汽车租赁行业报告英文.docx
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汽车租赁行业报告英文.docx
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汽车租赁行业报告英文
INDUSTRY
OverviewofChina'scarrentalandcarserviceindustry
Marketoverview
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
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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
Source:
Frost &Sullivan
Highmarketfragmentation. China'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
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serviceindustry.Thechartbelowsetsforththemarketshareofthetopthreeplayersinthecarrentalandserviceindustryofdifferentcountriesin2013:
Marketshareofthetopthreeplayersinthecarrentalandserviceindustryin 2013
Source:
Frost &Sullivan
Competitivelandscape
KeyplayersinChina'scarrentalandcarserviceindustryincludeprivate-ownedcompanies,suchaseHiandChinaAutoRental,andaffiliatesofstate-ownedautomobilemanufacturersinChinasuchasShouqiandDazhong.Internationalcarrentalandservicecompaniesprimarilycompetethroughpartnershipwithdomesticcarrentalandservicecompanies.Forexample,Enterprise,thelargestcarrentalandservicecompanyintheworld,isourstrategicshareholder,whileHertzandAvishaveinvestedinandpartnered
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withChinaAutoRentalandShanghaiAutomotive,respectively.ThechartbelowsetsforththemarketshareofthetopthreeplayersinChina'scarrentalandcarserviceindustryin2013by revenues:
MarketshareofthetopthreeplayersinChina'scarrentalandcarserviceindustry
byrevenues, 2013
Source:
Frost &Sullivan
Competitionamongcarrentalandservicecompaniesisprimarilybasedon,amongotherthings,brandrecognition,networkcoverage,price,qualityandconvenienceofservices,abilitytoprovidetailoredservices,operatingefficiencyandvarietyofserviceofferings.
China'scarrentalmarket
Marketsize
Thecarrentalmarketprimarilyconsistsoftwotypesofserviceofferings:
short-termcarrentalsandlong-termcarrentals,whicharetargetingdifferenttypesofcustomersandserviceneeds
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