One of the industries which benefitted the most on account of improving world economy is car rental. Since the financial scenario is ameliorating and people are able to afford higher spend on leisure activities and overseas travel, a gush in the demand for car rental services has been witnessed over the past few years.
Car rental companies are the ones which offer cars and vehicles on rent for a few hours to a few weeks, for a fee. These companies generally cater to the requirement of people or travelers who are travelling overseas or out of city or whose vehicle is damaged and repair/ insurance compensation is awaited. Such agencies are normally located around the busy areas of city. Car rental companies usually operate via two segments viz. Rent-a-Car and Fleet Rental. The rent-a-car segment is vulnerable to the fluctuations in world economic and financial condition.
This report provides a comprehensive analysis of the global car rental market with focus on regional study of the US, Brazil, Korea and Russia. Also, industry trends and developments like increase in the short term car rental by the household segment, introduction of the electric and hybrid vehicles in the rental fleet and opaque rentals are discussed in detail. The factors which are expected to drive the growth of car rental market include growing travel and tourism industry, rising demand for recreational and leisure activities, increasing population of urban people and HNIs and the ameliorating economic scenario which has increased the consumer spending power. On the other hand, there do exist certain challenges like stringent emission standards for curbing pollution which may hinder the industry growth.