         On-Airport

·         Off Airport

By customer ($ billion from 2010 to 2021):

·         Business

·         Leisure

·         Others

By vehicle type ($ billion from 2010 to 2021):

·         Luxury cars

·         Executive cars

·         Economy cars

·         SUV’s

·         MUV’s

By mode of booking ($ billion from 2010 to 2021):

·         Online

·         Offline

By region ($ billion from 2010 to 2021):

·         North America

·         Europe

·         Asia Pacific

·         Rest of the World 

This 127-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link http://www.lucintel.com/reports/mass_transportation/the_global_car_rental_industry_2016_2021_trends_forecast_and_opportunity_analysis_february_2016.aspx or  helpdesk@lucintel.com. Lucintel offerings include mass transportation, transportation market report, strategic growth consulting, commercial due diligence report and marketing research reports online.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers following 11 key questions:

Q. 1     What are some of the most promising, high-growth opportunities in the global car rental industry by segments and regions?

Q. 2.    Which segments will grow at a faster pace and why?

Q. 3.    Which region will grow at a faster pace and why?

Q.4      What are the key factors affecting market dynamics? What are the driver’s challenges and business risks in this market?

Q.5.     What are the business risks and competitive threats in this market?

Q.6      What are emerging trends in this market and reasons behind them?

Q.7      What are some of the changing demands and needs of customers in the market?

Q.8      What are some of the new developments in the market? Which companies are leading these developments?

Q.9      Who are the major players in this market? What strategic initiatives are taken by key players for business growth?

Q.10    What are some of the competitive services and processes in this area and how big of a threat do they pose for loss of market share via materials / service substitution?

Q.11.   What M & A activity has transpired in last 1 to 2 years, and describes its impact on the industry?