Los Angeles, CA (PRWEB) September 17, 2014
The market for rental vehicles has a buyer power score of 3.2 out of 5. This score is a reflection of reasonable pricing terms within the market, with buyers having a moderate amount of bargaining power in the negotiation process, according to IBISWorld business research analyst Daniel Krohn. A high level of market share concentration characterizes the market, with the top three companies generating over half of the revenue created. These rental vehicle agencies have significant pricing power in the market and generally dictate changes in the overall pricing of the market. Though they are generally price-makers, price hikes are kept in check because of the market-based pricing model used to determine prices. Price is the primary competitive factor in the rental market; consequently, agencies are restricted by how much they can increase prices without fear of losing customers. Suppliers are generally flexible with their prices as a result, foregoing higher profit margins in order to beat the competition and make the sale. Nevertheless, buyers should not expect to find huge discounts when negotiating contracts for rental vehicles.
Prices for vehicle rentals are expected to grow marginally over the three years to 2014 as a result of recovering demand for air travel. Vehicle rental agencies produce much of their revenue from domestic and international travelers, meaning that the vehicle rental market is particularly sensitive to changes in the airline travel industry. A recovering economy has increased overall air travel levels, facilitating demand for rental vehicles and placing upward pressure on prices. The economy is expected to grow at a faster rate over the next three years, reducing unemployment levels and increasing per capita income for most Americans. IBISWorld estimates that elevated consumer spending levels will have a flow-on effect into the travel and car rental markets, increasing price levels across the board, says Krohn. Buyers are encouraged to lock-in service contracts with vehicle rental agencies sooner rather than later. Major vendors include Hertz Global Holdings Inc., Enterprise Rent-A-Car Company and Avis Budget Group Inc. For more information, visit IBISWorlds Vehicle Rental procurement category market research report page.
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IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of vehicle rental services. Vehicle rental services provide passenger cars, trucks and SUVs to renters for a fee. Vehicle rental periods can range from hours to months.
Recent Price Trend
Product Life Cycle
Total Cost of Ownership
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Market Share Concentration
Buying Lead Time
Key RFP Elements
Buyer Power Factors
About IBISWorld Inc.
IBISWorld is one of the world’s leading publishers of business intelligence, specializing in Industry research and Procurement research. Since 1971, IBISWorld has provided thoroughly researched, accurate and current business information. With an extensive online portfolio, valued for its depth and scope, IBISWorlds procurement research reports equip clients with the insight necessary to make better purchasing decisions, faster. Headquartered in Los Angeles, IBISWorld Procurement serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
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