Transparency
Market Research announces the release of a new market study on
the global car rental market with a special focus on the U.S. car
rental market for the 2013-2019 period. Based on historical growth
statistics and current market trends, the report predicts the growth
trajectory of the market in the next few years. The report is titled
“Car
Rental Market - Global and U.S. Industry Analysis, Size,
Share, Growth, Trends and Forecast, 2013 - 2019” and it is
available for sale on the company’s website.The global car rental
market stood at a valuation of US$36.9 bn in 2013 and is expected to
be worth US$79.4 bn by 2019, registering an impressive 13.6% CAGR
from 2014 to 2019.
Car rental services
provide rented vehicles to customers for a specified time, ranging
from a few hours to a few months, for a stipulated fee. Car rental
services usually work as a network having branches across a city or
sometimes across larger areas so that customers can rent vehicles
from their nearest locations. Usually, car rental service offices are
located near airports and busy city areas for customers coming in
from outside the city or to serve customers that do not have access
to their vehicles. Apart from basic rental services, car rental
companies usually offer extra services, such as insurance, GPS
navigation systems, and entertainment systems.
The rising
international travel for both business and leisure reasons has been
the reason for the steadfast growth of the car rental market.
International travelers often opt for rental cars that serve as a
faster and convenient transportation mode for intercity travel or
travel between two or more cities. Large corporations that have
global presence often require associates to travel for business
purposes, for which car rental is essential. Rising disposable
incomes in emerging economies in Asia Pacific are resulting in
increased international travel for leisure reasons, thereby favoring
growth of the global car rental market. Presently, most car rental
services have a presence on the Internet; the expeditious Internet
penetration among consumers even in remote parts of the world is
augmenting growth of the car rental market.
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However, the growth
of this market is restricted due to environmental regulations.
Vehicular emissions are associated with considerable environmental
pollution, which is causing a negative impact on the growth of the
global car rental market. Nevertheless, the development of electric
cars, which are relatively less damaging to the environment, will
open up immense opportunities for players in the car rental market.
On the basis of car
type, executive cars and MUVs dominate the global market for car
rental. This is followed by the segments of economy cars, SUVs, and
luxury cars. By application, airport transport dominates the global
car rental market; the segment held a value of US$16 bn in 2013.
Top companies that
operate in the global car rental market are Avis Budget Group, Six
Rent A Car, Carzonerent, Enterprise Rent-A-Car, Eco Rent A Car, and
Hertz Corporation.
About Us :
Transparency Market
Research (TMR) is a global market intelligence company providing
business information reports and services. The company’s exclusive
blend of quantitative forecasting and trend analysis provides
forward-looking insight for thousands of decision makers. TMR’s
experienced team of analysts, researchers, and consultants use
proprietary data sources and various tools and techniques to gather
and analyze information.
TMR’s data
repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
techniques to develop distinctive data sets and research material for
business reports.
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