The forecast phase of the car rental market starts in 2013 and ends in 2019. The market was predicted at around 37 billion in 2013. It is projected to reach about USD 79 billion by 2019. The market is anticipated to record a CAGR of around 13.5 percent during the said phase. Growing levels of GDP and augmented volumes of domestic and inbound travelers are two of the prominent factors driving the car rental market.
Boost in disposable earnings of people and enhanced road infrastructure are the two other components that drive further demand for the car rental market. Car rentals are firms that rent automobiles or vehicles to passengers for short time periods. These vehicles drop passengers to their destinations or drop them back home.
The developing business class in China and India and green revolution in the industry of vehicles are factors propelling increased demand for the car rental market. However, precariousness in the prices of gasoline products and high costs of petroleum are anticipated to influence the fiscal conditions and levels of spending by clients across the world. This factor is predicted to fairly affect the car rental market.
The sector of economy cars dominated the car rental market in 2013. The market was also dominated by the sector of airport transport in the same year. North America dominated the worldwide car rental market in 2013. Also, increasing trade activities and quick urbanization in the regions of rest of the world and Asia Pacific are anticipated to drive further growth for the car rental market during the forecast phase.