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The market in the long run is expected to be more efficient with players moving towards the car sharing market in the densely populated areas such as Washington DC, New York and others. Additionally, opaque and online car rental segment will gain momentum with several leisure travelers switching to online reservations for relatively cheap rentals. The reduced fleet size and efficient yield management policy adapted by the players will also certainly change the course of the operations of the US car rental industry in the long run. It is expected that the market will grow at a CAGR of 5.25% in the next 5 years and will reach USD ~ million by 2015.
The future projections are presented along with the cause and effect relationship between the market and several industry and macro-economic indicators providing an insight on the prospects in the US car rental market.
The car rental market in the US is a mature market which was valued at USD ~ million with ~ million cars in service in 2010. The market has consolidated over the period with a wave of several mergers and acquisitions which has strengthened the position of few players and has created complexities for the new entrants due to high initial costs and reduced economies of scale. The US car rental market is predominantly dependent on the behavior of the travelers. Total visitors using car rental services has risen from ~ thousand in 2005 to ~ thousand in 2010 propelling the growth of the US car rental market.
Key Topics Covered in the Report:
The market size of the US car rental industry and its segments including on-airport, off-airport, domestic and overseas car rental travelers, online/opaque car rental market on the basis of revenue, users and cars in services
Market segmentation of the US car rental industry and its segments
Recent trends and developments in the industry
Competitive landscape/ market share of the various players operating in the country in off-airport, on-airport and total car rental market
Future outlook and projections along with the cause and effect relationship between the market and industry factors on the US car rental industry
Company profiles of major car rental agencies including company overview, business strategies, financial and operating performance and SWOT analysis
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When traveling to a foreign land, the first thing that concerns people is by what means will they travel around the new place. The obvious choice that pops in the head at such a time is to hire car services.
While many of us have been benefiting from this service, very few people know how this business originated and where it stands today.
The history of car rental businesses is believed to date back to 1916, when the first assembly line car, the Ford Model T, was lent out by a man named Joe Saunders to local and visiting businessmen. It didn’t take long for Saunders to realize that he had landed upon a lucrative business idea and soon he turned his small business into an independent timaru car rental company whose operations spread to 21 states.
As in any other business, profitable ideas are soon stolen by competitors and sometimes those competitors become even larger and more powerful than the entrepreneur who intercepted the idea. When others found about Saunders’ business and how profitable it can be, many car rental agencies soon began sprouting in different parts of the world; all coming up with different offers, packages, and rates to distinguish themselves from the others. This also helped driving down rates that were previously being offered when the industry was controlled by a few.
The Industry Began to Grow
Some years later, when the number of airline passengers began to grew, the tourism industry received a huge boost. As a result, more and more people began traveling to different cities and countries and they all wanted an affordable and convenient means to travel around in the foreign land.
During the same time, several airport car rental companies also entered the market. Unlike other car rental agencies, wanganui car rental focused mainly on building franchises on all major airports. This allowed companies to attract totally new clients that had just landed into the foreign land.
The Industry As It Stands Today
The car rental industry, like every other business, has experienced several ups and downs, especially amid the recent economic turmoil that hit several countries. On the other hand, the industry has expanded its wings by the entrance of huge automobile companies who began their own car rental business. Today, while there are several independent car rental agencies, most of the industry is still controlled by large multinational companies.