According to the research published by Transparency Market Research, Car Rental Market which was recorded at US$37 billion in 2013 is expected to double its share around US$80 billion by the year 2019. The research studied both Global as well as US markets and analyzed all the parameters to forecast the growth after looking at current market trends.
|Car Rental Services|
The expected growth is indicated at a compound annual growth rate of 13.6% in next five years. The major factors giving birth to this trend are the increasing number of visitors both at the local as well as international categories. The major chunk of this comes from developing countries like India and China traveling frequently.
Of course there are other drivers to this growth such as better infrastructure for road transports, increase in the disposable income allowing the increase in frequency of road travel. Growth in Gross Domestic Product is also causing this trend. The only hindrance is the constantly fluctuating prices of petroleum and sky-rocketing gasoline prices plus other cheaper means of public transport.
To conclude we can expect the car rental Services to come up with attractive offers for their customers. Existing players would also have to adapt themselves in order to keep pace with rapidly changing Car Rental Industry.