New Delhi: 12/12/2013- France car rental market has been experiencing a major change in its growth as a result of rising online reservation of passenger cars and light commercial vehicles and, car sharing business, which are anticipated to drive the market in next five years from 2013-2017.
France car rental market is estimated to grow at a higher pace in value terms, over the period of 2012-2017, majorly due to recovery in the economy and the growing off-airport and on-airport car rental market. Expanding trips for business and leisure purposes by people of France will also be the major growth driver of the industry. The demand of cars for rental purposes is expected to soar, with an inclination in the international tourist arrivals in the country, thereby enhancing the growth of car rental industry of France in future.
Online booking segment of the French market has grown at a rapid pace over the last few years. The country’s car rental industry is expecting an increase in the growth with the expansion of online reservations of rented cars. The market in next five years is expected to grow at a CAGR of 20.84% from 2012-2017.
Adversely affected by the global economic turmoil and a subsequent reduction in the business travels, the marketers in the industry are increasingly adopting new approaches in the form of launching new products such as electric cars and technological innovations such as navigation systems and others. In addition, the companies have also configured competitive pricing strategies to gain the trust of corporate travelers and consequently increase their market share in the near future. It has been observed that several leading car rental players in the industry have been seeking to pursue car sharing business severely by furnishing their car sharing business with technological advancements.
The economy is expected to improve with the passage of time and significantly regain the confidence of travelers, which will in turn drive the international visitors to France. It is estimated that the number of visitors will increase to ~ million by 2017, thus growing at a CAGR of 3.46% from 2012-2017.
According to research report, “France Car Rental Industry Analysis to 2017: Impelled by Rising Leisure Travel”, France car rental market is estimated to grow at a CAGR of 5.62% over the period of 2012-2017, because of economic revival, growing car sharing business and increasing corporate and leisure trips by French people. With an inclination in the construction of road networks and expansion in the number of international tourist visits to France, the demand of cars for renting purpose would increase, thereby increasing the growth of car rental industry of France in future.
On-airport segment of the market is projected to achieve USD ~ million in 2015 growing from USD ~ million in 2012, owing to the increasing frequency of air travel and number of inbound travelers in the country. Rising preferences of longer duration vacations and growth of medical tourism in the country will also encourage the proceeds from this segment.
The report provides detailed overview on France car rental industry and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, car rental companies to align their market centric strategies according to ongoing and expected trends in the future.