Car Rental Market Poised to Hit US$ 106 Bn by 2020; Future Market Insights

Tweet

Future Market Insights (FMI) announces the release of its latest report titled, “Global Car Rental: Market Analysis and Opportunity Assessment, 2014 - 2020”. According to the report, the global car rental market was valued at US$ 51.2 Bn in 2014. The global car rental market is expected to reach US$ 106 Bn by 2020, registering a compound annual growth rate of 12.8% through the forecast period. Market Drivers and Restraints The global car rental market is mainly driven by factors such as growing demand for rental cars by tourists, increasing no. of business travelers due to increasing industrialization and international trade relations. However, downturn in used car market and fluctuating fuel prices will poses a challenge for the global car rental market. Moreover, increasing booking options given by suppliers and improved presence of rental cars on airport will further drive the global car rental market over the forecast period. Market Segments The global car rental market is segmented on the basis of region, by car type, by end use, and by booking type. By car type, the global car rental market is segmented into Luxury, executive, economy, SUV and MUV. Among these, economy car segments accounted for approximately 31.5% of revenue market share in 2014. Economy car segment is expected to dominate the global car rental market and account for US$ 33.8 Bn by 2020, exhibiting a CAGR of 13.1% between 2015 and 2020, followed by executive and luxury cars. The car type segmented is further sub-segmented as car rental for leisure and business purpose. The car rental for business purpose is estimated to account for approximately 55% of the total car rental market due to increasing Industrialization and International trade relations. The car rental for leisure accounted for the other half of the market in 2014. By end-use, the global car rental market is segmented as: Intercity, intracity, airport transport and other travel. Among all the aforementioned segments, Airport transport is expected to dominate the car rental market with over 42% market share through the forecast period. This growth is attributed to rising air trips of business and leisure travelers owing to increasing income levels and economic activities across the world. Browse Full: "Car Rental Market: Global Industry Analysis and Opportunity Assessment 2014 - 2020" Report at http://www.futuremarketinsights.com/reports/details/car-rental-market Send Inquiry: http://www.futuremarketinsights.com/askus/rep-gb-287