汽车租赁行业报告英文Word文档格式.docx

汽车租赁行业报告英文Word文档格式.docx

《汽车租赁行业报告英文Word文档格式.docx》由会员分享，可在线阅读，更多相关《汽车租赁行业报告英文Word文档格式.docx（15页珍藏版）》请在冰豆网上搜索。

Carrentalmarket. 

Carrentalsrefertorentalofavehicledrivenbythecustomerforaspecifiedperiodoftime.Thecarrentalmarketprimarilyconsistsoftwotypesofserviceofferings:

（i） 

short-termcarrentals,whichhaveatermoflessthanoneyearandareprimarilytargetingindividualcustomers,and（ii） 

long-termcarrentals,whichhaveatermofoneyearorlongerandareprimarilytargetingcorporateclients.

Carservicemarket. 

Carservicesrefertorentalofavehicleaccompaniedbyadriverforaspecifiedperiodoftime,whichprimarilytargetcorporateclients.

China'

scarrentalandcarserviceindustryisstillatanearlystageofdevelopmentandhasexperiencedrapidgrowthinrecentyears.AccordingtoFrost 

&

Sullivan,thetotalmarketsizeofChina'

scarrentalandcarserviceindustrygrewfromRMB10.7 

billionin2009toRMB29.7 

billionin2013,representingaCAGRof29.1%.Frost 

SullivanprojectsthatthetotalmarketsizeofChina'

scarrentalandcarserviceindustrywillcontinuetogrowtoRMB56.3 

billionby2017,orrepresentingaprojectedCAGRof17.3%from2013to2017.Suchgrowthrate,however,aswellasotherindustryprojectionsmadebyFrost 

Sullivananddisclosedinthisprospectus,arenotguaranteed.

ThetablebelowsetsforththetotalmarketsizeofChina'

scarrentalandcarserviceindustrybyrevenuesfortheperiodsindicated:

TotalmarketsizeofChinacarrentalandcarserviceindustrybyrevenues,2009–2017E

Source:

Frost 

Sullivan

108

-

Whencomparedtocarrentalandcarserviceindustryinotherdevelopedmarkets,China'

smarkettodayischaracterizedbyrelativelylowpenetrationrateandhighlevelofmarketfragmentation:

Lowpenetrationrate. 

Thecarrentalandcarservicepenetrationratereferstotheaggregatenumberofrentalandservicevehiclesdividedbytheaggregatenumberofpassengervehiclesintherelevantcountryorregion.AccordingtoFrost 

Sullivan,thepenetrationrateisanimportantindicatorofthematurityofacarrentalandcarservicemarket.In2013,thepenetrationrateinChinawas0.4%,whichwassignificantlylowerthanthatintheUnited 

States（1.7%）,Japan（2.6%）andKorea（2.5%）,accordingtoFrost 

Sullivan.TherelativelylowpenetrationrateinChinaindicatesastrongpotentialforfuture 

growth.Thechartbelowsetsforththecarrentalandcarservicepenetrationratesindifferentcountriesin2013:

Carrentalandcarservicepenetrationratein2013

Highmarketfragmentation. 

scarrentalandcarserviceindustryishighlyfragmented.AccordingtoFrost 

Sullivan,thetopthreeplayersinaggregateaccountedfor10.7%ofChina'

scarrentalandcarserviceindustryin2013.Bycontrast,othercountrieshavewitnessedandcurrentlyenjoymuchhigherdegreesofconsolidation.Forexample,accordingtoFrost 

Sullivan,in2013,themarketshareofthetopthreeplayersreached95.4%intheUnited 

States,32.4%inJapanand48.1%inKorea.Therefore,webelievethatconsolidationpresentsanopportunityinChina'

scarrentalandcar

109

serviceindustry.Thechartbelowsetsforththemarketshareofthetopthreeplayersinthecarrentalandserviceindustryofdifferentcountriesin2013:

Marketshareofthetopthreeplayersinthecarrentalandserviceindustryin 

2013

Competitivelandscape

KeyplayersinChina'

scarrentalandcarserviceindustryincludeprivate-ownedcompanies,suchaseHiandChinaAutoRental,andaffiliatesofstate-ownedautomobilemanufacturersinChinasuchasShouqiandDazhong.Internationalcarrentalandservicecompaniesprimarilycompetethroughpartnershipwithdomesticcarrentalandservicecompanies.Forexample,Enterprise,thelargestcarrentalandservicecompanyintheworld,isourstrategicshareholder,whileHertzandAvishaveinvestedinandpartnered

110

withChinaAutoRentalandShanghaiAutomotive,respectively.ThechartbelowsetsforththemarketshareofthetopthreeplayersinChina'

scarrentalandcarserviceindustryin2013by 

revenues:

MarketshareofthetopthreeplayersinChina'

byrevenues, 

Competitionamongcarrentalandservicecompaniesisprimarilybasedon,amongotherthings,brandrecognition,networkcoverage,price,qualityandconvenienceofservices,abilitytoprovidetailoredservices,operatingefficiencyandvarietyofserviceofferings.

scarrentalmarket

Marketsize

Thecarrentalmarketprimarilyconsistsoftwotypesofserviceofferings:

short-termcarrentalsandlong-termcarrentals,whicharetargetingdifferenttypesofcustomersandserviceneeds