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Global Car Rental Market: Opportunities and Challenges
Despite the present global economic slowdown and a recession in major economies and weaker
growth forecasts, the worldwide car rental market is anticipated to grow at a CAGR of 3.5% in the
period 2007-2010. Growth is more likely to come from the developing markets of China and India
and also from Australia and the Middle East.
The car rental industry of the US, Europe and Asia Pacific countries such as Japan and Singapore,
are more organized in comparison to emerging economies around the world. The recent slowdown
experienced in the US, Europe and other developed Asian countries has led the car rental
companies to explore other developing markets such as China, India, Australia and the Middle East.
With technological advancements, the car rental industry has also undergone dramatic changes.
The increasing trend of using the internet for online bookings, check-ins, etc. has changed the way
of conducting business, making it convenient both for the consumer as well as the supplier. In
addition, the ‘Green Evolution’ of the automobile industry, is also helping to re-invent the image of
The changing demographics of the developed countries have opened new avenues for car rental
companies across Europe. The emergence of the young driver segment with limited purchasing
power is proving to be a new source of revenue generation for car rental companies in the region.
In a similar fashion, the emerging business class in India and China are driving the rental business
growth in the Asia Pacific region.
Hertz continues to dominate the car rental market across the world with its operations in 145
countries. Nonetheless, recent years have seen other companies such as Avis and Europcar also
enhance their market position globally.
This report analyzes the individual business and consumer segments of the car rental industry and
assesses the market opportun