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.