The global market for car rentals should grow from $62.0 billion in 2018 to reach $82.8 billion by 2023 at a compound annual growth rate (CAGR) of 5.9% for the period of 2018-2023.
Car rental includes four main categories: compact, executives, SUV and hybrid/electric. Compact cars are small, low cost vehicles that carry a small number of passengers. Executive models are plusher and carry more individuals. Individuals offer renters a mix of comfort and size. Hybrid/electric vehicles do not run solely on gasoline.
This report examines the technologies, markets and factors influencing the markets for car rental systems. Markets are forecast based on historical activity and current opportunities, technical advances and challenges, and various geographic subsets of the market: North America, Europe, Asia-Pacific and South America.
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The forecasts presented are for the total available markets. Discussion is provided that compares actual revenues with market potential. Markets are broken down by car type and then discussed within the context of technology trends. A detailed analysis of the market potential is used as a basis for estimating the world markets for these products. Thorough analyses are carried out of car rental practices, along with trends toward the uptake of solution costs, emerging standards and common practices.
Prime decision makers in the project chain who select the type of cars are identified. Factors influencing the requirements and purchases for the systems are examined, as are national and international responses to global challenges.
In this report, the car rental market is segmented into four areas: compact, executive, SUV and hybrid/electric. The sales are then broken up by geographic areas. A section focused on ride sharing and its impact across the globe is also included in the report.
The car rental market is fragmented. In North America and Europe, it is a mature market that is growing at a low single-digit rate. Competition is fierce in established market and increasing in less established ones, which will spark innovation and new use of technology for competitive advantage.
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– 15 data tables and 42 additional tables
– An industry analysis of the global car rental market
– Analyses of global market trends, with data from 2017, 2018, and projections of compound annual growth rates (CAGRs) through 2023
– Information on how new technology will create additional revenue and new product categories or bring new life to existing products
– Characterization and quantification of the market potential for global car rental market by vehicle types, major geographies, end users and technology types
– A relevant patent analysis
– Profiles of major players in the industry including, Easy Taxi, Nissan Car Solutions Co. Ltd., Ola Cabs, Taxify OU and Uber Technologies Inc.
Daily headlines tout digital disruption, the ability of new technology to impact many businesses, accelerating development cycles, increasing efficiency and providing more service opportunities. The traditional rental car market is entering a new era. The tried-and-true business models developed in the past 100 years are under siege. New technology and the growing sharing economy have enabled suppliers to build up new business and distribution models.
The change can impact a vendor in many ways. Traditionally, vendors have competed in areas like type of vehicle and price. They have offered high cost, luxury rentals, which appealed to individuals with the disposable income to afford them.
Market changes have presented suppliers with new challenges. The traditional boundaries are blurring, and suppliers must determine their business focuses. The success of Uber illustrates the potential impact on car renters today. Traditional auto renters must figure out their value-add and role in this rapidly changing marketplace. Information technology has also been in a period of profound change. Cloud computing is becoming the new data center, with central resources no longer always located on the customer’s site, but instead located in the company’s data center. Mobility makes it easier for customers to book reservations. A rental market with high demands and significant competitive
pressures is rapidly emerging. Not all will prove viable. Success is not guaranteed.
An ever-increasing number of companies—both startups and established enterprises—are focusing on the subject of mobility and often with it they pair electric vehicles. The market is emerging, evolving, and fraught with challenges, such as charging these vehicles. New, innovative approaches and new concepts are developing. Each of these ideas need a testing ground to be tried, improved and developed for everyday use. Meanwhile, car renters need to maintain their existing business—and its revenue streams. Consequently, they are moving in many directions, some of which seem contradictory. What the market looks like in a decade will be significantly different from how it appears today.