Trends, opportunities, and forecast in car rental industry to 2025 by location (on-airport and off-airport), traveler type (business, leisure, and others), mode of booking (on-line and off-line), vehicle type (luxury cars, executive cars, economy cars, sports utility vehicles, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)
(TRAVPR.COM) TEXAS - March 4th, 2020 - According to a new market report published by Lucintel, the future of the car rental industry looks promising with opportunities in business and leisure travel industry. The car rental industry is expected to reach an estimated $120 billion by 2025 with a CAGR of 6.1% from 2020 to 2025. The major drivers for this market are growing global tourism industry, increase in international air travelers, and rising income levels across the globe.
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In car rental market, various types of vehicles are rented at airport and off-airport locations. Lucintel forecasts that the on-airport will remain the largest market by location type and it is also expected to witness the highest growth during the forecast period due to rise in domestic and inbound tourism, increasing passenger flow at airports, and infrastructure improvement.
In this market, the leisure travelers will remain the largest segment over the forecast period due to growth in air travel and domestic tourism.
North America will remain the largest region due to the growing adoption of rental vehicles, and increasing corporate travels. Asia Pacific is expected to witness highest growth over the forecast period due to rapid urbanization and increased expenditure on traveling by domestic tourists.
Emerging trends, which have a direct impact on the dynamics of the industry, include enhanced user experience through digitization, additional green vehicles in the fleets of rental car companies, and the concept of self-driving instead of hiring a driver. Enterprise Rent-A-Car, Hertz Group AG, Avis Budget Group Inc., Uber, Europcar Mobility Group S.A., Redcap Tour, ANI technologies Pvt. limited, and Sixt AG are the major car rental service providers in the car rental industry.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the car rental industry by location type, traveler type, mode of booking, vehicle type, and region, and compiled a comprehensive research report entitled “Growth Opportunities in the Car Rental Industry 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the car rental industry by location type, traveler type, mode of booking, vehicle type, and region as follows:
By Location [$B Shipment analysis from 2014 to 2025]
· On-Airport
· Off-Airport
By Traveler Type [$B Shipment analysis from 2014 to 2025]
· Business
· Leisure
· Others
By Mode of Booking [$B Shipment analysis from 2014 to 2025]
· On-Line
· Off-Line
By Vehicle Type [$B Shipment analysis from 2014 to 2025]
· Luxury Cars
· Executive Cars
· Economy Cars
· Sports Utility Vehicles
· Others
By region [$B Shipment analysis from 2014 to 2025]
· North America
o US
o Canada
o Mexico
· Europe
o Germany
o France
o Spain
o United Kingdom
o Italy
· Asia Pacific
o China
o India
o Japan
o Hong Kong
o South Korea
o Malaysia
o Taiwan
o Philippines
o Vietnam
o Indonesia
o Thailand
o Sri Lanka
· The Rest of the World
o Brazil
o Argentina
This 250-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 https://www.lucintel.com/car-rental-industry.aspx or helpdesk@lucintel.com.
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 the following 11 key questions:
Q.1 What are some of the most promising, high growth opportunities for the car rental industry by location (on-airport and off-airport), traveler type (business, leisure, and others), mode of booking (on-line and off-line), vehicle type (luxury cars, executive cars, economy cars, sports utility vehicles, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
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 drivers, challenges, and business risks in this market?
Q.5 What are the business risks and competitive threats in this market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are some of the changing demands of customers in the market?
Q.8 What are 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 key players pursuing for business growth?
Q.10 What are some of the competing service and processes in this market and how big of a threat do they pose for loss of market share by service substitution?
Q.11 What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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