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Car Rental Market To Garner A Double Digit Cagr, Rise Is Air Traffic To Boost Prospects

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The competitive landscape of the car rental market is moderately fragmented in nature. This is mainly due to the presence of several international and domestic players in the market. The increasing dominance of giant players in the market is dragging the market towards consolidation, says Transparency Market Research(TMR). Some of the prominent players operating in the car rental market are Enterprise Rent-A-Car, Sixt SE, Europcar, The Hertz Corporation and Avis Budget Group.

The players in the market are primarily focusing towards enhancing their services so as to improve their customer base and gain profitability in the market. Along with this, players are focusing towards acquisitions and mergers, business expansion and innovation to strengthen their market share.

For instance, in March 2019, Sixt SE, a prominent player in the car rental market launched a mobility app in order to facilitates customers with several other services and boost personalisation. In the same way, in December 2018, The Hertz Corporation, incopated the use of a online platform called the Hertz Fast Lane in their servies.  This platform helps in carry out and speed up the entire vehicle rental process with the help of a biometric.  

According to TMR, the global car rental market is projected to witness a astonishing double digit CAGR of 14.40% during the forecast period that between 2014–2024. The opportunities in the market is projected to touch a valuation of US$290.07 bn by 2024. 

On the basis of geography, North America is expected to dominate the global car rental market during the forecast period. This is mainly due to the presence of several veteran players in the region. Based on transportation mode,  the airport transport segment is expected to  hold sway in the overall market, thanks to the significant rise to the air traffic and  rapid strides taken by industrialization in several parts of the world. 

car rental marketIntegration of Advanced Technologies in Mobile Application to Drive Market Growth

The global car rental market is projected to garner a remarkable growth rate in the coming few years. This is mainly due to the factors such as global upsurge in travel and tourism activities coupled with improving road infrastructure. Along with this, rise in disposable incomes, surge in leisure and business trips and increasing investments by the global players are some other factors expected to fuel the car rental market in the coming few years.

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Car rentals are the car services offered by players to the common people for a particular time duration at an agreed amount. Integration of advanced technologies such as  real time monitoring, GPS and digital transaction are some other factors that played a crucial role in the growth of the car rental market. 

Advent of Ride Sharing Application to Hamper Market Prospects

The growth in the car rental market is hampered due to the advent of ride sharing application which help professions offer rise to other profession is expected to impede market growth. Along with this, stringent governmental regulation towards the vehicle emission is projected to curb market growth in the car rental market  in various developing and developed nations.

Nonetheless, increasing focus to incorporate eco-friendly, green car rental services is anticipated to fuel the car rental market in the coming few years.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Car Rental Market (Car Type - Luxury Cars, Executive Cars, Economy Cars, SUVs, and MUVS; Category - Local Usage, Airport Transport, and Outstation) - Global Industry Analysis, Trend, Size, Share and Forecast 2014–2024”.

posted Feb 13 by anonymous

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The automotive industry has been expanding at an astral rate over the past decade which has boosted demand within the global market for automotive air filters. Furthermore, the collective impact of increasing vehicle fleet size and rising purchasing power of the masses has fortified the global market for automotive air filters. Moreover, environmental concerns have also necessitated the installation of better-performing air filters in automobiles. This factor, coupled with the regulations stipulated by the government, has accelerated the growth of the global market for automated air filters. Besides this, air filters ensure that the engine of automobiles is immune to external debris or dirt and the air-fuel mixture is maintained. Improper functioning or absence of air filters can affect the ignition system of vehicles which could in turn harm the engine. Owing to the aforementioned factors, the demand within the global automotive air filters market is expected to trace an upward graph over the coming years.

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Electric Vehicles could Hamper Market Growth 

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A new report by Transparency Market Research (TMR), discusses the vendor landscape of the Indian welding consumables market in much detail. It states that the market is witnessing immense competition among players both big and small, The leading companies operating in the India welding consumables market are Lincoln Electric, Voestalpine A G, ESAB, Honavar Electrodes, Ador Welding Limited, and D&H Sécheron, among others. The analysts from TMR have made an observation that there are several unorganized and small players of welding consumables in India which are expected to make a mark for themselves in the future.

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Flourishing Construction and Building Sector in India Behind Growth

As per the lead author of this market research report, the Indian welding consumables market is slated to be chiefly driven by the expanding building and construction industry. The significant increase in the investments in the energy sector as well as oil and gas sector is also bolstering the demand for welding consumables. Advancements in technology and innovations in the same will be key for widening the application area of welding consumables. Therefore players within the market are advised to focus on technological advancements and invest in R&D so as to create growth opportunities for themselves and the market overall.

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Presence of International Competition to Threaten Market Players within Indian Welding Consumables Market

The report not only discusses the various factors helping the Indian welding consumables market to grow but also focuses on the challenges faced by the market. one of the key factors posing a challenge for market players within the welding consumables market in India is the fluctuating raw material supply. Another important factor that has a negative bearing on the market for welding consumables in India is the presence of competition from foreign companies. Moreover, the shortage of skilled labor adds to the number of limiting factors that will restrain the market from reaching its fullest potential.

 

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Doppelmayr/Garaventa Group

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Rise in tourism across the world and increasing participation in winter sports driving the demand for ropeway/ aerial cable cars

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