The Airport Car Rental Market Report by Lucintel has forecasted the market trends for the period of 2012 – 2023. The report states that the global airport car rental market is on the rise, with many promising opportunities that will help boost the industry further.
It is expected that the airport car rental market will reach an estimated $49.1 billion by the year 2023! It has also been forecasted that the industry will grow at a CAGR (compound annual growth rate) of 6.7% between 2018 and 2023! A great time for all car rental businesses that have branches situated at airports.
The future is only going to be brighter for the airport car rental market as there are plenty of opportunities in the business and leisure travelers segments. More and more people are stepping out of their homes as travel is a major trend these days and, are opting for rental cars due to versatility in making bookings and getting from A to B. Many people now make bookings in advance via sites like Skyscanner and Kayak – both sites are integrated into the Navotar Car Rental Software.
The leisure traveler segment will be the most significant business booster within the airport car rental market. Other key drivers for the industry will be air travel, increased domestic and international tourism, as well as the rising rate of disposable income.
The latest trends that are having a direct impact on the airport car rental industry are the integration of electric cars into fleets and the use of IoT (Internet of Things) for bookings, passenger safety and, assistance. Environmentally conscious business is gaining popularity amongst clients and now is the perfect time to include electric cars into your fleet!
There are changing trends in the types of vehicles clients opt for and it is reported that the economy car will be the most widely used type of vehicle within the forecasted period. This is mainly due to the economy cars’ low-cost rental fee and easy availability.
It is expected that North America will have the largest influx of tourists as well as a high number of outbound tourists within the period forecasted. This means that they will be the largest region to experience a boom in the airport car rental industry. The Asia Pacific airport car rental industry is expected to experience the biggest growth due to air traffic, a rise in disposable income and the construction of new airports.
The report has included the company profiles of the following businesses:
- Enterprise Rent-A-Car
- Hertz Global Holdings Inc.
- Avis Budget Group Inc.
- Europa Car Group S.A. and more
Now that you have read through the forecasts for the airport car rental industry, are you following these trends for your business? If not, how will you incorporate these forecasted trends into your business?
For more information on the report follow this link: https://www.researchandmarkets.com/r/usospb
Navotar would like to wish you all the best with your car rental business!