The global car rental market was valued at US$37 billion in 2013, according to research from Transparency Market Research, a figure expected to reach US$80 billion by 2019. The research, released in a report entitled Car Rental Market – Global and US Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019 – expects the market to grow at a CAGR of 13.6 per cent from 2014 to 2019.
The report studies the global car rental market with a special focus on the US market to provide a comprehensive overview. Some of the primary growth factors for the global car rental market are increasing volume of tourists both, overseas and in domestic travel category, better roads and infrastructure, growing disposable income which permits frequent travelling, and increasing GDP levels.
The next noteworthy contributor to the growth of global car rental market is the growing business classes in countries such China and India and the booming automobile industries therein.
However, the biggest challenge faced by the car rental market is the fluctuating petroleum process, high gasoline prices, and a cheaper substitute of public transport.The global car rental market is segmented on the basis of type of car, category, and geography.
In terms of geography, North America was leading the global car rental market with a valuation of US$14.66 billion in 2013. Though this region will grow modestly, it will still exert its dominance in the global market share of car rental market till 2019.