Market Research Report
Exploring The Car Rental Market: Key market trends and issues in the car rental industry
|Published by||GlobalData||Product code||916546|
|Published||Content info||22 Pages
Delivery time: 1-2 business days
|Exploring The Car Rental Market: Key market trends and issues in the car rental industry|
|Published: November 8, 2019||Content info: 22 Pages||
The global car rental industry is growing and evolving - companies are harnessing technology to grow their share of a burgeoning traveler market and to counter the threat of ride sharing apps. This report looks at the car rental industry in detail, exploring current and future trends in in it, as well as assessing the opportunities and threats for industry players.
GlobalData forecasts that in the years to come, the number of car rental days will increase ,with a CAGR of 4.9% predicted between 2018 and 2022, resulting in 359 million additional days.
The number of offline sales for car rentals have traditionally dominated the market. For example, the number of offline sales surpassed online by 6.6 billion in 2009.
Apps now give customers the ability to reserve, upgrade, pay and select their vehicles. Apps give customers a more personalized experience by giving them the ability to see what car they will receive and also exchange the vehicle if they are not satisfied with the selection. Extras such as GPS, bike racks and car seats can also be added via apps.
The US has an enormous amount of car rental days and forecasts expect this trend to continue. According to GlobalData, the number of rental days in the US saw a CAGR of 2.4% between 2014 and 2018, an increase of 74 million rental days.