Report: Car Rental Market Rebounds

The car rental market is expected to reach $52.6 billion in 2012, said Global Industry Analysts Inc. (GIA), a publisher of market trend reports. GIA noted that the car rental industry, which rode out volatile trends in the recent past, is now slowly recovering, helped by a rebound in international travel and tourism.

GIA cited the aftermath of 9/11 events, a weak economy and faltering consumer confidence as serious hindrances to international tourism in the years 2000-2002. The market was further destabilized by the U.S.-led war on Iraq, GIA said.

However, the tourism industry rebounded in subsequent years, enabling the recovery of the car rental market. RACs enhanced their businesses, upgrading to better networks, improving vehicle condition and comfort, increasing availability and facilitating reservation processes, which also contributed to the industry’s growth. Currently, the U.S. represents the largest car rental market worldwide, worth an estimated $23.2 billion, according to GIA.

GIA’s report, titled “Car Rental Business: A Global Strategic Business Report,” provides a comprehensive review of market trends and issues, drivers, business profile, players, competitive landscape, recent developments, mergers, acquisitions, alliances, service launches and other strategic industry activities. The study presents revenue analytics for the period 1991-2015, by rental locations (airport and non-airport) and by sectors (leisure, business and insurance replacement). For more details, click here.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

What is Your Time Worth?

Personal observations of retail and travel transactions reveal just how much a consumer’s time is worth today, and how increasingly intolerant we are of inefficient transactions.

Safeguarding Your Business with Brokers

While the high-profile bankruptcy of Atlas Choice has left many car rental companies wary of working with brokers, rental companies can take steps to protect themselves and ensure a productive relationship.

My Number One Takeaway from ICRS 2017

This year’s International Car Rental Show (ICRS) opened the door to new business models facing transportation today — yet adapting to these new technologies is not the first key to survival.

Job Finder: Access Top Talent. Fill Key Positions.

>