Growth Opportunities in the Global Car Rental Industries
Let us gain insights on the growth opportunities in the global car rental industries
To fulfill the demand of growing population and their need for easy conveyance, one can find tremendous growth opportunities in the global car rental industries. There can be seen plenty of vehicles on the road and most of them belong to the group of car rental industry. Through a thorough market research, it has been found that expectations of market value of global car rental industry are to reach $99.6 billion by 2022 and the growth from 2017 to 2022 is expected to happen at a compound annual growth rate (CAGR) of 5.5 percentage. The off-airport and on-airport market segment including international air travelers and domestic tourists are the major contributors in this industry. These have highly contributed and will continue to contribute for the growth opportunities in the global car rental industries.
There is an enhanced user experience through digitized world. Vehicles are easily available at the door step for travelling from one place to another and it has led to have a direct impact on the car rental industry dynamics. Other concepts and trendy techniques that have led to high demand of global car rental industries include green vehicles, autonomous vehicles, self-driving concept (instead of any hired driver) and other latest technologies. For example, people can make car booking easily with the help of app installation via internet. One just needs to enter one’s details like name, phone number, email id, pick up location and drop location. With these entries, one can choose to make payments through different modes and hence give final confirmation for the booking. People can have options of online as well as offline mode of booking. Then after, car will arrive and pick up and drop to the required destination. There are various state-of-the-art concepts, like sharing car rentals, driving oneself, booking whole vehicle for particular hours/days, augmented reality, virtual reality, machine learning, etc. All of these concepts and technologies have led to wonderful choices for people and they prefer to choose the most suitable option according to their choices.
While studying the growth opportunities in the global car rental industries, it was also found that on-airport segment showed above average growth during the forecast period and the leisure customer segment remained the largest market and expect to continue so (in comparison to business and others). And the varied car rentals that are made available to the customers include luxury cars, executive cars, economy cars, sports utility vehicles and multi utility vehicles. High quality road infrastructure, great investment opportunities in varied industries and increasing corporate travel are some of the factors that really drive car rentals demand in business.
These trends, forecast and opportunity analysis have been made for growth opportunities in the global car rental industry via segmentation analysis including location, vehicle, customer, etc., regional analysis, strategic analysis and analysis of competitive intensity based on Porter’s five forces model. All the reports of the analysis are able to clarify queries based on business risks, competitive threats, and challenges of business, changing demands of customers, emerging trends, and many more. All of this is achieved through extensive research and interviews with the experienced players of the industry.