Albany, New York, Jan. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research, U.S. based intelligence firm has published a new report titled, "Car Rental Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019". The global car rental market was valued at US$36.89 billion in 2013 and is expected to reach US$79.46 billion, growing at a CAGR of 13.6% from 2014 to 2019. The report studies the global car rental market with a special focus on the U.S. 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.
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The global car rental market is segmented on the basis of type of car, category, and geography. The types of cars in the car rental market are luxury cars, executive cars, MUVs, SUVs, and economy cars. On the basis of categories the car rental market is divided into local usage, air transport, outstation, self-drive, employee transportation solutions, event transportation, and airport transportation. Geographically, the car rental market is inclusive some major regions such as North America, Europe, Asia Pacific, and Rest of the World.
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Out of these segments the multi-utility vehicle (MUV's) segment and executive car segment is expected to grow at an extremely fast pace due to emerging economies which are in turn providing travel opportunities to employees all over the globe. As businesses expand further in geographies such as Asia-Pacific and the Rest of the World the car rental market will also grow to their tune. The airport transport segment of the car rental market was valued at US$15.99 billion in 2013 and is expected to grow at a CAGR of 13.7% from 2014 to 2019. This growth in this segment will be attributable to the rising air traffic at the airport which demand transportation.
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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. The players leading the North American car rental market are Enterprise, Hertz, and Avis Budget Group. Asia Pacific and Europe will follow this growth to be the second big market share holders.
Other Published Reports by Transparency Market Research:
Car Air Fresheners Market : http://www.transparencymarketresearch.com/north-america-car-air-fresheners-market.html
New Energy Vehicle (NEV) taxi Market: http://www.transparencymarketresearch.com/china-nev-taxi-market.html
The report analyses some of the key players in the global car rental market such as The Hertz Corporation, Enterprise Rent-A-Car, EuropCar, Avis Budget Group, Inc., and Sixt among others.
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Source:Transparency Market Research