Car Rentals: Global Markets to 2023
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.
- 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.
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.
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Paul Korzeniowski is a market research analyst and building automation consultant with more than two decades of experience. His work has centered on determining major market trends in the development of new networking standards, integration of building systems and the emergence of new technologies such as wireless communications. He has authored reports on markets for building automation systems for a wide variety of publications, including Investor's Business Daily, Business 2.0 and EnergyBiz.