Zion Market Research Car Rental Market, 2016 – 2022 | Page 3

Car Rental Market
and rising disposable income in developing countries are expected to have a positive impact on
car rental market. The high demand of internet and smartphone that increases the convenience
of car rental service is expected to develop an astounding growth of key players of this market.
Affordable prices of car rental services and rising demand of car rental on daily basis need are
emerging trends which are likely to open new market avenues in the near future.However, some
restraints like a rise in crude oil prices may hamper the growth of this market.
On the basis of car type, car rental market is divided into MUV cars, SUV cars, economy cars,
executive cars, luxury cars.Economy cars accounted for approximately 33.10% share of the
global market in terms of revenue in 2016 due to rising price of fuel.It is the fastest growing car
type in the forecast period with CAGR around 13.73%.
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market
Local usage, airport transport, outstation and others are the different end-users of car rental
service. Car rental for airport transport dominated the global market and accounted for 41%
share of the overall market share in 2016.This is primarily owing to rising international business
activities.
North America is expected to remain the market leader over the forecast period and accounted
for 44.60% share of the global market revenue in 2016. The growing use of internet and smart
technology users in the region is one of the major reasons for the growth of the car rental
market in North America.Rapid industrialization and tourism industry in emerging economies of
Japan, China, and India are expected to drive the car rental market in Asia Pacific.