Car Rental Market: Asia-pacific Is Likely to Exhibit the Fastest Growth in Years to Come
Car rental companies offer vehicles or
automobiles on rent for a certain duration that can range from hours to months
for a suitable fee. There are various types of cars available on rent,
including economy cars, executive cars, luxury cars, SUV’s and MUV’s. These
cars are rented for different purposes, including airport transport, local
usage, outstation, event transportation, self drive, and employee
transportation. Beside the basic vehicle on rent, car rental firms often offer
additional services such as entertainment systems, GPS navigation systems, and
insurance.
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Growing GDP, increasing income levels and rising
number of domestic and foreign tourists are some of the drivers of car rental
market. In addition, increasing travelling expenditure, growing frequency of
air travel, improving road infrastructure, demand for leisure and recreation,
growing urban population, increasing internet usage and rising population of
high net worth individual (HNI) are some of the other factors propelling the
growth of car rental market.
North America commands the largest market sharein car rental market and the region has witnessed a good growth rate. Europe holds the second largest share in car
rental market globally. Asia-Pacific is likely to exhibit the fastest growth in
years to come. The emerging countries such as India and China are witnessing
increased growth in car rental mainly due to increasing per-capita income,
changing lifestyle of people, burgeoning middle class population and people
opting for more luxurious things.
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Some of the major competitors in the global car
rental market are EuropCar, Avis Budget Group Inc., Enterprise Holding Inc,
Sixt and The Hertz Global Holdings, Inc.
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