Company that rents automobiles at a certain charge for a particular period of time is known as car rental agency. These agencies are primarily located in busy city areas or near airports. The cars can be rented also through online reservations. These agencies cater to people traveling out of town. Car rental agencies rent out vans, trucks, motorcycles or even scooters. These agencies offer extra products such as global positioning systems, entertainment systems, navigation systems, insurance and at times mobiles phones.
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The growth in tourism has been the primary driver for the growth of the car rental agencies. It gives the travelers the liberty to move around conveniently. It caters to the corporate world, wherein client's transportation is being prioritized. People often fear of the unwarranted claims made by car rental agencies. They are often made to pay extra for stuffs that were not included earlier. Different condition parameters set forth by the car rental agencies prevent people from renting cars. . Growing number of air travelers has increased the revenue of car rental agencies. Globalization has instigated various multinational companies to establish their business overseas. This in turn has fuelled the car rental market demand, as people travelling abroad to client sites depend on such reliable services that help them reach their destinations conveniently.
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North America holds the largest market share of car rental industry which is one of the prominent regions wherein car rental service has flourished significantly. Some of the prominent regions in North America are the U.S and Canada. North America is followed by Europe which holds second largest market share for car rental market. The emerging countries such as India, China are steadily growing in the car rental industry mainly due to growing demand in these countries. Some of the largest car rental agencies are Hertz, Avis, National, Budget, Alamo, Enterprise, Thrifty among others.
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This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter's five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis