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This procurement intelligence report offers insights into car rental services pricing models, supplier cost breakup, and major factors driving category spend across various regions. An analysis of global spend potential, regional spend dynamics, and supplier pricing strategy is also offered in this report.
The growth of MNCs across the world due to increasing globalization has led to a rise in business travel. This has created a demand for affordable car rental services for enhancing mobility during business travels. A sharp rise in the number of interstate business travelers has created a strong demand for car rental services in the US over the past few years. However, the rising crude oil and gasoline prices are expected to increase the operational costs for service providers, thereby driving the category price.
This car rental services market procurement intelligence report provides comprehensive information on the pricing strategy of suppliers and procurement best practices to help buyers identify cost-saving opportunities. The report also offers detailed coverage of the factors influencing spend, supply chain margins, and major category drivers.
Insights offered in this car rental services market procurement intelligence report will help the buyers understand:
Factors such as affordable airfare, strong economic growth, increase in disposable income and liberalized visa across the world has fueled the growth of the global hospitality market. Last year, the global hospitality industry was valued at USD 663 billion and is expected to post strong growth during the forecast period. However, this growth is intensifying the competition which is compelling the leading players outsource car rental services to specialized service providers to reduce their OPEX and to boost their profitability. This trend is expected to drive the category growth over the forecast period.
To access the annual market size data for the global category spend, download a free sample copy.
This car rental services market procurement report offers a coverage of:
With the rising fuel costs posing as one of the critical procurement cost driver, buyers must strategize their engagement with suppliers on the basis of the fuel efficiency of their fleet. Using fuel-efficient vehicles will help buyers save on fuel expenses as well as reduce their carbon footprint. Suppliers are also expected to adopt advanced technologies such as telematics and IVMS that enable buyers to track vehicles, increase fuel efficiency, and facilitate buyers with cost savings.
This procurement intelligence report on car rental services market also offers a coverage of:
The growing demand for vehicle leasing among millennials has led to an increase in the car renting volume in the US over recent years. Last year, over one-third of the millennials leased their vehicles, which accounts for over 10% of all the vehicle leases in the country. This growing trend among millennials is expected to drive the category spend in the US during the forecast period.
Additional information offered in this car rental services market procurement intelligence report will help buyers analyze:
Safety features of vehicles are some of the key parameters that buyers must consider prior to partnering with suppliers. Vehicles must be equipped with key safety features such as airbags, child seats, theft protection, efficient braking systems, and windshield defrosts. Suppliers should also ensure connectivity throughout the travel as it ensures the availability of support services during an emergency.
This car rental services market procurement intelligence report identifies the major costs incurred by suppliers and provides additional information on:
Buyers managers must prefer engaging with service providers that have adopted predictive analytics so that it helps them in analyzing historical data regarding location, day of the week, and peak hours. This will help category service providers in efficiently managing surplus or deficit demand from buyers. The adoption of predictive analytics will help service providers in optimizing their idle time and ensure efficient management of their fleet.
Key insights offered in this car rental services market procurement intelligence report will help the buyers identify:
North America holds the largest share in the global car rental service market. This can be attributed to the increase in the number of domestic and international business travel in the region due to the reduction in corporate tax in the US, which has fueled the growth of MNCs. Category service providers in the region are launching mobile applications to facilitate easy car bookings, thereby improving customer satisfaction. Moreover, certain service providers in the region are adopting eco-friendly green vehicles that use alternative fuels rather than diesel or petrol to minimize fuel costs. These factors are driving the demand for car rental services in North America.
To estimate the regional spend potential, this car rental services market procurement intelligence report considers geographies such as:
Information on the top car rental services suppliers and major risks faced while procuring is offered in this procurement intelligence report. Download a free sample to access the report's complete scope of coverage.
SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.