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Car rental Market Research Reports Consulting,Car rental Business Review,Car rental Industry Research and Market Reports : Ken Research

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The global car rental market research report has had immense competition from car sharing and peer to peer rental companies like Uber, Lyft and Turo which has made the competition scenario highly complex and increased customer expectations as well as supplier power. – PowerPoint PPT presentation

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Title: Car rental Market Research Reports Consulting,Car rental Business Review,Car rental Industry Research and Market Reports : Ken Research


1
  • Global Luxury Car Rental Market Outlook Ken
    Research

2
Introduction
  • The global car rental market research report has
    had immense competition from car sharing and peer
    to peer rental companies like Uber, Lyft and Turo
    which has made the competition scenario highly
    complex and increased customer expectations as
    well as supplier power. Aside from the
    competition there has been volatility in terms of
    regulations with different companies having to
    work under their own set of rules despite being
    indirect or in most cases, direct competitors
    with each other. Companies like Turo and HeyaCar
    do not undergo the extent of regulation and
    safety and equipment standards checks that
    companies like Enterprise and Avis undergo making
    it easier for platforms like Turo to gain
    customers. Despite the competitive scenario and
    the level of regulatory intervention occurring
    there is still major progress happening for the
    car rental market with the global market for car
    travel expected to grow from its 2017 value of
    about USD 65 Billion to over USD 104 Billion by
    2022 with a CAGR of about 9. This is mainly
    driven by the increasing demand for rental cars
    through business travelers and increased holiday
    based tourism. And while the main segment
    expected to gain value is the economy segment
    owing to the price conscious mentality of
    economic travelers, the major profit contributor
    and the segment with the most potential is
    expected to be the luxury segment

3
Overview
  • The global luxury car rental segment is expected
    to grow with a CAGR of 14 for the period between
    2014 and 2022 growing from its 2014 value of
    about USD 8.1 Billion to over USD 23 Billion by
    2022. The increasing popularity of luxury cars is
    owing to a growing disposable income of travelers
    looking for comfort and ease while traveling, but
    also owing to an increasing number of High Net
    worth Travelers increasing the amount of tourism
    for holiday and recreational purposes. A majority
    of marketing activities done for luxury car
    rentals is to appeal to the largest 1-5 of the
    population which belong in the highest level
    income groups and aiming to offer added value
    instead of discounts and concessions on price .
    The companies focusing on luxury cars handle a
    database of clients which is extensively
    maintained and updated just like in the services
    industry and use that as a means for customer
    relationship management by prioritizing their
    customers. The growing need for business based
    travel by high level executives is another factor
    contributing to the growth of the luxury car
    market. Circular economy strategies are helping
    luxury car rental firms to invest in the
    business.

4
Competition Scenario
  • The most prominent players of the luxury cars
    rental market include Avis Budget Group, Inc.,
    Sixt Rent-A-Car, Enterprise Rent-A-Car, The Hertz
    Corporation, Europcar, Al-Futtaim Group,
    Carzonrent, Localiza Rent A Car, Eco Rent A Car,
    and others.
  • Outlook The Compact luxury cars segment is
    expected to dominate the luxury cars rental
    market over the forecast period among other
    luxury car type segments including midsize luxury
    cars, full-size luxury cars, luxury crossovers
    minivans, and luxury SUVs. The Compact luxury
    cars segment is estimated to expand at a
    relatively high growth rate compared to the
    remaining segments with a CAGR of 14.2 over the
    forecast period. The Airport transport segment is
    expected to account for relatively high share
    with a significant growth rate of 14.4 over the
    forecast period. Other segments of the luxury
    cars rental market by end-users segmentation
    include local usage, outstation, and others.

5
  • The Online segment is expected to expand at a
    relatively high CAGR the offline segment over the
    forecast period, attributed to increasing trend
    of e-commerce across the globe and ease of
    availing the service through the online platform.
    The Online segment is expected to account for a
    share of 70.2 by 2022 end. The luxury cars
    rental market is fragmented on the basis of the
    region as North America, Europe, Asia Pacific,
    Latin America, and the Middle East and Africa.
    Among the above-mentioned regions, the Asia
    Pacific luxury cars rental market is expected to
    expand at a relatively high growth rate over the
    forecast period owing to the emerging economies
    in Asian countries. However, the luxury cars
    rental market in North America is expected to
    dominate the global market in terms of value with
    46.7 revenue share by 2022 end.

6
  • For more information, click on the link below
  • https//www.kenresearch.com/tag/automotive-transpo
    rtation-and-warehousing/car-rental/161.html
  • Contact Us-
  • Ken Research
  • Ankur Gupta, Head Marketing Communications
  • sales_at_kenresearch.com
  • 0124-4230204

7
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