(IT-NEWSWIRE.COM, June 04, 2015 ) Geographically, the research report divides the global car rental market into the Asia-Pacific, Americas, Middle East and Africa, and Europe and analyzes the performance of individual regional markets over the forecast period. Citing information provided by the Travel & Tourism Intelligence Centre, of the 40 countries evaluated in the car rental market report, the U.S. dominated the global scenario in terms of fleet size as well as market value. Even though the Japanese car rental market offers stiff competition to the U.S. on almost all fronts, the U.S. car rental market was valued at an impressive US$28.6 billion in 2013, compared to Japanís US$4.2 billion in terms of market value.
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Taking into consideration the Euro zone crisis, the travel and tourism industry in Europe has taken a severe hit. Nevertheless, barring Spain and Italy, most of the countries in the region have managed to emerge from the crisis, based on key performance indicators of the car rental market. A key factor that has boosted the growth of the European car rental market is being the host of major international events such as 2012ís Olympic Games in London and 2014ís Winter Olympic Games held in Russia.
As far as Asia-Pacific was concerned, Japan dominated the regional car rental market in 2013, amounting to US$4.2 billion. South Korea was the second-largest car rental market in Asia-Pacific, generating US$4.1 billion in 2013. However, if market analysts are to be believed, the region is projected to outbid Japan in the near future, amounting to an estimated US$4.4 billion in terms of revenue. Hong Kong, on the other hand, accounted for the smallest share of the Asia-Pacific car rental market, generating US$14.8 million in 2013. The report indicates that China will be the fastest-growing regional car rental market during the forecast period, registering a CAGR of 26.05% till 2018.
The Middle East and African market for car rental was led by South Africa, amounting to be worth US$492.3 million in 2013, followed by Saudi Arabia generating a revenue of US$490.2 million in the same year. However, the research report projects that the Saudi Arabia market for car rental will beat South Africa, generating US$513.1 million by the end of the forecast period.
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