PEST is used as a tool; it concentrates on the Political, Economical, Social and Technological factors of the business or organization. The results of the PEST analysis are very useful for gathering the different benefits and opportunities the business itself has.
Snapshot The global car rental market is driven by the growing number of inbound and domestic travelers. The increasing number of air travelers is also positively impacting the growth of this market.
Travelers across the globe are demanding high quality and reliable travel services for their tours. Leading car rental service providers are offering quality services and promoting their brands at airports and this is helping customers to adopt their services.
Players in the market are concentrating on broadening their fleet size by including technical gadgets. Gadgets such as GPS and music systems are being used increasingly for profitability.
This is expected to intensify the competition among players in the years to come. However, the fluctuation of oil price will restrict the growth of this market.
The growing price of petrol and gasoline will affect the consumer spending level and this expected to act as a challenge. On a positive note however, the rise in GDP levels and increasing disposable income of consumers will have a positive influence on the market.
The European market for car rentals will also witness high growth during the coming years. France is expected to be a leading contributor to the European car rental market. Europe is expected to be the second lucrative regional market in the car rental market.
The strengthening position of the medical tourism industry will drive the Asia Pacific market for car rentals during the period from to Airport Transport Segment to Lead in Car Rental Market On the basis of category, the global car rental market is segmented into local usage, airport transport, and outstation.
Of these, the airport transport segment is anticipated to contribute the most to the growth of the car rental market. The increase in the number of air travelers and increasing industrialization will push the growth of this segment in the years to come.
The local usage segment will trail the airport transport segment. The high increase in the demand and adoption of cab sharing and car pool services will drive the car rental services for local usage.
Information Technology to Make Car Bookings Easier The penetration of information technology in the car rental industry has made car bookings and car reservations much simpler, reliable, easier, and safer and thus, customers are increasingly adopting these services.
Stringent emissions standards by governments across countries will hamper the growth of this market. The increasing number of warnings by The International Energy Agency regarding the rising emissions of carbon dioxide will restrict the growth of this market in the years to come.
International meetings and agreements are demanding mature economies and emerging nations to reduce carbon emissions. Thus, green movement has become a trend that is becoming popular. Leading companies are thus, adopting green car rentals.
Global Car Rental Market: Overview Car rental has emerged to be one of the most prominent services operating in the urban transport sector. Rising demand for car sharing, growth of megacities and increase in the number of business travelers are some of the crucial reasons which will lead to a huge growth in the car rental industry.
The leading car rental companies operating in the global market such as, Avis Budget Group, Inc. The market is highly competitive with several international and regional companies operating in the market. A car rental company rents and leases vehicles for a particular period of time for a specified amount of fees.
The time can range from a few hours to a few months. Car rental companies are also accompanied by websites for allowing online reservations which are hassle-free and convenient compared to traditional reservation methods.A PESTEL Analysis of the automotive/automobile industry The global automobile industry is a multi billion industry with several large brands competing for market share.
Since its foundation in the 19th century, this sector has grown to become an important part of the world economy in terms of revenue. Complete the 1Life Changing Lives Financial Needs Analysis in just three easy steps and get detailed recommendations on how much insurance you need and what you should be saving every month.
The global economy presents its own set of opportunities and threats for businesses in a range of industries. IBISWorld’s Global Car & Automobile Manufacturing global market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability.
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