The global car rental services market was valued at almost USD 63 billion in 2016 and is expected to surpass USD 103 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on car rental services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the car rental services market during the forecast period. Some of the top vendors listed in this industry analysis include Enterprise Holdings, Hertz, Europcar, Avis, and Sixt.
North America accounted 45% of the global car rental services market share in 2016. The US was the key revenue contributor in the market in North America.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “New mobility services, such as ride-hailing, are gaining traction in the global car rental services market. Ride-hailing services refer to the booking of rental cars via smartphone apps. It allows the renter to avail the service as well as facilitates payments by smartphones.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Environmental concerns
Organizations are increasingly focusing on reducing the carbon footprints of their operations. They are increasingly resorting to measures such as encouraging carpooling and sharing of transport by multiple employees with common destinations in an attempt to achieve this goal. As a result, many organizations are engaging in collaborations with car rental service providers for pick-up and drop of multiple employees with shared destinations to facilitate transportation of employees in an environment-friendly way.
Convenience and safety due to digitization by service providers
Suppliers are making use of apps that are compatible with both computer devices and smartphones to carry out activities such as booking, obtaining feedback, and increasing safety by staying in touch with clients and providing emergency services when required. The high degree of convenience and reliability brought about by these apps prompting organizations to form alliances with these service providers for the commuting and road travel needs of their employees.
Improvements in road infrastructure
Governments across the globe are investing in the development of their countries’ infrastructure, including roads to attract investments and provide mobility for goods manufactured within the country. This is causing a preferential shift in customer preference toward road transport due to the convenience and point-to-point mobility it provides.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Car Rental Services – Procurement Market Intelligence 2017’.
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