Car Rental Demand in Brazil, Russia, India and China Expected to Rise
During the review period, the leisure tourist car rental market in China registered the highest growth with a CAGR of 31.94%, followed by India with a CAGR of 21.83%. Brazil and Russia recorded CAGRs of 10.24% and 11.52% respectively. Over the forecast period, the leisure care rental markets in India, Russia and Brazil are expected to grow more quickly than China's.
| A BRICData, which studies Brazil, Russia, India and China (BRIC), released a 2012 study looking at the four regions focusing on “Market Entry Strategies and Emerging Opportunities in the Car Rental Industry in BRIC,” as the study was titled. According to the report, the four countries make up slightly less than half of the world’s total population. At a total compound annual growth rate (CAGR) of 20% over the past five years, the four countries are expected by BRICData to continue to grow at a CAGR from 2012-2016 of 13.7% — reaching $17.04 billion in 2016. The market size of BRIC hit $8.9 billion in 2011, according to the report. “Increasing GDP levels, high levels of personal disposable income, increasing volumes of both domestic and inbound tourists, and increasing levels of economic activity are the key driving forces behind the increased demand for the car rental industry in the BRIC nations,” the report states. Brazil
• The car rental market in Brazil is expected to grow in value from BRL5.83 billion in 2012 to BRL7.96 billion in 2016, attaining a CAGR of 8.09% over the forecast period. • Growth is expected to be driven by the hosting of international sports events such as the 2014 FIFA World Cup and the 2016 Olympic Games, increasing volumes of both leisure and business tourists. • The industry is highly fragmented with more than 1,000 companies operating in the economy. Russia
• The Russian car rental industry has recorded considerable growth over the last few years, as the market size reached RUB2.57 billion in...
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