September 19, 2018: According to a report available on Radiant Insights, Inc.; the Car Rental Market is likely to show significant growth by 2025.
Rapid urbanization, increasing globalization, increasing disposable income, and growing tourism industry can drive the market over the forecast period (2018 to 2025). In addition, increasing air traffic and growing trend of online car booking can have positive impact on the market.
Increasing implementation of advanced digital technologies is considered as the key driving factor for the market. High penetration of smartphones and tablets and availability of high speed internet has increased the demand for mobile application and location-based services. Development of innovative mobile technologies and introduction of mobile-based applications to establish communication with clients to know availability of cars, fares, real-time tracking details, and discount coupons is likely to boost the market in the coming years. The implementation of information technology in these services enable the entire process safe, quick, reliable, and easy for consumers as well as providers. Moreover, launch of value-for-money car rental services is one of the key trend expected to support the market growth in the coming years. Companies in the industry are emphasizing more on providing low-cost car services to attract more customers.
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For instance, Recently, Ola partners with Microsoft Corporation to build new connected vehicle platform for manufacturers. With this partnership, the company will use Microsoft cloud, AI and productivity tools to transform passenger experience and predictive maintenance of vehicles.
However, strict government regulation regarding emission in various developed and emerging countries is expected to hamper the market growth. But, introduction of green vehicles and hybrid vehicles may create opportunities in the market.Worldwide car rental market can be segmented on the basis of type, application, and region. Based on type, the market can be categorized into cars, SUVs, trucks, moving trucks and vans, minivans and vans, and exotic cars. As per application, the market can be split into business, travel, and other.
Geographically, the market can be divided into United States, Europe, Southeast Asia, China, Japan, and India.
The U.S is one of the attractive markets over the forecast period due to growth in tourism industry in the country due to rising number of international travelers. Factors such as favorable consumers preference and increasing number of air travelers has increased the demand for these services in this region.
Southeast Asia and Asian countries including Japan, China, and India are expected to grow significantly over the forecast period. This growth can be attributed to increasing urban disposable income coupled with presence of poor transportation service.
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Some of the leading companies operating in the market include China Auto Rental Inc.; Uber Technologies Inc.; Enterprise Holdings; Hertz Global Holdings; and Avis Budget Group.
The market is dived into number of regional, international, and community-based companies. The market is extremely competitive, and competition is mainly based on fleet size, price, car rental location, and marketing expertise. Small companies are extensively preferring online platform to increase their geographical presence and improve their customer base.Major players are expected to acquire smaller players to expand their presence and gain traction in the market.
For instance, Uber recently team up with Getaround, a San Francisco based company to provide service called Uber Rent, which allows users to rent vehicles from Getaround's fleet using Uber's app. With this app user can be able to select variety of vehicles including low-emission sedans and SUVs.
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