According to a new market report published by Lucintel, the future of the global
airport car rental market looks promising with opportunities in business and leisure travelers. The
airport car rental market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $42.0 billion by 2025 with a CAGR of 1% to 3% from 2020 to 2025. The major drivers for this market are increasing air travel, high volume of domestic and international tourism, and a rising level of disposable income.
In car rental market, economy cars, compact cars, luxury cars, and sport utility vehicles are the major vehicle types rented at airport locations. On the basis of its comprehensive research, Lucintel forecasts that the economy car will remain the largest vehicle type used for car rental over the forecast period due to its low cost rental and easy availability.
Within the global airport car rental industry, the leisure traveler is expected to remain the largest segment and it is also expected to witness the highest growth over the forecast period due to the rise in air travel and increasing domestic tourism.
North America is expected to remain the largest region mainly due to an increase in the volume of inbound and outbound tourists, and rising awareness for car sharing. Asia Pacific is expected to witness the highest growth over the forecast period due to the increasing air passenger traffic, rising disposable income, and construction of new airports.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing adaptation of electric vehicle and integration of IoT to provide value added services, such as booking, passenger safety, and assistance. Enterprise Rent A Car, Hertz Global Holdings, Avis Budget, Europcar, Uber, Sixt, Localiza Rent a Car, Ichinen Holdings, Redcap Tour, Empresas Tattersall, and Warisan are the major airport car rental suppliers in the global airport car rental market.
Lucintel, a leading global strategic consulting and
market research firm, has analyzed growth opportunities in the global airport car rental market by traveler type, vehicle type, booking type, transmission type, and region. Lucintel has compiled a comprehensive research report entitled “
Growth Opportunities in the Global Airport Car Rental Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global airport car rental market by traveler type, vehicle type, booking type, transmission type, and region, as follows:
By Traveler Type ($ Billion from 2012 to 2023)
·Business
·Leisure
·Others
By Vehicle Type ($ Billion from 2012 to 2023)
·Economy car
·Luxury car
·Compact car
·SUV’s
·Others
By Booking Type ($ Billion from 2012 to 2023)
·On-Line
·Off-Line
By Transmission Type ($ Billion from 2012 to 2023)
·Manual
·Automatic
By Region ($ Billion from 2012 to 2023)
·North America
o US
o Canada
o Mexico
·Europe
o Germany
o France
o Spain
o United Kingdom
o Italy
·Asia Pacific
o China
o Japan
o Hong Kong
o India
o Indonesia
·The Rest of the World
o Brazil
o Argentina
Browse 97 market data tables and 127 figures spread through 200 pages and in-depth TOC on “Global Airport Car Rental Market"
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This report answers the following 11 key questions: Q.1. What are some of the most promising, high-growth opportunities for the airport car rental market by traveler (business, leisure and other), by vehicle (economy car, compact car, luxury car, SUV’s, and others), by booking (on-line and off-line), by transmission (manual and automatic), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?