Global car rental and leasing market expected to show significant growth owing to easy and low-cost availability of vehicles on lease or rent. Factor such as quick availability and less liability on customers expected to boost the demand over the forecast period. Various mobile application and customer call center has led to increased customer satisfaction.
New trend such as vehicle-on-demand with or without driver facility is anticipated to favor the car rental and leasing industry over the forecast period. Proper backup at the time of emergency is also one of the factors that may drive the demand for the next seven years. Low maintenance and less cost burden on consumers is expected to fuel its growth. Vehicle rentals are generally for less than a month while the lease is for a year or more. Globalization and rapid infrastructure is anticipated to favor its growth over the forecast period.
Increasing disposable income, tourism, and travel budget are anticipated to drive the demand over the forecast period. Availability of GPS tracking, accident insurance, entertainment systems, and related service may offer growth opportunities over the next few years. Online and mobile booking service facility is expected to add to its growth. Strategic marketing and effective management of operational activities are also expected to boost the car rental and leasing market.
These vehicles are well maintained, and thus it has a positive impact on the environment and customer value proposition. Customers can lease or rent any vehicles on the basis of their requirement irrespective of their salary and standard of living. Consumer is now safer as the vehicle can be located anytime owing to use of GPS services.
Various benefits such as fuel efficiency, less motoring cost, lower capital cost may propel demand over the forecast period. It reduces the burden of cost incurring in insurance and road tax. It is beneficial for both customers and the company providing this service Renting or leasing amount depends upon the type of vehicle the consumer is choosing. Customer don’t have to bear any cost related to leased or rental vehicles related to tires, break-down, batteries, and if in case the customer bears any of these the amount is refundable on the basis of the document presented.
The volatility of crude oil prices may pose a challenge to its car rental and leasing market growth over the forecast period. Emission standard may restrict its growth. Alternative transport services such as public transport and personal vehicles may pose a challenge to its growth over the next seven years.
Industry can be segmented based on the type of customer as business, leisure. North America is expected to be key region over the next seven years owing to high concentration of car rental and leasing industry participants in the region. Asia Pacific and Europe are also anticipated to witness significant growth over the forecast period.
Some of the key players include Alamo, Auto Europe, Avis, Budget Rent A Car, Carhire, Advantage Rent A Car, E-Z Rent-A-Car Group Holding, and Dollar. Other players include Easy Car, Economy Car Hire, Europcar, Hertz, Holidays auto, Avis Budget Group National, Uber, Ola cabs, Easy Cab, and Zoom.
Car rental and leasing Industry may witness few mergers and acquisitions by larger players looking to expand its market share. In June 2015, Advantage Rent A Car announced the completion of the acquisition of E-Z Rent-A-Car Group Holding. In April 2015, Avis Budget Group announced the completion of the acquisition of Maggiore Group. In July 2015, Europcar announced the acquisition of Electric Pay-Per-Use Club, and E-car club. In January 2015, The company also announced the acquisition of a majority stake in Ubeeqo, a French startup. In June 2015, Auto Europe announced the introduction of WiFi calling app for travelers to enhance customer experience. In March 2015, the company announced a mobile WiFi service MiFi that allows connectivity with maximum of eight devices through a portable router. This service is announced to be available in France, Italy, the U.K., Germany, and Portland.
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