According to the latest market research study released by Technavio, the self-drive car rental market in the emerging countries is expected to grow at a CAGR of more than 22% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the self-drive car rental market in the emerging countries based on body type:
Self-drive car rental market in the emerging countries shares by body type 2015
|
Sedan |
56.80% |
|
SUV |
23.87% |
|
Hatchback |
19.34% |
Source: Technavio
Self-drive car rental market in sedan segment
The sedan segment accounted for a maximum share of around 57% of the self-drive car rental market in the emerging countries in 2015. Sedans rank as the most preferred cars for rental because most of the customers using sedan rental cars are concentrated in the Chinese market. The average charges for a daily rental of sedans are the highest in India, followed by China and Brazil.
“Customers prefer to undertake long road trips on sedans as they are less priced than the SUVs. They offer better comfort and driving experience than hatchbacks, as bigger and powerful engines power them. Moreover, the extra boot space is an added benefit in this car segment, especially when people rent them out for long trips,” says Abhay Sinha, a senior analyst at Technavio for research on automotive services.
India is likely to have the highest CAGR of around 72% in the sedan segment during the forecast period due to the low base of sedan car rentals in India.
Self-drive car rental market in SUV segment
Compared to sedans and hatchbacks, the self-drive car rental market for SUVs are anticipated to grow at the highest CAGR of around 27% during the forecast period. The low floor, high roof, and wagon shape give SUVs comparatively greater legroom, headroom, and storage space. All these benefits along with an impressive view of the road while driving, give SUVs a standout proposition for new car buyers. Travel enthusiasts and families mostly use SUVs for leisure and adventure purposes. They are mainly rented by people who want to enjoy the feel of extended driving in a comfortable car, which is affordable. The cost of acquiring, utilization rates, and maintaining a fleet of SUVs are higher as compared to sedans and hatchbacks. Among various nations, India is expected to have the highest CAGR of around 85% in the SUV segment during the forecast period. The growth rate of India can be attributed to the increasing popularity of SUVs and rise in the number of people aspiring to buy SUVs in all the country.
Self-drive car rental market in emerging countries in hatchback segment
The hatchback cars are mainly used for commuting purposes. Hatchback is marked as an initial point for self-drive car companies in the emerging countries. The rental pricing of the hatchback is comparatively lower than others owing to the low initial acquisition cost, running cost, and maintenance cost. The average charges for a daily rental of hatchbacks are the highest in India due to the limited production of self-drive car rentals, which are limited to tier 1 cities. The main target customers of this segment are the people who are licensed to drive and yet do not own a car.
The top leading vendors operating in the self-drive car rental market in emerging countries are:
- Zoomcar
- Avis
- Hertz
- CAR
- Localiza
Other prominent vendors in the market include Myles, Let Me Drive, Car Club, and Eco Rent a Car.
A more detailed analysis is available in the Technavio report titled, ‘Self-Drive Car Rental Market in Emerging Countries 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Car Rental Market 2016-2020
- Global Bike Car Rack Market 2016-2020
- Corporate Car-sharing Market in Europe 2015-2019
To read more press releases- click here.
For any assistance or query, please contact our media team at:
US: +1 630 333 9501
UK: +44 208 123 1770
A more detailed analysis is available in the Technavio report titled, ‘Self-Drive Car Rental Market in Emerging Countries 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Car Rental Market 2016-2020
- Global Bike Car Rack Market 2016-2020
- Corporate Car-sharing Market in Europe 2015-2019
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
