KUM CAR RENTAL FOR KUM COLONIES
It is time to take car professional car rental service to every township in local government areas around the world. KUM Colonies will be trained and equipped to setup car rental services in local communities and strategic places in local government areas. This will boost economics growth and other activities in communities.
Starting a Car Rental Service
Market Value
The global car rental market size was valued at USD 116.34 billion in 2022 and is expected to reach USD 132.48 billion in 2023. And is anticipated to grow at a compound annual growth rate (CAGR) of 11.2% from 2023 to 2030, to reach USD 278.03 billion by 2030. A significant rise in the number of people taking business and leisure trips across the globe is driving the demand for car rental services, thereby propelling the industry’s growth. Rising internet penetration across developing as well as developed countries has further helped companies in the market capture a larger customer base with the help of dedicated mobile apps for the convenience of customers. Technology is considered to be a crucial factor driving market growth.
South Africa's Car Rentals market is anticipated to experience a surge in revenue, with a projected amount of US$329.60m (R5,932,800,000) in 2024.
The impact of technological advancements has revolutionized the industry in the recent past. Improved customer & corporate information management and hassle-free internet booking applications are the two prominent ways of assisting car rental service operators to offer enhanced services to their customers. The increasing reliance of users on smartphones for carrying out various tasks traditionally done by computers has transformed the car rental experience for customers.
There has been a significant increase in global travel across the world over the last decade. Global commuters are increasingly demanding familiar, reliable, and high-quality travel services. Some of the key car rental operators are attempting to leverage this trend by expanding their brand and distribution platforms on a global level. The implementation of an integrated global car rental system is anticipated to enable these operators to manage their geographically dispersed business operations.
Application Insights
The airport transport segment held the largest revenue share of 39.6% in 2022. A significant increase in air travelers globally in recent years is anticipated to boost the segment growth. Considering this trend, numerous car rental operators are expanding their fleet and promoting services across major airports. Leading market participants have their presence at airports, wherein customers can avail of round-the-clock car rental services, ultimately driving the segment growth.
The local usage segment is expected to expand at the fastest CAGR of 12.9% over the forecast period. Standard timings and lack of route flexibility of public transport have resulted in the shifting preferences of tourists toward car rental services for day-to-day navigation, driving the growth of the segment. In addition, several market participants offer customers the option of choosing the vehicle at their convenience.
Regional Insights
North America dominated the market and accounted for the largest revenue share of 37.5% in 2022. The presence of some of the leading car rental operators in this region, such as Avis Budget Group and Enterprise Rent-a-Car, is anticipated to provide lucrative growth opportunities. The increasing number of business and leisure trips across the region is also a critical factor propelling regional growth. Additionally, the region includes numerous popular tourist destinations that attract a large number of travelers who require car rental services, ultimately boosting the market growth.
Asia Pacific is expected to expand at the fastest CAGR of 13.4% during the forecast period. Rising disposable incomes of consumers, steadily growing economies, and increasing expenditure on business travel are expected to impact the regional market growth favorably. The markets in China and India are expected to expand exponentially over the forecast period. Government bans on car purchases in certain parts of China, in an attempt to address the rising issues of pollution and traffic, are anticipated to encourage people to opt for car rental services.
Key Companies & Market Share Insights
The global market is moderately fragmented and is characterized by the presence of a large number of international and local players. Key car rental players are anticipated to focus on expansion strategies to gain regional market share, create brand awareness, and penetrate developing markets. The main focus of these players is on enhancing their services to maximize profitability and gain a larger customer base.
Global Car Rental Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global car rental market report based on vehicle type, application, and region:
KUM Car Rentals will change townships and rural communities by boosting economic activities there. TO START OR JOIN A KUM COLONY - CLICK HERE
CAR RENTAL BENEFITS
Car rental has become a preferred choice for individuals and enterprises. Not only does it help reduce the cost and time for individuals and employees, but it’s also beneficial for you to stick to your responsibilities and only pay for a car when you really need it for a specific purpose. What do you think about it? Join a KUM Colony now. TO START OR JOIN A KUM COLONY - CLICK HERE