Car Rental Services Industry Procurement Intelligence, Engagement Model, Low & Best Cost Country, Day One Analysis Report, 2020 – 2027
Procurement Outlook
The car rental industry has witnessed significant growth in the last ten years due to the increasing penetration of online rental car booking applications. The market is emerging as one of the key segments in the global transportation industry, as car rental services not only benefit customers and rental companies but also car manufacturers. Automotive manufacturers have started leasing cars to small rental companies who increase their fleet size without making large investments.
There has been a significant increase in global travel in the last few years. Global commuters are increasingly demanding familiar, reliable, and high-quality travel services during their travel. Some regional 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 expected to enable these operators to manage their widespread business operations.
Demand Outlook
The global car rental services market was valued at USD 98 billion in 2020 and it is expected to grow at a CAGR of 4-5% from 2020 to 2027. A significant rise in the number of people taking business and leisure trips across the globe is considered a major driving factor. Based on vehicle type, the economy cars segment accounted for the largest share of over 33% in 2020 and is expected to maintain its dominance during the forecast period. However, the executive cars segment is anticipated to register the highest growth rate due to the increasing number of business travelers across the globe, specifically in developing countries. North America is leading the global car rental services market with more than 50% revenue share in 2020 followed by APAC and Europe.
Cost Drivers
Car rental services cost depends on several factors such as location, duration of travel, vehicle type, etc. The cost of rental car services can be segmented into five major categories; rental fees, registration fees, location surcharge, administration fees, and tax. Among these, rental fees is the largest cost component accounted for more than 70% of the overall cost of service. These rental fees include driver fees, fuel costs, insurance, etc. The procurement cost of car rental services have dropped by more than 20% since the beginning of the Covid-19 pandemic.
Read report summary https://www.grandviewresearch.com/pipeline/car-rental-services-industry-procurement-intelligence-report
Add-on Services
- Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
- Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
- Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
- Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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About us:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of the supply chain which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving - market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence - pricing models adopted for the category, the total cost of ownership
- Supplier Intelligence - rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence - best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best-suited countries for sourcing to minimize supply chain disruption
Our market/procurement Intelligence reports include in-depth and actionable insights that help clients in understanding the different aspects of the supply chain and take more effective decisions.
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