Snapshot The global car rental market is driven by the growing number of inbound and domestic travelers.
Following the recent performance, car rental companies must have done something right. According to Zion Market Research sourcethe future of the global car rental industry is bright. The global economic recovery played a significant role in the performance of the travel industry.
The global GDP growth went from 3.
Travel industry prospects seem bright for this year as well, as the International Monetary Fund is expecting 3. Still car rental companies cannot rely only on global economic growth for future success.
There are few more aspects that will have a disruptive effect on the car rental industry. Some of them bringing opportunities and some of them representing challenges. It is up to the car rental companies to play their cards right in order to ensure positive results in The dissatisfaction comes from different situations.
From a lack of information on additional payments and excess amount, to waiting for hours in line to get the car they already booked.
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Car rental companies have done an amazing job improving response rates, becoming completely transparent and improving the booking process with new technologies. The source of this challenge is the increased sensitivity of travellers to the travel experience quality, followed by the increased importance of customer reviews.
Reviews play a huge role in convincing a customer to take a leap of faith and trust an unknown brand.
For customers, skipping the car rental desk would mean a seamless experience. But car rental companies have a long way to go, even in times with such accelerated growth in travel technology.
Whether it is going to start as a service for VIP customers, allowing them to pick up the car with a security code and then expanding it to the whole customer base, it is for us to see. But is there really a long-term future for car rentals in a world that has embraced ridesharing?
At the same time, it pushed them to expand and find opportunities in this shift in customer trends. Offering car rental by the hour was one of the first resolutions that the leading car rental companies implemented. The leaders in the car rental industry stepped up first again to lead the game.
They accomplished the positive outcome by matching their fleet size with the actual market demand, and selling all the extra vehicles. Even more, this might lead to higher inflation level, which will directly affect the purchasing power of consumers.
One may say that there is nothing to be done in this case, since car rental companies cannot influence such economic factors. This leads us to the next trend — the green vehicle. The green vehicle Shifting the focus to green vehicles will not only give a more economical alternative to customers, but will contribute to a bigger cause — increasing awareness about pollution and the negative effects it has on the environment.
For some car rental companies, this step might be as an alternative to higher oil prices, and for others, it may be a push by the rigorous emission standards that governments are imposing across countries. Conclusion While some of the trends above seem to be a big challenge for car rental companies, the fact that they still demonstrate positive growth shows firm determination for keeping their share in the ground transportation and travel market.
We are enthusiastic to see their creative and strategic approaches that will shape the outcome in Read more about Car Target here Let's talk Please fill out your contact data and our team of experts will get back to you in short notice.Target Market.
Definition: A specific group of consumers at which a company aims its products and services. Your target customers are those who are most likely to buy from you. Resist the. According to Zion Market Research , the future of the global car rental industry is bright.
In , the global car rental market was estimated at approximately $ billion USD, and is expected to grow at a CAGR of around .
Car Companies Target Customers (And Each Other) in Hotly Contested Asia Battleground. By Money Morning Staff Reports. Target Market Definition: A specific group of consumers at which a company aims its products and services Your target customers are those who are most likely to buy from you.
Market segmentation example for cars There are a variety of ways of segmenting the market for cars. Remember that market segmentation should be focused on . Market Segment A market segment is a sub-set of a market made up of people or organizations sharing with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function (Wikipedia, ).