[ The Promising Future of the Global Car Rental Market ] Aries Car Rental | 166 Adelaide Terrace East Perth 6004 | TELEPHONE 08 9325 4110
The car rental industry is one nobody really thought profitable decades ago. Today, however, it’s pulling in millions as the demand from tourists, foreign students, business and corporate travellers, rise every second.
The increasing industrialisation and international trade relations are also, in a sense, a part of this market’s boom. Australia’s tourism industry is growing nonstop, and is looking like quite the goldmine these days, especially for those in the car rental industry. In order to cope with the growth, companies started offering more booking options and improve their rental car’s presence in airports to further drive the global car rental market over the forecast period. To lay out the forecast better, experts segmented the global car rental market four ways.
The increasing industrialisation and international trade relations are also, in a sense, a part of this market’s boom. Australia’s tourism industry is growing nonstop, and is looking like quite the goldmine these days, especially for those in the car rental industry. In order to cope with the growth, companies started offering more booking options and improve their rental car’s presence in airports to further drive the global car rental market over the forecast period. To lay out the forecast better, experts segmented the global car rental market four ways.
Market Segments Growth and Predictions The global car rental market is segmented after the basis of car type, region, end use, and by booking type. By car type, the market is classified intoeconomy, executive, luxury, and SUV and MUC. Accounting for about 31.5% of last year’s revenue market share is the economy car sector. Experts expect this particular segment to dominate the global car rental market and account for $33.8 billion by 2020, seconded by executive and luxury cars.The car type segment is further divided into two: car rental for leisure and business purpose. The business purpose sector, conversely, is expectedto account for about 55% of the total car rental market due to growingindustrialisation and a boom in international trade relations. While the other segment, leisure type, accounted for the other half of the market the previous year. When it comes to end-use, the global car rental market is sectored as per travel, whether it betravel inside the city, city to city, or airport transport. Airport transport is also poised to take over the market share of the car rental market with over 42% through the forecast period. A powerful drive behind this forecast is the ease with which clients are booking their rentals. Although offline booking previouslyaccounted for a large portion of sales, the trend of online booking is seen to contribute to the upsurgeof thesegment as itdominates the global car rental market the next years.
The odds are looking promising for players in the global car rental market. These predictions are not only apparent in this industry, but are looking to benefit from tourist movements, global economic growth, an upsurge of business and airline activities as wel.
References: http://www.ariescarrental.com.au/ http://www.whatech.com/market-researchreports/press-release/automotive/51945global-car-rental-market-poised-to-hit-us106-billion-by-2020-shared-in-new-researchreport http://www.researchandmarkets.com/resear ch/bfzm5h/the_global_car