Car Rentals: Global Markets to 2023
ID : ME_045746 Format : PDF July, 2019 Publisher : BCC Research Pages : 134
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.
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.
- 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."
"Table of Contents
Chapter 1 Introduction
Study Goals and Objectives
Reasons for Doing This Study
Scope of Report
BCC Custom Research
Related BCC Research Reports
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
Importance of Global Distribution Systems
Industry Standard Car Classification Codes
North American Economy Car Rentals
European Economy Car Rentals
Asia-Pacific Economy Car Rentals
South American Economy Car Rentals
North American Executive/Luxury Car Rentals
European Executive/Luxury Car Rentals
Asia-Pacific Executive/Luxury Car Rentals
South American Executive/Luxury Car Rentals
Sport Utility Vehicles (SUVs)
North American SUV Rentals
European SUV Rentals
Asia-Pacific SUV Rentals
South American SUV Rentals
Electric Vehicles Impact the Grid
Government Policies Impact the Electric Vehicle Market
North American Hybrid/Electric Vehicle Rentals
European Hybrid/Electric Vehicle Rentals
Asia-Pacific Hybrid/Electric Vehicle Rentals
South American Hybrid/Electric Vehicle Rentals
Ride Sharing Car Rentals
Important Role of GPS Systems
GPS and Smartphones
Smartphones Take Off
Mobile Applications Grab Center Stage
Social Media Gains Traction
Ride Sharing Benefits
A Growing Gray Area
Electric Vehicle and Ride Sharing Synergies
Drivers Create Problems
North American Ride Sharing Car Rentals
European Ride Sharing Car Rentals
Asia-Pacific Ride Sharing Rentals
South American Ride Sharing Rentals
Chapter 4 Company Profiles
ACE RENT A CAR
ADVANTAGE OPCO LLC
AFFILIATED CAR RENTAL L.C
AJ RENT A CAR CO. LTD.
ANTAEUS RENT A CAR PVT. LTD.
AUTO EUROPE LLC
AVIS BUDGET GROUP
BABA CAR RENTAL
BEJING NORTH STAR CAR RENTAL CO.
BLUE BIRD GROUP
BLUE SOLUTIONS SA
CAR RENTAL DELHI INC.
CHINA AUTO RENTAL INC.
ECO CAR HIRE AND VAN RENTAL CO.
EHI CAR SERVICES LTD.
ENTERPRISE RENT A CAR
EUROPCAR AMAG SERVICES AG
EXPRESS TRANSINDO UTAMA
E-Z RENT-A-CAR LLC
FOX RENT A CAR INC.
GRAB TAXI HOLDINGS PTE. LTD.
GREEN MOTION INTERNATIONAL CAR RENTAL
HERTZ GLOBAL HOLDING INC.
HIMALYIAN CAR RENTAL INC.
IMPERIAL PREMIUM RENT A CAR
JR HOKKAIDO RENTAL CO.
LOCAUTO RENT S.P.A.
LOCALIZA RENT A CAR S/A
LOTTE RENTAL CO. LTD.
MITRA PINASTIKA MUSTIAK RENT CORP.
MYLES CARS LTD.
NISSAN CAR RENTAL SOLUTIONS CO. LTD.
ORIX RENT A CAR
PT SERASI AUTORAYA
PT TUNAS RIDEAN TDK
REDSPOT CAR RENTAL
RENT A WRECK
RICA CONVENIENCE CAR RENTAL
SAVAARI CAR RENTALS PVT. LTD.
SHOUQI CAR RENTAL
SKY RENT A CAR
SMAS AUTO LEASING INDIA PVT. LTD.
SUMISHO AUTO LEASING CORP.
TIMES MOBILITY CO. LTD.
TOYOTA RENT-A CAR CO. LTD.
UBER TECHNOLOGIES INC.
U-SAVE CAR AND TRUCK RENTAL
VIA TRANSPORTATION INC.
ZOOMCAR INDIA PVT. LTD."
"List of Figures
Summary Figure : Global Market for Car Rentals, by Region, 2017-2023"
A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.
Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.
Now let’s take a closer look at the research methods here.
Secondary Research Model:
Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.
Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.
However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.
The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.
Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.
The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.
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