One of the industries which benefitted the most on account of improving world economy is car rental. Car rental is the hiring of a motor vehicle from one party to another party. Car rental companies are the ones which offer cars and vehicles on rent for a few hours to a few weeks, for a fee. These companies generally cater to the requirement of people or travelers who are travelling overseas or out of city or whose vehicle is damaged and repair/ insurance compensation is awaited.
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. North America is followed by Europe which holds second largest 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.
Increasing GDP levels, increasing volumes of both inbound and domestic tourists coupled with rise in disposable incomes and improving road infrastructure are factors driving the car rental industry. The emerging business class in India and China along with the green revolution in the automobile industry is further driving the car rental market. However, the volatility in petroleum product prices, along with high gasoline price, is expected to affect both consumers spending levels and economic conditions across the globe, thereby leaving a moderate impact on the global car rental industry. Other major challenge faced by the industry is tightening of emission standards in various parts of the world.
The report, “Global Car Rental Market” analyzes the development of the global car rental market, with a focus on key markets of the US, Brazil, Korea, Indonesia and China. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The three major players in the industry, Hertz Global Holdings, Inc., Avis Budget Group, Inc., and Enterprise Holdings, Inc., are being profiled, along with their key financials and strategies for growth.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables, and tests.