Encouraged corporate travel activity, largely positive consumer sentiment and rising penetration of internet and Smartphone will be the major growth drivers of Australia car rental market in upcoming years.
The report titled “Australia Car Rental Market by Market Structure (Organized and Unorganized Sector), by Mode of Booking (Online and Offline), by Clients (Leisure and Business), by Pick-Ups (Airport and Off-Airport), by Car Type (Hatchback, Sedan and SUV) and by Major Regions – Outlook to 2022” by Ken Research suggested that growing online distribution channels for car rental services backed up with further adoption of mobile and development of seamless online booking applications will majorly contribute to the overall revenue growth of Australia car rental market in next 5 years till 2022.
Australia car rental industry is relatively concentrated with the top five players in the industry majorly accounting for 70% of total transaction value during 2017. In terms of transaction value, the Australian car rental market grew by 4.0% from the previous year majorly owing to increasing inbound arrival by 5.0% to 8.7 million trips due to high flow of international tourists from Asian countries. Ride sharing market has increasingly gained prominence in the market as the number of Uber users doubled in the year to March 2017, reaching 2.7 million (14% of the population). The cab sharing market has grown over the years with the growth in the number of players in the industry backed up with increasing preference of renting a car for personal use. The growing number of small and large businesses in the country has also surged the demand for car rental services in Australia.
Increasing competition in the market has raised the quality of services offered by car rental companies in the country which has attracted more number of customers. The car rental market has witnessed increasing presence of multinational companies growing their presence in untapped markets and consistently focusing on increasing their fleet size. Over the years, industry has witnessed cut-thought competition owing to short profit margins which has resulted in the companies to improve their service portfolios, for instance providing door to door pick up and drop facilities for the customers and others. The car rental process has been made very agreeable including the convenience of online booking and payment, among other alternatives. Growth in the online channel is driven by growing sales through major intermediaries, such as DriveNow, Expedia and Webjet. Major players have mobile-optimized websites and Smartphone apps, which allow users to book and change booking details online, offering more flexibility in services.
Key Topics Covered in the Report
Car rental Market in Australia
Value Chain Analysis Australia Car Rental Market
Australia car rental market size
Australia Cab Aggregators Revenue
Major Players in Australia Car Rental Market
Car Rental Companies in Australia
Competition in Australia Car Rental Market
Australia Self Driving Car Market Revenue
Non Chauffer Rental Car Market Australia
Australia Car Rental Market Future Growth
Avis Australia Car Rentals Market Share
Hertz Investment (Holdings) Pty Limited Fleet Size
Europcar Asia Pacific Revenue from Car Rental
Tourism Holdings Ltd competitors
Future of Australia Car Rental Market
Upcoming Trends in Car Rental Market Australia
Market share leading companies Australia Cab Aggregators
International domestic tourism Australia
Growth Australia Bike Rental Industry
Australia Cab Sharing Market
Ride Sharing Market Australia
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Ankur Gupta, Head Marketing & Communications