Car Rental Market Volume Forecast and Value Chain Analysis 2016-2023, Credence Research

According to a new market report published by Credence Research Inc., “Global Car Rental Market (By Vehicle Type (Economic Vehicle, Executive Vehicle, Small Utility Vehicle, Medium Utility Vehicle, and Luxury Cars), By Rental Category (Airport Transport, Local Transport, Outstation Transport)) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global car rental market is expected to grow at a CAGR of 11.5% during the forecast period 2016 to 2023.


Browse the full Global Car Rental Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/car-rental-market


Market Insights


Car rental services have gained considerable foothold in recent years, becoming one of the key services in the transport industry, especially in urban cities. Rise in the number of tourists and business travelers coupled with growing preference for car-sharing is identified as the primary factor driving car rental revenues across the globe. In addition, integration of advanced technologies like telematics and navigation in cars coupled with the availability of online booking agencies and payment platforms has not only maintained transparency among consumers, but also allowed for unperturbed booking and car hiring. The leading car rental companies are focusing on tapping foreign travelers by offering features like WiFi, multi-language booking platforms and in-car navigation among others. All these factors are collectively driving demand for car rental services. Comparatively low fares of public transportation may pose challenge to the market growth, especially in price sensitive economies during the forecast period.
 


Competitive Insights:


Some of the leading players identified in the global car rental market include Avis Budget Group, Inc., Enterprise Rent-A-Car, Sixt Rent A Car, EuropCar, The Hertz Corporation, Carzonrent,  Al-Futtaim Group, Localiza Rent A Car, Eco Rent A Car, Fox Rent-A-Car, Payless Car Rental, Midway Car Rental, Trust Middle East Car Rental, and Advantage Rent a Car among others. The global car rental market also includes large number of niche players accounting for trivial market share individually. Automobile manufacturers have begun offering advanced web-based solutions to allow the integration of mobile devices such as smartphones with vehicles. On the other hand, car rental companies are developing fleet of vehicles that are equipped with advanced technologies such as navigation, positioning, and telematics. To better penetrate semi-urban and rural areas, these companies are striving to introduce several cost-effective and innovative services. In order to remain ahead of the competition and ensure customer base, the established players like Avis Budget Group, Inc. and Enterprise Rent-A-Car are focusing on forming strategic alliances with hotels and airlines.


By vehicle type


  • Economy cars

  • Executive cars

  • Luxury cars

  • SUV cars

  • MUV cars

By rental category


  • Airport transport

  • Local transport

  • Outstation transport

Browse the full Global Car Rental Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/car-rental-market


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A Car Rental, hire car, or car hire agency is a company that rents automobiles for short periods of time, generally ranging from a few hours to a few weeks. It is often organized with numerous local branches (which allow a user to return a vehicle to a different location), and primarily located near airports or busy city areas and often complemented by a website allowing online reservations.


Car rental agencies primarily serve people who require a temporary vehicle, for example, those who do not own their own car, travelers who are out of town, or owners of damaged or destroyed vehicles who are awaiting repair or insurance compensation. Car rental agencies may also serve the self-moving industry needs, by renting vans or trucks, and in certain markets, other types of vehicles such as motorcycles or scooters may also be offered.


Alongside the basic rental of a vehicle, car rental agencies typically also offer extra products such as insurance, global positioning system (GPS) navigation systems, entertainment systems, mobile phones, portable WiFi and child safety seats. Source: Wikipedia


How Does Hiring a Car Rental Work?


Booking A Car


In addition to the information collected above during your planning, you'll have to know the following when booking your car.


A valid credit card (Some car hire companies require two credit cards to book luxury vehicles.) in the main driver's name. This must be the credit card used to book the car.


Cars must be booked under the name of the main driver, using that driver's credit card.


Age Restrictions - On average, you have to be 25 years and older to hire a car.


Age Restrictions - Younger drivers may apply for a surcharge, but they will nevertheless need to have a valid driver's licence, held for at least one year and they will be restricted to particular car rental companies.


If more than one person will be driving the car, they will also have to adhere to the above driver's licence requirements and age restrictions.


Things To Consider


What your basic quote includes: The rental cost of the vehicle, basic insurance and mandatory charges and taxes.


Extras: These include navigation systems, music systems, child seats, mobile Wi-Fi, etc, and are booked at an additional charge.


Mileage limits: Mileage is either limited or unlimited. If it is limited, then the estimated mileage will be established before your trip and you will be charged for exceeding that limit. For long distance journeys unlimited mileage is best.


If you plan to cross national borders, ensure your car hire agreement allows it.


If your pickup and return destinations differ, you may incur an extra charge.


Check the total cost of your booking before finalizing payment. [Ref: essentialtravel.co.uk]


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